Norwegian salmon exports (fresh, chilled or frozen) during the first 23 weeks of the year have reached a record value of 32.5 billion NOK, according to data from Statistics Norway. All of the increase can be attributed to a record high average price of NOK 86.9/kg, which is up by 48% YoY. Total volume during the same period declined by 7% YoY, at 378 thousand mt.

It's worth noting that the current price of Norwegian salmon stands at NOK 96.6/kg, just slightly below the record high of NOK 107.7/kg registered during week 18 of 2022. Salmon prices have sharply risen on the back of strong demand, higher feed and processing costs and a tighter supply, which is evident in the lower exported volume.

As of 2020, Norway was the largest producer and exporter of farmed salmon in the world.

Source: Tridge and Statistics Norway

Meanwhile, total Norwegian seafood exports (HS code 03), which include salmon, cod, herring and the rest of seafood products, reached a record high value for the first five months of the year, according to data from Statistics Norway. In Jan-May 2022, Norway exported NOK 56.13 billion of seafood, up 30% or a net gain of NOK 13.0 billion compared to the value during the same period in 2021. Total annual gains totaled NOK 13.7 billion, with most markets registering annual increases. Exports to France drove most of the gains (8.9%), followed by the Netherlands (8.1%), Denmark, (8.0%) and the US (7.7%). The gains more than offset total losses of NOK 0.7 billion, driven by Belarus (29%), Ukraine (21%), and Nigeria (16%).

Poland remains the largest importer of Norwegian seafood, with a total of NOK 5.2 billion in Jan-May 2022. This represents a total share of 9.2%. Denmark and France follow, with import values of NOK 4.7 billion and NOK 4.2 billion, and 8.5% and 7.5% of the total share, respectively.

It's worth noting that, in terms of volume, total seafood exports during Jan-May 2022 declined by 5% YoY at 1.05 million mt. In volume, Denmark experienced the largest YoY decline, down 24 thousand mt, while Ireland experienced the largest YoY increase, up by 26 thousand mt.

Overall seafood export values in Norway are likely to remain strong throughout the year, as prices, mainly driven by input costs, remain near record highs. Nonetheless, it’s worth noting that overall prices of food, including Norwegian seafood, have slightly declined during the recent weeks as generalized inflation and lower consumer income in real terms might be putting some brakes on demand growth.

For more information on seafood production, trade, and price information, please visit www.tridge.com