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Another record for Norwegian salmon export earnings

The value of Norwegian salmon exports per month, measured in billions of NOK. Graphic: Norwegian Seafood Council.
The value of Norwegian salmon exports per month, measured in billions of NOK. Graphic: Norwegian Seafood Council.

Norway’s salmon exports continued to break records last month, with unparalleled revenue of NOK 8.7 billion (£736 million) earned on a volume of 96,500 tonnes.

The export value for July was the biggest for any single month ever and was NOK 1.8 bn (27%) higher than in the same month last year despite volume being 5% less.

The increase is explained by the average price achieved for whole fresh salmon last month, which was NOK 84.87 per kg, 35% higher than in July 2021.

More salmon to UK

Poland, Denmark, and France were the biggest markets for Norwegian salmon last month, and the UK bought 9% more fish than in July last year, up by 400 tonnes to 5,100 tonnes.

The UK has seen the largest volume growth for Norwegian salmon exports for the first seven months of this year, increasing by 5,400 tonnes to 35,500 tonnes.

Hans Frode Kielland Asmyhr pictured in London.
Hans Frode Kielland Asmyhr pictured in London. "Even with rising prices, British consumers prioritise buying seafood," said the envoy.

Sticking with seafood

The Norwegian Seafood Council’s UK seafood envoy, Hans Frode Kielland Asmyhr, said: “Even with rising prices, British consumers prioritise buying seafood. Many Britons are keen to eat healthily, and it is pleasing to see that consumers stick with these good habits even with rising prices.

“The growth in the volume of salmon to the UK can also be seen in the context of somewhat lower production of salmon from Scotland.”

High prices also boosted returns for rainbow trout. Norway exported 5,200 tonnes of trout worth NOK 531 m in July. Export value increased by NOK 152 m (40%) compared to July 2021, despite export volume falling by 16%.

The US, Lithuania and Armenia were the biggest markets for Norwegian trout in July.

High inflation

Overall, Norway exported seafood with a value of NOK 11.6 bn in July, a value increase of NOK 2.1 bn (23%) compared to July 2021. In the first seven months of 2022, Norway has exported seafood worth NOK 81.7 bn, an increase of NOK 18.5 bn (29%), compared to the same period last year.

However, Børge Grønbech, acting chief executive of the Norwegian Seafood Council, isn’t celebrating too much.

“Despite the strong growth in the value of seafood exports so far this year, challenging times can still impact development going forward,” warned Grønbech, who said the seafood industry was impacted by high inflation and cost growth.

“Both factors have weakened most consumers’ purchasing power. In addition, supply logistics out to the markets are challenging in several areas. These factors can influence the development of seafood exports going forward,” said the CEO.