W5 Salmon Update: Turkish Salmon Exports Surge While China's Atlantic Salmon Imports Grow in Jan-24

Turkish Salmon Exports from Eastern Black Sea Region Soar in Jan-24

Based on data by the Eastern Black Sea Exporters Association, Turkish salmon exports from the Eastern Black Sea region experienced robust growth in Jan-24, driven by both volume and value increases. Trabzon province remains a major contributor, showcasing significant export growth compared to the previous year. Total salmon exports from the region reached 2.25 thousand metric tons (mt), reflecting a 146% year-on-year (YoY) increase. Export value generated USD 11.24 million, representing a 59% YoY increase compared to USD 7.08 million in Jan-23.

Russia remained the leading importer, accounting for USD 6.86 million (61.5%) of total export value, followed by Vietnam (USD 2.71 million) and Japan (USD 1.27 million). Trabzon province contributed significantly, exporting 1.46 thousand tons (65.2% of regional volume) valued at USD 5.59 million (50.2% of regional value). Notably, Trabzon's exports grew by 120% in volume and 44% in value compared to Jan-23.

China's Atlantic Salmon Imports Surge in 2023, Norway Remains Top Supplier

China's imports of Atlantic salmon saw a significant surge in 2023, driven by rising consumer demand and strategic supplier diversification. Based on data from China General Customs, total Atlantic salmon imports surged by 46% YoY, driven primarily by a 63% increase in fresh and chilled salmon imports with 80.1 thousand mt, reflecting a growing consumer preference for fresh salmon.

Norway remained the leading supplier with 39.4 thousand mt of fresh and chilled salmon, holding a 49% market share (up 1%). For the first time, Norway's largest salmon export destination shifted to China, surpassing Japan and Korea. Chilean salmon saw the most significant growth (2.6 fold YoY), reaching a 21.6% market share with 17.3 thousand mt driven by cost advantages and shipping route optimization. Australia emerged as the third largest supplier with 14.2 thousand mt, leveraging proximity and fast delivery times. Faroe Islands and the United Kingdom (UK) held smaller but notable market shares 5.4% and 3.6%, respectively.