Norway exported farmed salmon worth a record NOK 61.4 billion (USD 7.2 billion, EUR 6.8 billion) last year, an increase of 29 percent or NOK 13.8 billion (USD 1.6 billion, EUR 1.5 billion) compared with 2015. In volume terms, the trade amounted to 980,000 metric tons (MT), which was 5.2 percent or 53,340 MT less than the previous year.
The sector’s record performance was mainly due to a strong demand for Norwegian salmon in local markets such as the EU, and those further afield like Asia and the United States, said Norwegian Seafood Council (NSC) analyst Paul Aandahl.
Because of the high market demand and ongoing short supply situation, Norwegian salmon prices were very high throughout 2016, averaging a record NOK 60.11 (USD 7.07, EUR 6.64) per kg for the year, which was 40 percent or NOK 17.26 (USD 2.03, EUR 1.91) per kg more than in 2015. At NOK 69.36 (USD 8.16, EUR 7.67) per kg, December’s average price was the highest average price ever recorded for a single month.
In terms of markets, Norway exported 749,000 MT of salmon with a value of NOK 45.3 billion (USD 5.3 billion, EUR 5 billion) to the EU, representing a volume reduction of 5.5 percent but a value increase of 29 percent.
Approximately 76 percent of all Norwegian salmon exports, by volume, went to the EU in 2016. The biggest markets for the product in the bloc were Poland and France.
Norway also exported 39,774 MT of salmon worth NOK 3.4 billion (USD 400 million, EUR 375.8 million) to the United States last year, which represented increases of 6 percent and 36 percent respectively. The volume growth was mainly driven by a 43 percent increase in fresh fillet exports.
NSC highlighted that exports of Norwegian salmon to the United States have benefited from a favorable exchange rate.
Norwegian salmon exports to Asia, meanwhile, achieved a value of NOK 10.5 billion (USD 1.2 billion, EUR 1.1 billion) last year, up 39 percent. The biggest buyers of Norwegian salmon in Asia were Japan, Vietnam and South Korea.
