Norwegian salmon (Mowi) 'Maestro cut', scaled and boneless ASC, tray 460 g. El Corte Inglés (Spain)

Market situation for Norwegian salmon and trout

NORWAY
Friday, September 06, 2024, 00:10 (GMT + 9)

Lower import prices for salmon do not result in corresponding growth in volume

• Norway exported 125,521 tonnes of salmon worth NOK 10.8 billion in August
• The value increased by NOK 374 million, or 4 per cent, compared with the same month last year.
• This is a growth in volume of 3 per cent
• Poland, the US and Denmark were the largest markets for salmon in August

Germany saw the greatest growth in value in August, with an increase in export value of NOK 133 million, or 37 per cent, compared with the same month last year. The export volume to Germany ended at 5,556 tonnes, which is 26 per cent higher than the same month last year.

"Even though this is a record export month for Norwegian salmon, both in terms of price and volume, the market trend is uncertain," says Seafood Analyst Paul Aandahl of the Norwegian Seafood Council.

“In the global market, we see that the import value in local currency is weakening in several of the countries. A lower import price in 2024 has not been compensated by corresponding growth in volume. This applies, for example, to the USA, China and Thailand," says Aandahl.

Value of Norwegian salmon exports per month

Export of Norwegian salmon per month measured in quantity

Historically strong month for trout in value and volume

• Norway exported 9,673 tonnes of trout worth NOK 771 million in August
• The value increased by NOK 205 million, or 36 per cent, compared with the same month last year.
• This is a growth in volume of 44 per cent
• Ukraine, Lithuania and the US were the largest markets for trout in August

Value of Norwegian trout exports per month

This is a record high export value for trout in a single month, NOK 145 million higher than the previous record month, which was in July 2024.

Lithuania saw the greatest growth in value in August, with an increase in export value of NOK 81 million, or 324 per cent, compared with the same month last year. The export volume to Lithuania ended at 1,354 tonnes, which is 275 per cent higher than the same month last year.

Export of Norwegian trout per month measured in quantity

"Trout accounted for 5.3 per cent of the export value in August. This means that trout is now the second largest species in Norwegian seafood exports," says Paul Aandahl.

Source: Norwegian Seafood Council

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