Norway exported 28% more salmon last month than in July 2024
But lower prices meant returns increased by just 8%
High harvest volumes and low spot prices led to Norway exporting 136,054 tonnes of salmon worth NOK 10.2 billion (£748 million) in July, the Norwegian Seafood Council (NSC) announced today.
“There is a seasonal variation in salmon exports, so a July volume of 136,000 tonnes is surprisingly high. It almost corresponds to the record volume that we had in September and October last year,” said NSC seafood analyst Paul T Aandahl. “The reason is favourable biological conditions that have resulted in increased production compared to July 2024.”
The volume of salmon exported by Norway increased by 28% compared to the same month last year, but the lower prices meant that the value of salmon exports rose by just NOK 800 million (8%).
Big growth in China
Poland, the United States, and the Netherlands were the largest markets for Norwegian salmon in July, and China had the greatest value growth, with an increase in export value of NOK 339m, or 80%, compared to July 2024.
Export volume to China last month was 9,950 tonnes, which is 121% higher than the same month last year.
“The Chinese salmon market is growing strongly. As of the first half of the year, the salmon category increased by 39%, while growth in the second quarter was over 50%,” said the NSC’s envoy to China, Sigmund Bjørgo. “Through good preference and competitive prices, Norway has increased its market share to 71% in June. This is the highest market share for Norwegian salmon in China in 15 years.”
More to Poland
Poland, the largest export destination for Norwegian salmon, had the second largest growth in July with an increase of NOK 291m.
“Most of the salmon to Poland goes to further processing for export. A large growth in consumption of fresh salmon fillet in Europe is contributing to increased processing in Poland,” said Aandahl.
The most important export markets for fresh fillet from Poland are Germany, the Czech Republic, and Italy.
“Value growth to the US slowed down in July. Overall, exports increased by only 3%, while volume increased by 16%. Although increased tariffs may have had a negative effect, the price drop must mainly be seen in light of the large volume growth that has been from Norway and globally so far this year,” said Aandahl.
Good month for trout
Norway exported 9,409 tonnes of trout worth NOK 697m in July. That represented a value increase of NOK 72m, or 11%, compared to the same month last year, and a growth in volume of 20%.
Lithuania, the US, and Ukraine were the largest markets for trout in July.
Lithuania had the largest value growth, with an increase in export value of NOK 32m, or 45%, compared to the same month last year.
The export volume to Lithuania was 1,448 tonnes, which is 56% higher than the same month last year.
“Like salmon, trout has had favourable production conditions this year. This has led to large volume growth. In product weight, exports have increased by 30% so far this year, while value growth has been 18%,” said Aandahl.
In comparison, salmon increased by 23% in volume and 3% in value during the same period.
Fewer cod, higher price
In contrast to salmonids, exports of wild caught and farmed fresh cod declined due to scarcity, and returns per kilo were higher.
For fresh wild cod, export volume fell 7%, to 1,314 tonnes, while export value increased 19%, to NOK 93m. For fresh farmed cod, export volume fell 20% to 741 tonnes, while export value fell 11%, to NOK 51m. Farmed cod accounted for 36% of the export value of fresh cod.
Overall, Norway exported seafood worth NOK 13.9bn in July. This is an increase of NOK 1.1bn, or 8%, compared to the same month last year.
“Seafood exports have posted a historically strong July in terms of value. This is primarily due to high salmon volumes and impressive value growth to China,” said NSC chief executive Christian Chramer.
