Exports of goods

16. Mar 2023
Export growth slowing down

The table below shows export figures for the February 2022 - January 2023 period compared with the previous 12-month period. Although a year-on-year increase of 23% is considerable, the export growth appears to be slowing down.

The export value increased for all fish species, but the export volume only increased for cod, haddock and blue whiting.

The salmon export value increased by DKK 920 million (20%), while the export volume dropped by just over 10,000 tonnes (12%).

The second-highest export value growth was registered in the ‘other fish species’ commodity group. This growth predominantly came from exports of fish feed and feed made from other fish species. The export value in this group increased by DKK 728 million (54%). The export volume in ‘other fish species’ increased by 33%.

Cod exports increased by DKK 282 million (22%) in value and by 7% in volume. Cod prices are currently at an all-time high.

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The table below shows fish export volumes from February 2022 to January 2023 compared with the previous 12-month period.

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Exports to Russia

Exports to Russia dropped significantly last spring. Monthly exports to Russia have averaged at just below DKK 200 million in recent months.

Exports to Europe (except Russia), on the other hand, have increased dramatically, rising from DKK 460 million in January 2022 to DKK 647.4 million in January 2023.

The graph below shows the monthly export values to Russia and Europe.

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Exports of demersal fish to Russia have seen a relatively modest decline. In January 2023, exports of mackerel, herring and blue whiting to Russia amounted to DKK 140.4 million, compared to DKK 114.5 million in January 2022. 

As the graph below shows, export figures for demersal fish tend to fluctuate and are usually lower in the April-August period.

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The ‘other products’ commodity group mostly consists of fuel for Russian fishing vessels docking in Faroese ports. The export value in ‘other products’ amounted to DKK 5.4 million in January. This is a typical figure for January.

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