The high price of Norwegian farmed Atlantic salmon has led to less consumption of the product in EU markets this year, but it’s not putting of consumers in the United States and Asia, according to the Norwegian Seafood Council (NSC).
Norway exported 233,000 metric tons (MT) of farmed Atlantic salmon worth NOK 16.1 billion (USD 1.9 billion, EUR 1.8 billion) in the first-quarter of this year, representing a volume increase of 3 percent and an increase in value of 21 percent or NOK 2.8 billion (USD 327.3 million, EUR 307.5 million) year-on-year.
The value increase was underpinned by an average export price of NOK 65.44 (USD 7.65, EUR 7.19) per kg in Q1 2017, 16 percent more than a year previously. However, salmon prices have been steadily sliding since the turn of the year – from an average of NOK 72.42 (USD 8.47, EUR 7.95) per kg of fresh whole fish in the second week of January to an average of NOK 61.42 (USD 7.18, EUR 6.74) per kg for March. The latter was nevertheless 4 percent higher than in March 2016.
Norway exported 164,000 MT of salmon to the EU worth NOK 10.9 billion (USD 1.3 billion, EUR 1.2 billion) in Q1 2017. This is a volume decrease of 5 percent or 8,660 MT and an increase in value of 11 percent from the first-quarter of 2016. The principal markets for Norwegian salmon in the EU during Q1 were Poland, France and Denmark. Denmark had the highest growth in terms of volume of 2,914 MT, while France saw the greatest reduction by 4,111 MT.
At the same time, Norway exported 43,149 MT of salmon worth NOK 3.1 billion (USD 362.7 million, EUR 340.7 million) to Asia, representing increases of 23 percent and 38 percent respectively. The Scandinavian country also exported 14,000 MT of salmon worth NOK 1.3 billion (USD 152.1 million, EUR 142.9 million) to the U.S. market, up 49 percent and 81 percent respectively.
With supplies staying tight, future prices of 3 to 6 kg Norwegian salmon will continue to be high over the coming months, with analysts expecting them to be at levels of around NOK 62.80 (USD 7.35, EUR 6.85) per kg next month and NOK 62.30 (USD 7.29, EUR 6.79) in June.
