W32: Salmon Update

In W32 in the salmon landscape, the Central Bank's export figures for the first half of 2023 show a 3% increase in Chilean salmon and trout exports, reaching a total of USD 3.78 billion Free on Board (FOB). Jul-23 saw a surge, with shipments reaching USD 480 million FOB, compared to USD 440 million FOB in Jul-22. The cumulative figures from Jan-23 to Jul23 indicate 428.61 thousand tons of salmon and trout were exported. This represents a 2.9% returns increase and a 4% volume increase compared to the same period in 2022.

Additionally, Chilean salmon exports to China increased significantly, with 24.80 thousand tons of salmonids shipped for USD 183 million in Jul-23. Mexico also experienced growth, receiving 11.93 thousand tons of salmonids valued at USD 132 million between Jan-23 and Jul-23. The United States (US) remains the primary market for Chilean salmon and trout, but there was a slight decrease in shipments compared to the same period in 2022. Japan experienced a decline in returns and volumes for the third consecutive month. Brazil and Russia maintained stable and rising exports of salmonids from Jan-23 to Jul-23, showing increases in returns and volumes.

Norwegian fresh salmon HON price declined by 1.62% in W31 to USD 7.82 per kilogram (kg), marking the fourth consecutive week of price drops. Export volume slightly increased by 865 metric tons (mt), representing a 4% week-on-week (WoW) and 10% year-on-year (YoY) increase. Salmon futures contracts were traded at USD 7.06/kg for October and November and USD 8.82/kg for 2024. Meanwhile, salmon exports increased by USD 103 million (NOK 1.1 billion) in Jul-23, a 13% YoY increase. Poland, France, and Denmark were the largest markets, while China saw the most significant growth, with salmon exports increasing by 90%.

Alaska's pink salmon catches are growing rapidly but lag behind Russia's 150 thousand tons caught in W31. Russia offers fish at low price levels, cutting prices for ex-vessel and headless and gutted supplies. US Trident's letter to fishermen reveals that the Russian catch of pink salmon exceeded the annual forecast, with Russia selling stocks at low prices. It is the first decline in value since the 1990s, when pink salmon was below USD 0.10/lb. Record inflation is also increasing costs across the board.

Lastly, Turkish salmon exports reached USD 163 million in 2023, a 32% YoY increase from 124 million in 2022. The volume increased 35% YoY to 22.6 thousand mt. The primary destination was Russia, followed by Germany and Belarus. Turkish salmon exports have successfully expanded their reach to various destinations, including Malaysia, Ukraine, Dubai, Bulgaria, Qatar, France, Azerbaijan, Spain, Israel, and Kuwait.

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