Monthly export value of Norwegian farmed salmon and trout (NOK billions). Graphic: Norwegian Seafood Council.

Norway made record amount from salmon exports in Q1

The value of farmed salmon exported by Norway in the first three months of this year reached a record high NOK 23.2 billion (£2.03 bn).

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That’s 33% more than in the first quarter of 2021 despite volume falling by 5% to 283,200 tonnes. The average price for fresh whole salmon increased from NOK 54.29 in Q1 2021 to NOK 78.37 per kg.

Norway exported 11,600 tonnes of trout for NOK 945 million in the first quarter. The volume was 4% below that of Q1 2021 but the value was up by 28%.

A demanding time

The value of all Norwegian seafood exports in Q1 2022 also hit a new high of NOK 34 bn, up 22% compared to the same period last year, although the export volume was down.

“A strong global demand for Norwegian seafood yielded record export value in the first quarter,” Renate Larsen, chief executive of the Norwegian Seafood Council.

“It is nevertheless a demanding time to be engaged in global trade. A month of war has resulted in complicated flows of goods and more expensive logistics. Nevertheless, the Norwegian exporters have in an impressive way managed to supply the world with sustainable seafood from Norway.”

Lower volume

In addition to the tense global situation caused by Russia’s invasion of Ukraine, bad weather, quota reductions and lower sea temperatures have combined to lower the export volumes of herring, mackerel and salmon.

“We have the lowest export volume of Norwegian seafood in a first quarter for six years. The record-setting export value is therefore driven by strong price growth for many species. The salmon price has remained at a high level, at the same time as we have a record value for cod and saithe so far this year,” said Larsen.