In W35 in the salmon landscape, the Chilean Salmon Council reported that Chilean farmed salmon and trout exports increased slightly in the first half of 2023, reaching 373.7 thousand metric tons (mt), a 2% year-over-year (YoY) increase. The total value of these exports amounted to USD 3.31 billion, also marking a 2% YoY increase. The Chilean Salmon Council, comprising major players in the industry, including AquaChile, Australis, Cermaq, Mowi, and Salmones Aysén, collectively contributes to over half of Chile's salmon production. The salmon industry is important for job creation and ranks as the country's second-largest export sector, following mining. The companies in the salmon industry need to stay competitive and adapt to evolving market demands.
The Nasdaq Salmon Index indicates that the average price of a kilogram of Atlantic salmon farmed in Norway declined to USD 6.74 in W34. This represents a drop of USD 0.21 per kilogram (kg), or 2.99% week-on-week (WoW) decrease. Furthermore, Norway exported 24 thousand mt of salmon over the past week, down from the 24.1 thousand mt exported in the corresponding week of 2022 but an increase from the 22.6 thousand mt sold overseas the week prior.
Sales of Norwegian salmon to the United States and China have shown robust performance in 2023, and there are positive indications of a resurgence in sales to France. Another contributing factor to the stable market conditions is the possibility that buyers are capitalizing on the current low prices by freezing a portion of their purchases in preparation for the peak Christmas season. However, the export volume of frozen salmon has experienced a significant decline of over 40% YoY, totaling 250 mt, while prices have remained static at USD 8.32/kg (NOK 89.16/kg).
In W34, Norwegian fresh salmon export volume increased by 6% WoW to 1.3 thousand mt, marking a 4% YoY increase. This led to a new annual price low of USD 6.66/kg, a 3.46% decrease in weekly value. Forward contracts for 2024 were more actively traded in W35, with a trading price of USD 8.7/kg FCA Oslo.
Lastly, Inarctica, Russia's largest salmon farming company, reported a record net profit of USD 90.1 million (RUB 8.6 billion) in the first six months of 2023, marking a 4% YoY increase. However, the company's sales volume experienced a 13% YoY decline, amounting to 13.6 thousand mt, and its revenue dropped by 10% YoY to USD 135.2 million (RUB 12.9 billion).