Mowi Pure Cold-smoked salmon 100 g 124 kg - Polish Market

Market situation for Norwegian salmon and trout

NORWAY
Friday, July 05, 2024, 07:00 (GMT + 9)

Decline in volume and value for salmon

• Norway exported 500,660 tonnes of salmon worth NOK 56.3 billion in the first half of the year
• The value fell by NOK 1.8 billion, or 3 percent, compared with the first half of last year.
• Volume fell by 4 per cent
• Poland, Denmark and the US were the largest markets for salmon in the first half of the year

Poland had the highest value growth in the first half of the year, with an increase in export value of NOK 267 million, or 4 percent, compared with the first half of last year.

The export volume to Poland ended at 62,916 tonnes, which is the same as in the first half of last year.

The price of fresh whole salmon is at a record high of NOK 107 per kg, which is NOK 1 per kg higher than the previous record, which was in the first half of 2023.

The second largest fall in value of all time

“The fall in value in June was the second largest ever, measured against the same month the previous year. It was only beaten by March this year, but that change must be seen in the context of Easter. This time, falling salmon prices in June are the main reason for the decline," says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.

In May, the export price for fresh salmon was NOK 116.66 per kg. This fell to NOK 85.85 per kg in June, a record fall of NOK 30.81 per kg.

Increased competition

“This is the biggest drop in prices measured from one month to the next. The previous record fall between two months was in August 2022 at NOK 14.42 per kg. If we compare this to the price in June last year, the difference is NOK 14.60 per kg. This is not a record between two equal months. It was set in January 2021 at NOK 26.80 per kg" explains Aandahl.

The fall in prices this year is primarily due to a 27 percent increase in the volume of fresh whole salmon compared with May.

“In addition, global competition is increasing. This has particularly affected prices to markets that have traditionally paid the most for salmon. In June, there was a big drop in prices to markets such as Italy, South Korea, China, and the USA," says Paul T. Aandahl.

Exports of salmon in June

• Norway exported 93,400 tonnes of salmon worth NOK 8.9 billion in June
• The value fell by NOK 1.6 billion, or 15 percent, compared with June last year.
• Volume fell by 4 per cent

Norwegian salmon on Polish market

Growth in volume and value for trout

• Norway exported 29,839 tonnes of trout worth NOK 2.9 billion in the first half of the year
• The value increased by NOK 628 million, or 27 percent, compared with the first half of last year
• This is a growth in volume of 44 percent
• Ukraine, USA and Thailand were the largest markets for trout in the first half of the year

Ukraine had the highest value growth in the first half of the year, with an increase in export value of NOK 423 million, or 282 percent, compared with the first half of last year.

Exports to Ukraine totaled 6,586 tonnes, which is 272 percent higher than in the first half of last year.

Replacing salmon with trout

“Ukraine is a market for both salmon and trout. Despite a 30 percent decline in the export volume of salmon, the export volume of salmonids increased by 11 percent. The shift towards trout to Ukraine must be seen in the context of lower prices for trout compared with salmon," says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.

So far this year, the average price of salmon to Ukraine is NOK 111.29 per kg, while the average price of fresh trout is NOK 88.69 per kg.

The price of fresh trout fillets is at a record high of NOK 154 per kg. This is NOK 7 per kg higher than the previous record, which was in the first half of 2023.

Trout exports in June were as follows

• Norway exported 6,300 tonnes of trout worth NOK 502 million in June
• The value fell by NOK 15 million, or 3 percent, compared with June last year
• This is a growth in volume of 27 percent

Source: Norwegian Seafood Council

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