At the Norse-China Seafood Summit 2024, Sigmund Bjorgo, Director of the Norwegian Seafood Council in China, stressed that despite the broad economic challenges, Norwegian seafood exports to China are still showing an impressive growth trend.

Bjorgo reported that Norwegian seafood exports to China increased by 43 percent last year, making it the fastest growing salmon market in the world. This positive momentum continued in 2024, with fresh salmon consumption increasing by 12% in the year to September. Despite growing concerns about China's economic slowdown and falling consumer confidence, the seafood industry has shown strong resilience.

"The seafood market is expanding and salmon, in particular, has become the largest contributor to our exports," he noted. Norwegian seafood exports to China totaled NOK 6.6 billion in the year to September 2024, a 3% increase in export value and a 16% increase in export volume compared to last year. While China's overall economic growth remains weak, at just 5 percent, the food sector, particularly seafood, is doing well.

Bjorgo highlighted that while retail sales across all segments grew by only 3.7%, there was a significant rise in demand for seafood, with fresh salmon leading the market. Despite declining property sales, which are half of what they were in 2019, and low consumer confidence, optimism is rising among younger age groups. This group is increasingly favoring seafood, showing a shift toward high-quality and high-end products.

In terms of species, although the value of salmon exports decreased by 9% due to falling prices, the volume of exports increased significantly. In contrast, the export value of white fish increased by a remarkable 19%, showing the diversified appeal of seafood products in the market.

Bjorgo also noted that Norway's total seafood exports to China are now comparable to total exports to Japan and South Korea, highlighting the strategic importance of this market to Norway's fishing industry. The growth trend shows that there is room for further growth in Norwegian seafood exports through effective marketing strategies and product positioning aimed at young, affluent consumers.