Value of Norway's salmon exports fell last month but trout and cod were up

The volume and value of farmed salmon exported from Norway fell by 3% and 4% respectively in November, compared to the same month in 2024, the Norwegian Seafood Council reported today.

Norway, the world’s biggest producer of Atlantic salmon, exported 126,191 tonnes of salmon worth NOK 11.4 billion (£852 million).

The volume of farmed trout exported last month also fell, by 3%, to 6,320 tonnes, but value increased by 2% to NOK 594m.

Last month was the best November on record for exports of fresh cod (wild caught and farmed). Norway exported 3,163 tonnes of fresh cod worth NOK 256m, an increase of NOK 105m (75%) in value and 54% in volume compared to November 2024.

Farmed cod accounted for 1,686 tonnes (53%) of the volume and for NOK 121m (51%) of the fresh cod export value. Farmed cod export volume increased by 60% and value by 83% compared to November 2024.

4% value drop

Overall, Norway exported seafood worth NOK 16.6bn in November, a decrease of NOK 608m, or 4%, compared with the same month last year.

“This is the second month in a row that seafood exports have fallen in value compared with the same month last year. In November, even historically high prices were unable to compensate for the decline in volume for a number of wild-caught species,” said Christian Chramer, chief executive of the Norwegian Seafood Council.

The Norwegian krone has strengthened against the US dollar and several Asian currencies compared with November last year. As a result, the year-long currency effect has also been reduced.

“This means that Norwegian seafood has become more expensive to buy in overseas markets,” explained Chramer.

Nonetheless, the value of Norwegian seafood exports in 2025 is on course to break the record of NOK 175.2bn set last year. If the export value in December remains at the same level as last year, total seafood exports in 2025 will exceed NOK 180bn.

Salmon still dominates

NOK 12.1bn (73%) of Norway’s seafood export value in November was from aquaculture.

“Salmon is still the engine of Norwegian seafood exports. At a time when trade is shifting towards Asia, it is positive that the Norwegian and Chinese authorities have developed a joint solution for the electronic exchange of health certificates with China. This will simplify our trade considerably in the future,” said Chramer.

China had the highest value growth for Atlantic salmon in November, with an increase in export value of NOK 165m (35%) compared with the same month last year.

The export volume to China ended at 6,598 tonnes, which is 47% higher than the same month last year.

“China continues the growth trend that the market has seen throughout the year, but is not the only one that is growing. The UK and Thailand are close behind,” said Norwegian Seafood Council analyst Paul T. Aandahl.

Thai demand grows

Thailand is emerging as one of Norway’s most important markets for salmon and trout in Asia. Exports of salmon and trout together make the country the second largest market in Asia in terms of volume. Thailand has thus overtaken established salmon markets such as Japan and South Korea. It was one of the three largest markets for trout in November, along with Poland and the United States.

“Thailand's appetite for Norwegian salmon does not appear to be stagnating. Thanks to good preference and competitive prices, Norway has increased its market share to over 73%. So far this year, the category for Atlantic salmon and trout has increased by 8%,” saod Åshild Nakken, the Norwegian Seafood Council's envoy to Southeast Asia.

Decline in EU market

The European Union’s share of Norwegian salmon exports fell in November. With an export value of NOK 6.9bn, it totalled 61%. In the same month last year, it was 66%.

“This is a trend that we have seen throughout 2025. In November, the share to Asia increased from 18% last year to 21% this year. This is due to increased demand and increased access to fish of sizes favoured in Asia,” said Aandahl.