W27: Salmon Update

In W27 in the salmon landscape, Norway's farmed salmon exports reached a record USD 5.7 billion (NOK 58.5 billion) in the first half of 2023, despite a 2% drop in volume. The increase was 21% from the previous record set a year ago, with 524 thousand mt exported worth USD 1 billion (NOK 10.3 billion). Norwegian farmed Atlantic salmon prices increased by 5.5% in W26 of 2023. Prices for 2-3kg salmon rose from USD 7.14/kg (NOK 72/kg) to USD 8.5/kg (NOK 85.8/kg), while 4-5kg fish prices increased from USD 0.4/kg (NOK 4.6/kg) to USD 8.9/kg (NOK 90.4/kg). Shrimp futures prices, reported by Fish Pool, are rising, with a July index forward price at USD 8.30/kg (NOK 88.5/kg). August prices for Norwegian farmed Atlantic salmon are trending upward at USD 7.27/kg (NOK 77.50/kg), while September prices remain flat at USD 7.13/kg (NOK 76/kg). Norway exported 17.2 thousand mt of Atlantic salmon in W26. Also, the Norwegian Seafood Council indicates that Norway exported 23.5 thousand mt of salmon to China in the first half of 2023, a 67% increase YoY. The value of exported salmon reached USD 274 million, a 95% increase YoY. China remains the largest export market for Norwegian seafood in Asia.

The Eastern Black Sea Exporters' Association (DKİB) reports that Turkish salmon exports increased by 32% in 2023, reaching a value of USD 163 million. The production of Turkish salmon has been increasing annually, reaching 22.6 thousand mt in 2023, with a 35% increase in quantity. Turkish salmon is mainly consumed in the Russian Federation, with high-consumption markets like China, the United States, and Canada. The goal is to improve figures throughout the year. Lastly, California's salmon fishing season was shut down for the first time in over a decade, with only 62 thousand adult fall chinook salmon returning to Sacramento Valley for spawning.