Value of Norwegian salmon exports per month. The industry earned less last month (green bar) than in July 2019 (light blue bar) despite selling a bigger volume. Graphic: NSC.

Norway exports more salmon but earns less for it

Norway exported 6% more salmon in July than in the same month last year but earned 2% less despite the increased volume.

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The world’s biggest salmon farming country exported 94,800 tonnes of salmon worth NOK 5.6 billion (£473 million), which is NOK 132m short of what salmon exports made in July 2019, the Norwegian Seafood Council (NSC) said.

So far this year, Norway has exported 595,000 tonnes of salmon for NOK 40.6bn. The volume and export value are at the same level as last year. The average price for whole, fresh salmon in July was NOK 54.43 per kilo against NOK 59.60 in July last year.

Salmon price falls again

The spot price for Norwegian salmon fell again last week, according to seafood statistics provider Akvafakta.

The price of a kilo of salmon sold in the spot market last week (week 31) was NOK 44.24 / kg. This is a decrease of NOK 1.17 from the week before.

The trend over the last four weeks is -NOK 3 per kg.

Weakened demand for Norwegian salmon, especially in Asia, as a result of Covid-19, is the reason for the decline in value for salmon in July, said the NSC. 

Markets that have bought significantly smaller volumes are China, Hong Kong and Sweden. The supply of salmon to Poland, France and Germany, on the other hand, increased sharply, said NSC analyst Paul Aandahl.

Trout exports up 43%

Norway exported 7,200 tonnes of trout for NOK 345m in July, but as with salmon prices per kilo were down year on year. Although export volume increased 43%, export earnings were up by just 15% - NOK 45m – compared to July last year.

So far this year, Norway has exported 38,700 tonnes of trout for NOK 2.2bn. There is a volume growth of 31% and an increase in value of 11% (NOK 209m) compared to the same period last year.

Ukraine, USA and Finland were Norway’s largest trout markets in July.

Overall, Norway exported seafood – including wild catch - worth NOK 7.9bn in July, which is at the same level as in July last year. 

So far this year, Norway has exported seafood worth NOK 60.8bn. The export value has increased by 3%, or NOK 1.9bn from the same period last year.