Norway salmon exports were worth a record amount of NOK last year
Value in euros was the same as in 2023
The value of salmon exported by Norway last year was a record-breaking NOK 122.9 billion (£8.7bn at today’s exchange rate), up by NOK 617 million (1%) from 2023, the Norwegian Seafood Council (NSC) said today.
Salmon accounted for 70% of the value of Norway’s seafood exports, which were worth a record-high NOK 175.4bn, 2% more than in 2023.
While in 2023 there was price growth for the very largest species, last year there was a more nuanced picture.
“Factors such as price and volume affected the species differently. Food inflation fell last year, and both salmon and trout experienced price declines. At the same time, quota reductions contributed to price growth for important wild-caught species,” said NSC chief executive Christian Chramer.
Fluctuations
There were major fluctuations in value during the year, and the trend was particularly strong in the fourth quarter.
“This is because salmon, trout, prawn, herring and mackerel received a boost in the final months of the year. The currency effect, which has been an important contributor to growth in recent years, declined last year, but was still the main reason for the growth in value in Norwegian kroner. Measured in euros, which is our most important export currency, the value is unchanged compared to 2023,” said Chramer.
“The exciting and strong development for salmon continued in Asia, where it is considered an everyday luxury by consumers in countries such as Thailand, China, Vietnam and Korea. In addition, salmon has strongly established itself in the fast-food trends of sushi, sashimi and poke around the world and in the everyday food segment in Europe.”
A demanding year
At the same time, he emphasised that 2024 was demanding for many Norwegian salmon producers due to higher summer sea temperatures posing biological challenges, increased costs, and earlier harvesting leading to lower average weight of the fish
“There was volume growth last year (by 2% to 1,255,654 tonnes), but at the same time salmon prices fell. The strong growth in value that we have seen in recent years came to a halt in 2024.”
Poland, the United States, and France were the largest markets for Norwegian salmon last year, while Germany had the highest value growth with an increase in export value of NOK 539m, or 12%, compared with the previous year.
Exports to Germany totalled 47,724 tonnes, which is 11% higher than 2023.
“The growth is due to a number of factors. Increased domestic consumption and lower supplies from other nations are important reasons,” said NSC seafood analyst Paul Aandahl.
Most popular fish in Korea
The growth in exports of fresh salmon to South Korea continued in 2024.
“At the largest supermarkets, Norwegian salmon is the most popular fish, with Norwegian mackerel a close second. Higher prices combined with a lot of activity in stores have boosted sales both in terms of value and volume,” said Johan Kvalheim, the NSC’s envoy to Japan and South Korea.
At NOK 149 per kg, the price of fresh salmon fillets is at a record high. This is NOK 2 per kg higher than the previous record year, which was in 2023.
December
Norway exported 112,000 tonnes of salmon worth NOK 11.5bn in December.
The value increased by NOK 1.3bn, or 13%, compared to December last year, and the volume was up by 7%.
Record year for trout
Norway exported a record-high volume of 75,135 tonnes of trout worth NOK 6.8bn – also a record - in 2024. The export volume was 32% higher than the previous year, and the export value increased by NOK 1.3bn, or 23%. The export value was NOK 1.3bn higher than the previous record year, which was in 2023.
Ukraine, the US, and Thailand were the largest markets for trout last year.
“The world record is driven by a record high volume. The reason is that several fish farmers have focused more on trout than on salmon. This is a trend we've seen over the past three years,” explained Aandahl.
The previous record volume for trout was in 2008, with 73,727 tonnes.
Big increase in Ukraine
Ukraine had the highest value growth last year, with an increase in export value of NOK 523m, or 89%, compared with the previous year. The export volume to Ukraine ended at 14,315 tonnes, which is 80% higher than the year before.
The price of fresh trout fillets is at a record high of NOK 150 per kg. This is NOK 3 per kg higher than the previous record year, which was in 2023.
Norway exported 7,100 tonnes of trout worth NOK 641m in December. The value increased by NOK 177m, or 38%, compared to December last year, and the volume growth was 41%.
