Salmon and trout exports from Chile reached USD 4.77 billion (EUR 4.83 billion) during the first three quarters of the year, surging 31 percent compared to the same nine months of 2021, according to the Chilean Salmon Council’s Quarterly Report on Salmon Exports.
For the third quarter alone, Chile’s exports of salmon and trout hit USD 1.54 billion (EUR 1.56 billion), up 31 percent compared to the same quarter of 2021. The positive quarter marks the sixth consecutive quarter of growth, according to the report, which is based on information from the Central Bank and the National Customs Service.
If the trend seen during the first three quarters of the year were to continue, the country will far surpass USD 6 billion (EUR 6.1 billion) in salmon and trout shipments this year, compared to the USD 5.18 billion (EUR 5.24 billion) value exported in 2021 thanks to steadily increasing demand throughout the year after the sector sustained negative variations due to COVID-19.
In volume terms, the amount of Chilean salmon exported during the third quarter increased 18.1 percent to 164,730 metric tons (MT) when compared to the same period in 2021, following four quarters of decreases due to lower salmon harvests at the end of 2021 and the beginning of 2022, stemming from lower plantings of smolts in 2020 in response to pandemic-generated uncertainty, the Salmon Council said. In the first nine months of the year, a total 531,533 MT of salmon were exported, up 2.3 percent over the same period of 2021.
In the third quarter of 2022, Atlantic salmon represented 85.6 percent of shipments in volume terms, followed by coho (10.7 percent) and rainbow trout (3.6 percent). In terms of format, 50 percent was shipped frozen and 49.6 percent fresh; the remainder was smoked. The average price of exported salmon was also up in year-over-year terms, increasing 11.1 percent in the third quarter this year to USD 9.30 (EUR 9.21) per kilogram.
In terms of destination markets, the U.S. continued to increase in importance, with percent of salmon shipped to the country up from 36.2 percent in 2019, prior to the pandemic, to 45.7 percent in 2022. Q3 exports to the United States increased 14.3 percent to USD 698 million (EUR 707 million) when compared to the same period of 2021. The council attributed this to high demand since the beginning of 2021, driven by the higher penetration of products of different formats and a consolidation of sales in the retail channel.
The other main markets for salmon exports included Japan, up 43.9 percent to USD 181 million (EUR 183 million); Brazil, down 0.7 percent to USD 187 million (EUR 189 million); Russia, jumping 101 percent to USD 106 million (EUR 107 million) and breaking the downward trend of two consecutive quarters as a result of the war in Ukraine; China, surging 295 percent to USD 73 million (EUR 74 million) and Mexico, up 44.9 percent to USD 48 million (EUR 49 million).
During the first nine months of the year, Chilean salmon and trout were exported to 72 countries.
However, there may be clouds on the horizon, according to Salmon Council executive director Joanna Davidovich.
“Chilean salmon exports have remained high this year, even surpassing pre-pandemic levels, driven by strong demand from around the world. However, the companies’ costs have also risen significantly mainly due to higher freight rates to the final destination, stemming from high fuel prices and logistical difficulties, and high costs of the raw materials used in the production of feed – the main input for fish farming,” she said.
Indeed, in global terms the scenario is instable, marked by high inflation, risk of recession, high food costs, high oil prices, and logistical difficulties, the executive noted, calling for the country to react.
“The world economic scenario is especially volatile and uncertain, and this also applies to the main destinations of Chilean salmon exports. Today more than ever as a country we must be able to build a long-term growth strategy that promotes the sustainable and competitive development of productive activities, such as salmon farming, which is an engine of progress, employment and entrepreneurship in the southern regions,” she said.
While the numbers in the report represent Chile’s entire salmon industry, the Chilean Salmon Council brings together the companies AquaChile, Australis, Cermaq, Mowi, and Salmones Aysén; together, they represent about 52 percent of Chilean salmon production. Chile is the second largest producer of salmonids in the world after Norway, accounting for about 27 percent of world production.
Photo courtesy of Sernapesca
