Norway's US salmon exports hit by tariffs, stronger krone and higher supply

The value of Norwegian salmon exports to the United States fell by 15% in August compared to the same month last year due to tariffs, a weaker dollar, and higher supply from both Norway and other salmon producing countries.

"Salmon is the dominant species exported from Norway to the US, but Norwegian producers are now experiencing increased competition in the US salmon market,” said Christian Chramer, chief executive of the Norwegian Seafood Council.

“There are different customs tariffs for different countries, and in August, the Norwegian krone strengthened against the dollar compared to the same month last year. This lifted the prices of Norwegian seafood in the US market.”

Distorted competition

Karine Rød Haraldsson, the Norwegian Seafood Council's representative in the US, said the 15% tariff imposed on fish from Norway distorted competition with salmon from Canada, which is tariff-free, and from the UK and the Faroes, which incur a 10% tariff.

Haraldsson also highlighted several factors that contributed to the negative development for Norway’s exports of fresh whole salmon to the US in August.

“Overall production has increased in salmon-producing countries that have lower tariffs to the US than Norway. Competition has thus increased further as a result,” said Haraldsson.

“In 2025, there has also been a large increase in demand in Asia, particularly in China. The supply of large fish is limited, and global demand is therefore affecting exports to markets such as the US.”

17% more sold, 1% less earned

Nonetheless, salmon remains by far Norway’s biggest-earning seafood export. The country exported 145,446 tonnes of salmon worth NOK 10.6 billion (£790 million) in August. The value fell by NOK 95m, or 1%, compared to the same month last year, although the volume exported was up by 17%.

Poland, where a lot of Norwegian salmon is further processed before being re-exported, pushed the US off the top spot as the most valuable market, with the Netherlands third and China fourth.

Salmon exports to China had the greatest value growth in August, with an increase in export value of NOK 349m, or 84%, compared to the same month last year.

Export volume to China ended at 9,343 tonnes, which is 114% higher than the same month last year.

Trout down, cod up

August was a weak month for Norway’s trout exports. The country exported 8,907 tonnes of trout worth NOK 638m, a drop of 6% in volume and NOK 124m (16%) in value.

Ukraine, Lithuania and the US were the largest markets.

It was a different story for farmed fresh cod. The export volume increased by 6% to 817 tonnes in the face of lower quotas for wild cod, and value increased by NOK 59m (26%). Farmed cod accounted for 44% of the export value of fresh cod in August.

Exports to Spain increased from 97 to 126 tonnes, while exports to France doubled, from 46 to 92 tonnes. For both markets, farmed cod accounted for over 90% of the volume.

Market turmoil

Overall, Norway exported seafood worth NOK 14.3bn in August, a decrease of NOK 254m, or 2%, compared to the same month last year.

“The summer of 2025 has been marked by great turmoil in the markets. Changes in tariffs for exports to the US are affecting Norwegian seafood exports and are challenging for the global seafood trade,” said Chramer.

“In addition, increased competition for both raw materials and customers has made things extra demanding for many players in the seafood industry.”