W19: Salmon Update

Published May 19, 2023
W19: Salmon Update

In W19 in the salmon landscape, Chile's Coho salmon industry is facing a reduction in available supply from its largest supplier due to the end of the fishing season in March 2023. Salmon exports to Europe, particularly in Portugal, have increased due to higher demand. Only 40MT of supply is available for the coming week and the next season is expected to start in September 2023. The Department of Studies of the National Customs Service reported a slight decrease in the export volume of Chilean salmon and trout in April 2023. As of April 2023, 257.01K tons of salmon and trout were exported, valued at USD 2.254M, compared to 268.33K tons in March 2023. Also, 9.43K tons of salmonids were exported to China for a value of USD 68.8M, Mexico received 7.75K tons, Brazil received 43.38K tons, Japan received 45,56K tons, the United States received 85.30K tons, and Russia received 14.57K tons. Further, SalMar, the second-largest salmon producer in the world, saw a 50% increase in operational earnings before interest and taxes (EBIT) to USD 175B in Q1 2023, up by 49% YoY due to record-high salmon prices.

The price of Norwegian fresh salmon HON (3-6 KG FCA Oslo) decreased by 2.54%, and the export volume decreased by 20% in W18. However, the export volume increased by 4% in the past five weeks, equivalent to 3,066MT more than the same period in 2022. The Norwegian government's proposed salmon tax plan could generate USD 1.48B-1.57B a year. This compares to a government estimate of around USD 324M eight months ago. The estimate is based on the assumption that salmon prices are in line with the future price of the Fishpool, an unchanged exchange rate, and a 10% increase in production costs.

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