Norway January salmon export volumes up, but value drops
The United States is no longer Norway’s largest market for seafood, and for salmon in particular.
It has fallen into fourth place behind Poland, the Netherlands and China, the January export figures from the Norwegian Seafood Council show.
Despite a 20% rise in salmon volume sales, the value was down due to lower market prices.
Seafood Council CEO Christian Chramer said: “Lower salmon prices, a weakened US dollar, reduced quotas for several wild fish species and tougher competition in important markets meant that Norwegian seafood exports fell in January,
Norway exported seafood worth NOK 14.8 billion (£1.12bn) in January. This is a decrease of NOK 416 million (£31.5m) or 3%, compared to January last year.
Chramer added: “In January last year, the US was our largest single market. One year later, the export value has decreased by 37 per cent, and the country has been overtaken by Poland, the Netherlands and China on the list of Norway’s largest single markets.”
He said the trading situation was becoming demanding, adding: “High and unpredictable tariffs and a weaker dollar have created great uncertainty and challenges in the USA, which remains our largest fillet market for both salmon and trout.”
Despite a 20% rise in salmon volume sales, the value was down due to lower market prices.
Norway’s fish farmers exported 112,092 tons of salmon last month, representing a volume growth of 20%. But the value fell by NOK 133 million (£10m), or 1% to NOK 10.4 billion (£788m).
Poland had the largest value growth in January, with an increase in export value of NOK 424 million (£32m) or 42% compared to the same month last year.
China was Norway’s second largest growth market for salmon in January, measured by both volume and value.
A total of 10,997 tonnes of salmon products were exported to China in January, with a value of NOK 1.0 billion ($97 million/€88 million). Export volume increased by 86 per cent year-on-year, while value rose by 34 per cent.
“The last two weeks have been particularly strong. Prices for Norwegian salmon have been significantly lower in January compared with the same month last year, so we can expect to have gained market share,” said Sigmund Bjørgo, the Norwegian Seafood Council’s envoy to China.
Seafood Council analyst Paul T Aandahl said: “Export volumes for salmon increased significantly in January, with major changes in the flow of goods to different markets. We will have to go back to 2021 to see similar changes.
“Favourable production conditions have resulted in greater volume, while uncertainty in world trade and a weak dollar have shifted exports from the US to Asia, especially China, and Poland, which is the largest EU market for processing Norwegian salmon.
He added: “The USA is still Norway’s most important market for fillet, but due to customs duties and a weakened dollar, exports of fresh fillet to the USA have decreased by 37%.”
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