In W43 in the salmon landscape, the European Union's (EU) fisheries ministers reached an agreement on the total allowable catches (TAC) and quotas for the most commercially significant Baltic species for 2024 on October 24, 2023. The pact includes a 7% increase in the TAC for salmon in the Gulf of Finland. Due to low biomass levels, TACs will only be set for by-catch (species caught when the primary fishing targets are other fish) for western herring, eastern cod, and western cod. Moreover, the agreement imposes restrictions on recreational salmon fishing, allowing each angler to retain no more than one adipose fin-clipped salmon per day. After catching the first salmon, recreational fishermen are required to cease salmon fishing for the remainder of the day. After consultations with London, EU countries agreed to establish a TAC of 8,234 metric tons (mt) for the Union, effective from November 1, 2023, to October 31, 2024.
The All-Russian Association of Fisheries Enterprises, Entrepreneurs, and Exporters (VARPE) reports that Russian fishermen have caught over 4.4 million metric tons (mmt) of fish since the beginning of 2023, a remarkable 11.7% year-on-year (YoY) increase. Approximately 77% of this production originates from the Far East. Notably, Pacific salmon production has more than doubled, reaching 604.7 thousand mt, a substantial 124% YoY increase. VARPE reports that Russia has already attained a total fish production volume of 2.5 mmt, an 11% growth compared to the same period in 2022. Furthermore, about 1.5 mmt of these products have been delivered to Russian ports, with an additional 298.1 thousand mt currently aboard ships at sea.
The latest Nasdaq Salmon Index report reveals an increase in the average price of salmon in Norway, rising by USD 0.40 to USD 7.53 per kilogram (kg) in W42, a 5.63% week-on-week (WoW) surge. This price increase is even more prominent with a 13.82% month-on-month (MoM) boost and a 3.33% improvement over the past 12 weeks. Additionally, the average price index for salmon weighing 3 to 6 kg also rose by USD 0.26 to USD 7.56/kg in W42, a 3.5% WoW increase, a 12.9% MoM rise, and a 4.49% hike over the past three months.
Lastly, the Norwegian Salmon Council indicates that Norway’s salmon exports reached 24.61 thousand mt in W42. This is a slight decrease from the 24.68 thousand mt in W41 and the 25 thousand mt in the same period in 2022. The shipments were primarily destined for Poland with 6.15 thousand mt, the Netherlands with 2.41 thousand mt, France with 2.3 thousand mt, Denmark with 1.98 thousand mt, Spain with 1.64 thousand mt, Italy with 1.44 thousand mt, and the United Kingdom (UK) with 1.35 thousand mt.