Norway sets new record for value of salmon exports

The value of salmon exported from Norway in the first six months of 2023 reached a record high of NOK 58.5 billion (£4.31bn) due to high prices and a weak krone, the Norwegian Seafood Council (NSC) said today.

Revenue from salmon exports was NOK 10.3bn (21%) higher than for the first half of 2022, despite the 524,000 tonnes of fish exported being 2% lower than in the same period last year.

Poland, the United States, and France were the biggest markets for Norwegian salmon.

“There has been a record-breaking salmon market in the first half of the year. In addition to the currency effect, price growth is the driver of value growth,” said NSC seafood analyst Paul Aandahl.

Demand from US

“We are particularly seeing increased demand for Norwegian salmon in the US. The flow of goods is also characterised by the reopening of Chinese society after the Covid pandemic. This has led to increased sales of salmon in this market.”

The US had the greatest growth in value in the first half of the year, with an increase in export value of almost NOK 1.7bn, or 45%, compared to the first half of last year.

The export volume to the US was 34,400 tonnes, which is 17% higher than in H1 2022.

During the first half of this year, fresh whole salmon reached record prices at NOK 107 per kg. This is NOK 20 higher than the previous record for a first half of a year, which was in the first half of 2022.

Record high prices were also achieved for fresh salmon fillets at NOK 153 per kg. This is NOK 35 higher than the previous record for a first half of a year, which was in the first half of 2022.

Last month, Norway exported 98,697 tonnes of salmon worth NOK 10.9bn. The value of exports increased by NOK 2.2bn, or 26%, compared to June last year, and export volume grew by 14%.

Trout

The first half of 2023 was also a record-setting period for revenue earned on exports of trout.

Norway exported 20,900 tonnes of trout worth NOK 2.3bn, with export value increasing by NOK 177m, or 8%, compared to the first half of last year, despite export volume falling by 12%.

The US, Thailand, and Lithuania were the biggest markets for trout, with exports to Lithuania having the largest increase in value of NOK 170m, or 400%, compared to H1 2022. The export volume to Lithuania ended at 2,100 tonnes, up 357% year on year.

“This is mostly related to changed product flows for trout because of the war in Ukraine. Before the war, Belarus was one of the most important markets for trout from Norway. Now this market has completely disappeared,” explained Aandahl.

Currency effect

Overall, Norway exported seafood worth NOK 82.3bn in the first half of 2023, an increase of NOK 12.3bn, or 18%, over H1 last year. Revenue from salmon exports comprised more than two thirds of the money earned from seafood exports in the period.

“In terms of value, Norwegian seafood exports have never had a stronger first half of the year. A combination of a weak Norwegian krone and high global food inflation has resulted in a sharp rise in prices for our most important seafood species,” said NSC chief executive Christian Chramer, who explained that the low value of Norway’s currency had a significant impact on the paper value of exports.

“Of the total increase in export value of NOK 12.3bn in the first half of the year, about NOK 8bn can be explained by the weak Norwegian krone.”

In the first half of the year, Norway exported 1.3 million tonnes of seafood. This is a decrease of 75,000 tonnes, or 5%, compared to the same period last year. Herring, cod, and salmon all had a drop in export volume, which can be explained by challenging fishing conditions, reduced quotas, and somewhat lower salmon production volume.