Value of Norway's salmon exports to US fell by £50m in May

The value of Norwegian salmon exported to the United States in May dropped by 40% - a decline of NOK 630 million (£50m) - compared to the same month last year, the Norwegian Seafood Council said in its monthly update today.

“This negative trend is largely due to the introduction of tariffs, uncertain market access and a weaker dollar,” said NSC seafood analyst Paul T. Aandahl.

The picture was better for exports to Poland, which increased by 29% in volume to 18,337 tonnes, leading to a rise in export value of NOK 299m, or 27%, compared with the same month last year.

European demand

“This trend must be seen in the context of strong growth in domestic salmon consumption in Europe. In Germany, consumption has risen by around 12% over the past year,” said Aandahl.

Germany is traditionally a price-sensitive salmon market, and much of the salmon comes from Poland, where it is processed.

“When the price of other proteins rises more than that of salmon, or when supermarket chains run promotions, this has a significant impact in a country as populous as Germany,” said Christine Iversen, the NSC’s representative in Germany.

“The research firm Nielsen reports an increase in salmon sales so far this year compared with last year, and this growth is across all categories, from frozen and smoked to raw and marinated.”

Overall, Norway exported 111,062 tonnes of salmon worth NOK 9.6 billion in May. The volume was the same as in May 2025, and the value increased by NOK 101 million, or 1%. After Poland, China and Spain were the largest markets for Norwegian salmon in May.

Trout

Norway exported 6,484 tonnes of trout worth NOK 540m in May, a decline in value of NOK 47m (8%) and volume by 11% compared with the same month last year.

The US, Ukraine and Poland were the largest markets.

Poland saw the largest increase in value in May, with a rise in export value of NOK 27m (62%), and a rise in volume to 910 tonnes, up 50% on May 2025.

Cod

The value of fresh cod exported from Norway in May fell by NOK 43m (20%) to NOK 168m, and the volume fell by 31% to 2,012 tonnes.

A low volume of wild-caught cod meant that more than 55% of exported cod was farmed. The export volume of fresh farmed cod fell by 1% to 1,204 tonnes, whilst the export value rose by 8% to NOK 92m compared to May 2025.

“Farmed cod accounted for over half of fresh cod exports for the ninth time ever in a single month, and for the first time in May. With prospects of increased volumes in the coming months, we expect farmed cod to remain the dominant category for the rest of the year,” said NSC seafood analyst Eivind Hestvik Brækkan.

Seafood

The overall value of all Norwegian seafood exports in May was NOK 13.4 billion, a decline of NOK 146m, or 1%, compared with the same month last year.

“A turbulent geopolitical backdrop, trade barriers and reduced availability of raw materials continue to affect seafood exports. So far, 2026 has been far more challenging than last year for Norwegian seafood. Despite higher prices for salmon, cod and mackerel in May, this was also a month without growth in value,” said Christian Chramer, chief executive of the Norwegian Seafood Council.

May is the fourth month this year to see a decline in the value of seafood exports. So far this year, March is the only month to have seen growth in value compared with the same month last year.

“Lower volumes of cod, mackerel and salmon fillets dragged down the export value in May. In addition, the Norwegian krone was significantly stronger against the dollar and the euro last month than at the same time last year. This means that export prices are lower when measured in Norwegian kroner”, explains Chramer.