Norwegian seafood exports drop for first time in ten months
But salmon sales to China and the US see continued growth
Norway’s seafood exports declined last month by two per cent after ten consecutive months of growth, according to the Norwegian Seafood Council.
Seafood exports for May were worth NOK 13.6 billion (£993.5 million), a decrease of NOK 267 million (£19.5 million) compared with the same period last year.
“Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value for May,” said Christian Chramer, CEO of the Norwegian Seafood Council.
Main reason for decline
“This is the main reason for the decline in the export value of Norwegian seafood in May. Reduced volumes for clipfish, together with a somewhat stronger Norwegian krone against the US dollar, also contributed to the decline.”
Salmon exports were down in value one per cent, or NOK 145 million, compared with the same month last year, while volume grew 38%. Norway exported 112,846 tonnes of salmon worth NOK 9.8 billion in May.
Poland, the US and France were the largest markets for salmon in May, and the US and China were the largest growth markets.
Exports to the US totalled 7,019 tonnes, 63% higher than the same month last year. Exports to China totalled 8,273 tonnes, an increase of 181%.
Large price drop for salmon
In May, the average price for a kilo of fresh whole salmon was NOK 75.78 per kg, a fall of 35% from the same month last year.
In the same month last year, the average price was NOK 116.68 per kg, which was the third highest average price recorded for a month. The price drop of NOK 40.88 per kg compared to the same month last year is the largest drop ever recorded.
"Record-high export volumes for the month of May, as a result of better production conditions, have led to a record-breaking weakening of the salmon price this year compared with last year," said seafood analyst Paul T. Aandahl of the Norwegian Seafood Council.
“Most of the volume growth has gone out as fresh whole salmon. In May, exports of fresh whole salmon increased by 53%. Fillet exports grew by 21% to 7,147 tonnes, while fresh fillet exports fell by 2%.
“Good access to large whole salmon, changing competitive conditions and increased demand have led to a shift in the flow of goods from Europe to overseas markets.
“Measured in value, 67% of salmon went to Europe. Last year, the share was 71% and 21% of salmon went to Asia, up from 19%, while 11% went to North America, up from 8%.”
Increased market share in China
The value of salmon exports to China has increased by 58% so far this year, while the volume has increased by 123%. The average export price decreased by 29%.
Exports of fresh whole salmon were particularly strong at 7,890 tonnes, representing growth of 210%.
The salmon category in China is experiencing strong growth, with Norway’s market share increasing significantly, said Sigmund Bjørgo, the Norwegian Seafood Council's envoy to China.
“Competitive pricing is a key driver of growth, along with underlying growth especially in new emerging digital sales channels.
“In April, Norway's market share was 67%. We have to go back 15 years to find similarly high market shares for Norwegian salmon in China.”
Growth trend for salmon continues in the US
Norway exported 7,019 tonnes of salmon to the US with a value of NOK 241m in May. In the year to date, Norway has exported 36,000 tonnes of salmon to the US to a value of NOK 5.4bn, an increase of 40% in value and 56% in volume.
"In a market that is relatively stable, it is gratifying to see that Norwegian salmon's growth trend is continuing," says Karine Rød Haraldsson, incoming seafood envoy to the US.
Norwegian seafood overall was exported to a total of 106 countries in May, the same as in May last year, with the largest markets the US, Poland and the UK.
Value growth despite Trump's tariffs
“Despite Trump's tariffs of 10% for the whole of May, it was the USA that saw the greatest growth in value for the fifth month in a row," said Christian Chramer.
Norway exported seafood totalling NOK 1.4bn to the US in May, an increase of NOK 386m, or 40%, compared with the same month last year.
The top three species in terms of value exported to the US in May were salmon (NOK 983m, up 32%); snow crab (NOK 129m, up +351%); and trout (NOK 109m, up 19%).
So far this year, Norway has exported seafood worth NOK 72bn, an increase in value of NOK 3.6bn, or 5%, compared with the same period last year.
