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Monday, November 28, 2022
HomeForeign TradeFaroese fish exports break new records amid soaring food prices

Faroese fish exports break new records amid soaring food prices

Faroese seafood exports amounted to over 11.2 billion DKK during the period of September 2021 through August 2022, a 35 percent year-on-year increase, amid soaring food prices in export markets.

According to Statistics Faroe Islands, this is the first time in recorded history that the exports of goods from the island nation exceed 11 bn. DKK (1.5 bn. EUR) within the span of a single year.

For the first eight months of 2022, seafood exports amounted to 8 bn. DKK (1 bn. EUR), compared to 5.8 bn. DKK (0.8 bn. EUR) during the same time period of 2021, a whopping 39-pc. growth.

The volume of mackerel exported in this time period increased by 14 pc. while the value increased by 43 pc., as the price of frozen mackerel has risen by 25 pc. with a similar trend seen in the herring trade.

The export value of farmed salmon, meanwhile, saw a 34-pc. increase to 3.5 bn. DKK (0.5 bn. EUR) despite the fact that the volume decreased by 7 pc.

The export value of whitefish species cod, saithe and haddock have likewise increased significantly, by 51, 27, and 69 pc., respectively, that’s an average increase of 25 to 35 pc. over the past year.

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