Salmon sales hold firm despite overall drop in Norway seafood exports
The overall value of Norwegian seafood exports dropped slightly in May, but farmed salmon revenues managed to hold firm.
According to the latest update from the Norwegian Seafood Council, the country exported seafood of all types worth NOK 13.4 billion (£1.07 bn) last month. This represents a decrease of NOK 146 million (£11.6m), or 1% compared to the same month last year.
Norway’s salmon farmers sold 111,062 tons of salmon worth NOK 9.6 billion (£768m) in May, representing an increase in value of NOK 101 million (£8m), or 1%, compared to a year ago.
Christian Chramer. CEO of the Norwegian Seafood Council, said: “An uneasy geopolitical backdrop, trade barriers and less available raw materials continue to characterise seafood exports.
“So far, 2026 has been far more demanding than last year for Norwegian seafood. Despite increased prices for salmon, cod and mackerel in May, this was also a month without value growth.”
May is the fourth month this year to see an overall decline in value for seafood exports. So far this year, only March has seen a value increase compared to the same month last year.
CEO Chramer explained: “Lower volumes of cod, mackerel and salmon fillets reduced the export value in May.
“In addition, the Norwegian krone was significantly stronger against the dollar and euro last month than at the same time last year. This means that export prices are lower measured in Norwegian kroner.”
Exports to the United States are continuing to fall. So far this year, Norway has exported seafood worth NOK 70.3 billion (£5.6bn). This is a decrease of NOK 1.7 billion (£136m), or 2% compared to the same period last year.
Chramer said the US was the market that had fallen the most in the first five months of 2026. The decline in export value totals NOK 2.4 billion (£192m) on a year ago.
“May exports to the US follow the same trend, with a decrease in value of NOK 363 million (£29m). This is largely due to a decrease in fresh and frozen salmon fillets, which are large and important products from Norway to the US.”
European consumption continues to rise
Salmon sales grew strongly in Europe during May with Poland and its strong processing sector showing the largest value growth. Germany, one of the more price-sensitive salmon markets, was particularly buoyant.
Seafood Council analyst Paul T. Aandahl said: "The development must be seen in the context of strong growth in domestic consumption of salmon in Europe. In Germany, consumption has increased by around 12% in the past year."
The Council’s envoy to Germany, Christine Iversen, added: “When the price of other proteins rises more than salmon, or when grocery chains run campaigns, it has a big effect in a country as populous as Germany. The analysis agency Nielsen reports an increase in salmon sales so far this year, and this growth is in all categories, from frozen and smoked to raw and marinated.”
The United States market saw the largest drop in value compared to May last year. The decrease is NOK 630 million (£50m), or 40%.
“This negative development is largely due to the introduction of tariffs, uncertain market access and a weakened dollar,” said Aandahl.
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