W49 Salmon Update: Norway's Salmon Export Surge, Russian Salmon Caviar Production Boom and Aegean Aquatic Exports Thrive in 2023

Salmon

Turkiye

Published Dec 14, 2023

Norwegian Salmon Exports Reach New Highs

In W48, Norway witnessed a significant surge in salmon exports, reaching 22.9 thousand metric tons (mt). This marked a slight 2.69% YoY increase from the 22.3 thousand mt exported in 2022 and surpassed the 22.1 thousand mt exported in W47 2023. The Nasdaq Salmon Index reported a significant uptick in the average price per kilogram (kg) of Atlantic salmon farmed in Norway, rising by USD 0.47/kg over the past week, reflecting a substantial 6.59% week-over-week (WoW) increase.The average per kg price of salmon demonstrated consistent growth over a four-week period, rising by USD 0.56. Furthermore, the Nasdaq Salmon Index highlighted a noteworthy 16.36% increase, equivalent to USD 1.08/kg, over the past 12 weeks.

Norway exported a total of 23 thousand mt of salmon and trout during the same week. The European Union (EU) emerged as a key market with 17.5 thousand mt, albeit slightly less than the 17.7 thousand mt recorded in the same week in 2022. Key export markets included Poland, France, Denmark, the Netherlands, the United Kingdom (UK), Spain, and Italy. Outside Europe, other key markets were China with 856 mt and the United States with 439 mt.

Relatively stable salmon prices are expected for Dec-23 at USD 8.02. The next few months are also expected to have stable pricing at USD 9.67 for Jan-24, USD 10.01 for Feb-24, and USD 10.15 for Mar-24. Looking ahead to 2024, Q1 pricing is projected at USD 9.92, Q2 at USD 10.21, while Q3 is predicted to see a YoY decline to USD 7.70, and Q4 to USD 7.82.

Russian Red Salmon Caviar Production Surges 2.1 Times YoY and Prices Drop

The production of red salmon caviar in Russia saw a significant increase, surging 2.1 times over the first 10 months and reaching a total of 34.7 thousand mt. As the New Year approaches, a time traditionally marked by the inclusion of red caviar on festive tables, the dynamics of its prices in Nov-23 reveal a noticeable deceleration in the rate of decline. The prices for salmon caviar experienced a 1.2% decrease in Nov-23, indicating a slowdown compared to the 2.5% decline observed in Oct-23.

This overall reduction in caviar prices is attributed to the success of the salmon harvest, with this year's figures approaching the record set in 2018 when 676 thousand mt of salmon were caught, reaching 609 thousand mt, a notable rise from 272 thousand mt in 2022, 539 thousand mt in 2021, 299.2 thousand mt in 2020, and 498 thousand mt in 2019. Russian producers have exported 95 thousand mt of fish products to four Eurasian Economic Union (EAEU) countries over the past 11 months of 2023.

Turkish Aegean Region Aquatic Exports Soar by 6% YoY

The Turkish Aegean Fisheries and Animal Products Exporters Association reported a 6% YoY increase in exports, reaching USD 1.04 billion in the 11-month period of 2023 compared to USD 984 million in the same period of 2022. Türkiye's aquatic product exports reached USD 1.54 billion in the Jan-Nov-23 period.

The leading contributors to the aquatic product exports were sea bass with USD 445 million, followed by sea bream with USD 346 million, salmon with USD 149 million, trout with USD 60 million, and other aquatic products with USD 40 million. Italy claimed the top spot in seafood exports with USD 130 million, followed by the UK with USD 128.6 million, Russia with USD 127 million, the Netherlands with USD 108 million, and Greece with USD 91 million.

The objective is to conclude 2023 with USD 1.15 billion in aquatic product exports from the Aegean Region. The Aegean aquaculture sector, marked by substantial investments over the past 25 years, has consistently set new export records annually since the early 2000s