EU markets have been buying less Norwegian farmed Atlantic salmon in 2017, responding to prices that have stayed high in the opening months of the year.
Norway exported 60,000 metric tons (MT) of salmon worth NOK 4.9 billion (USD 570.3 million, EUR 518.4 million) last month, representing a volume decrease of 11 percent or 8,800 MT, while the value was on par with April 2016. However, the volume shipped to the EU last month was 9,400 MT less than a year previously.
Overall, Norway has exported 305,000 MT of salmon with a total value of NOK 21 billion (USD 2.4 billion, EUR 2.2 billion) in the first four months of 2017.
While the average export price for fresh whole salmon was NOK 57.11 (USD 6.65, EUR 6.04) per kg in February 2016, last month it reached NOK 63.59 (USD 7.40, EUR 6.73) per kg with Poland, France and the United States buying the most product.
“Strong price growth compared with the same period last year has led to a value added of NOK 2.7 billion (USD 314.2 million, EUR 285.7 million) or 15 percent for Norwegian salmon exports so far this year. A trend we have seen over time is that exports to the EU are reduced, while exports to overseas markets have increased,” said Paul Aandahl, analyst with the Norwegian Seafood Council (NSC).
In the first quarter of this year, Norway exported 43,149 MT of salmon worth NOK 3.1 billion (USD 360.8 million, EUR 328 million) to Asia, representing increases of 23 percent and 38 percent respectively. It also exported 14,000 MT of salmon worth NOK 1.3 billion (USD 151.3 million, EUR 137.6 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 63.50 (USD 7.39, EUR 6.72) per kg this month, NOK 63.60 (USD 7.40, EUR 6.73) in June and NOK 61.65 (USD 7.17, EUR 6.52) in July.
