Norway ramps up salmon exports to EU, high prices hold

Published on
March 4, 2016

Norway exported farmed salmon worth NOK 4.15 billion (EUR 442 million; USD 484.9 million) last month, which was 26 percent or NOK 863 million (EUR 91.9 million; USD 100.8 million) more than in February 2015. In volume terms, the Scandinavian country exported 71,837 metric tons (MT) of the fish, representing a small decrease of 0.7 percent or 472 MT year-on-year.

"A reduction in the supply of salmon at the beginning of the year, strong demand in our neighboring markets and a favorable foreign currency situation are driving the price for salmon and consequently the value to new heights," said Paul Aandahl, analyst with the Norwegian Seafood Council (NSC).

The average export price for fresh whole salmon last month was NOK 55.05 (EUR 5.86; USD 6.43) per kg, which was 31 percent or NOK 12.88 (EUR 1.37; USD 1.51) higher per kg compared with February 2015. The price was at a similar level in January 2016.

In terms of end markets, NOK 3 billion (EUR 319.5 million; USD 350.6 million) worth of Norwegian salmon was exported to the EU last month, an increase of 32 percent or NOK 735 million (EUR 78.3 million; USD 85.9 million) compared to February 2015. The volume of these exports grew 2 percent or 1,226 MT to 54,351 MT in February.

France, Poland and Denmark were the largest purchasers of Norwegian salmon in February.

While Norway’s EU trade increased, it exported less salmon to Eastern Europe last month. In total, it exported 2,120 MT of product with a value of NOK 74 million (EUR 7.9 million; USD 8.6 million), down 11 percent and 14 percent respectively.

There were, though, increases in its salmon exports to Asia and the United States last month, with Asia importing 11,322 MT valued at NOK 715 million (EUR 76.1 million; USD 83.6 million) and the U.S. market importing 3,038 MT valued at NOK 240 million (EUR 25.6 million; USD 28 million).

Norway also exported trout worth a total of NOK 288 million (EUR 30.7 million; USD 33.7 million) in February, an increase of 100 percent or NOK 144 million (EUR 15.3 million; USD 16.8 million). The volume of exported trout also increased by 100 percent, to 6,081 MT.

The average price for fresh whole trout in February was NOK 47.24 (EUR 5.03; USD 5.52) per kg, which was 17 percent higher than in February 2015. Poland was Norway’s largest market last month, followed by Belarus and Japan.

In total, Norway exported seafood worth NOK 6.8 billion (EUR 722.4 million; USD 785.3 million) last month, an increase of 29 percent or NOK 1.5 billion (EUR 159.4 million; USD 173.2 million) compared to February 2015.

Contributing Editor reporting from London, UK

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