Exports of goods
18. Feb 2025
Export to China up DKK 244 millions
The tables below show export figures in terms of value and volume in 2024 compared with 2023.
Fish exports fell by DKK 446.5 million (4%). Exports have increased for many fish species such as salmon, cod and mackerel, while exports of other fish species have decreased. Export destinations have also changed.
Salmon exports increased by DKK 358.5 million in 2024. The export value increased by 6.6%, while the export volume increased by 16.2%. The biggest decrease was in fishmeal, fish feed and fish oil, which saw a total decrease of DKK 915.5 million (45%) year-on-year. The export volume in this group fell by 36%.
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The table below shows the export of fishery products by country. The largest decrease is in exports to Europe and North America. Exports to the EU fell by DKK 196.5 million, while exports to North America fell by DKK 155 million. On the other hand, exports to Asia increased by DKK 211.8 million (30%). This is mainly due to increased exports to China.
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Exports to the EU and the USA have grown substantially in recent years, though a decline was observed in the past year. Today, exports to the EU are about twice as large as before 2018. Similarly, exports to the USA have increased from about DKK 1 billion per year prior to 2020 to almost DKK 2 billion per year.
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In 2024, the USA was top export destination, despite exports to the USA dropping by DKK 181 million. Denmark was the Faroes' primary export destination in both 2022 and 2023. A more balanced distribution of exports across different countries was a notable feature of 2024. Exports to China, for example, saw a DKK 243.6 million (46.1%) increase. The top-10 export destinations are largely unchanged from 2023 to 2024, with the exception of Italy, which has pushed Germany out of the top-10. It is also worth noting that Russia has consistently ranked fourth on this list in recent years.
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Chilled whole salmon has been the Faroes’ top fishery export in recent years. However, exports of chilled and frozen fillets have decreased. Exports of frozen salmon fillets fell by DKK 550 million (42.5%) and chilled salmon fillet fell by DKK 162.5 (25.6%). Exports of fishmeal and fish oil have also dropped significantly. Fishmeal exports fell by DKK 350 million, while fish oil fell out of the top-10 list of exported fishery products.
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