Norway exports USD 5.5 billion worth of farmed salmon, trout

Published on
January 6, 2016

Norway exported farmed Atlantic salmon worth a record NOK 47.7 billion (EUR 5 billion; USD 5.3 billion) last year, which was 9 percent or NOK 3.9 billion (EUR 405.1 million; USD 434.6 million) more than in 2014. In volume terms, these exports totaled 1,035,000 metric tons (MT), which is 3.7 percent more than the year before, confirmed the Norwegian Seafood Council (NSC).

"A record-high volume in combination with record-high prices has taken Norwegian salmon exports to new heights in 2015. This was despite a closed border with Russia. The record year is due mainly to strong growth in demand in the neighboring markets in the EU and a drafting effect from a weaker Norwegian krone compared with the euro and the U.S. dollar," said Paul Aandahl, analyst with the NSC.

The export price for fresh whole Norwegian salmon in 2015 fluctuated between a low of NOK 38.37 (EUR 3.99; USD 4.28) per kg (recorded for May) and a high of NOK 51.26 (EUR 5.32; USD 5.71) per kg (set in December), while the average export price for the year was NOK 42.87 (EUR 4.45; USD 4.78) per kg, which was 4.5 percent or NOK 1.86 (EUR 0.19; USD 0.21) per kg higher than in 2014 and the highest export price achieved since 1988.

According to the NSC, the ongoing Russia trade embargo saw the EU account for an increased share of Norwegian salmon exports. Approximately 77 percent of all Norwegian salmon exports, measured in product weight, went to the bloc in 2015, compared to 72 percent and 68 percent in 2014 and 2013, respectively.

Approximately NOK 35.2 billion (EUR 3.7 billion; USD 3.9 billion) worth of Norwegian salmon was exported to the EU in 2015, an increase of 15 percent compared to the previous year. Measured in volume, these exports totaled 793,000 MT, an increase of 10 percent or 74,000 MT.

Measured in product weight, the most important salmon markets in 2015 were Poland and France, while the largest growth market was the United Kingdom with an increased volume of 14,279 MT or 24 percent compared with 2014.

In 2015, NOK 2.5 billion (EUR 259.7 million; USD 278.5 million) worth of salmon was exported to the United States, which was 33 percent or NOK 626 million (EUR 65 million; USD 69.7 million) more than the previous year. In volume terms, 37,657 MT was exported to the market last year, an increase of 35 percent or 9,681 MT. Fresh whole salmon and fillets mainly drove this growth.

Norway also exported salmon worth NOK 7.5 billion (EUR 779 million; USD 835.4 million) to Asia in 2015, representing an increase of 15 percent on the previous year. In volume terms, these exports increased by 7 percent or 10,226 MT in 2015. The largest growth in the Asian region was seen in Japan and South Korea.

In addition to its salmon trade, Norway also exported farmed trout worth NOK 2.3 billion (EUR 238.9 million; USD 256.2 million) in 2015, a decrease of 1.7 percent or NOK 39 million (EUR 4 million; USD 4.3 million) on the previous year. Measured in product weight, 53,000 MT of trout was exported, an increase of 4 percent compared with 2014.

NSC pointed out that the value decrease was expected and was due mainly to the Russian embargo on imports.
The export price for fresh whole trout decreased by 10 percent or NOK 4.18 (EUR 0.43; USD 0.47) per kg to NOK 39.15 (EUR 4.06; USD 4.36) last year. 

While trout sales to Eastern Europe were reduced, there was an increase in exports to the United States, the EU and Asia.

Contributing Editor reporting from London, UK

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