Norwegian prices topped £5 per kilo in March.
Norwegian prices topped £5 per kilo in March.

Price surge spawns record Q1

Norwegian salmon exports rose by 21% in value – helped by record prices per kg – to reach NOK 13.4 billion (£1.14 billion) in Q1, despite a 6% decline in their volume, which fell to 227,464 tonnes. 


In March alone Norway´s salmon exports were worth NOK 4.9 billion (£420 million) – an increase of 18 per cent compared to March 2015, despite the volume falling by 13% to 80,663 tonnes.

“Reduced output from Norwegian producers, combined with a strong demand for Norwegian salmon and favorable currency situation has contributed to a record first quarter for Norwegian salmon,” says Paul T Aandahl, analyst for salmon and trout at the Norwegian Seafood Council.

The average export price for fresh whole Norwegian Salmon in the first quarter was NOK 56.68 (£4.81) per kg – 33 per cent higher than the average prices in Q1 2015. The export price for fresh whole salmon in March was NOK 59.11 (£5.01) per kg, 43 per cent higher than in March 2015.

Salmon exports to the EU rose in value by 23% to reach NOK 9.9 billion in the first quarter, despite dropping by 5% in volume, to 173,147 tonnes. The principal markets were Poland, France and Britain, while Italy was the market that showed the biggest growth, rising by 11% in volume, to 11,455 tonnes, and 61% in value to NOK 705 million.

Exports to Asia equated to NOK 2.3 billion in the first quarter. An increase of 24 per cent, or NOK 440 million compared to Q1 2015. By volume, 35,230 tonnes of Norwegian salmon were exported, a reduction of 8 per cent.

Exports to the United States rose by 32% to a value of NOK 746 million in the first quarter. Measured by volume, 9,439 tonnes of salmon were exported, an increase of 6 per cent compared to Q1 2015. In the first three months, the proportion of fresh fillets increased from 22 per cent in 2015 to 47 per cent in 2016.


Trout exports were worth NOK 906 million (£76.81 million), an increase of 99 per cent in value, while the volume rose by 91% to reach 18,693 tonnes. Top buyers in the first quarter were Belarus, Poland and Japan.

In March alone, trout exports were worth NOK 319 million, an increase of 76 per cent by value, while the volume of trout exports rose by 55 per cent to reach 6,337 tonnes.