W34: Salmon Update

In W34 in the salmon landscape, the Scottish salmon export value increased by 9% year-over-year (YoY) in the first half of 2023, reaching 306 million pounds. Salmon exports to the European Union (EU) increased by 3% YoY, reaching USD 218.7 million (GBP 173 million). The United States (US) remains the largest export destination for Scottish salmon, with a 10% YoY increase. China is the main destination, with a 57% YoY increase in export value. The EU countries saw a 48% YoY increase in Scottish salmon exports to Poland and the Netherlands, with Poland's 17 million pounds (lbs) and the Netherlands' 9 million lbs exports, respectively.

Norwegian fresh salmon export volume increased by 7.7% in W33 to 1,638 metric tons (mt), resulting in a record-low price of USD 6.86 per kilogram (kg) for 2023. This decline is due to reduced summer consumption, and forecasts suggest the price may reach its yearly bottom between W34 and W36. The period from late Aug-23 to early Sep-23 is favorable for Atlantic salmon restocking. Future contracts for 2024 were exchanged at a rate of USD 8.14 NOK/kg FCA Oslo.

Furthermore, the NASDAQ Salmon Index (NQSALMON) reported that the Norwegian salmon prices have continued to decline in W33, with the average price of Atlantic salmon farmed in Norway reaching USD 6.92/kg (NOK 73.39/kg), a 1.08% week-on-week (WoW) drop. Norway exported 22.6 thousand mt of salmon in the past week, an increase from 22.3 thousand mt in the corresponding week of 2022. The Nasdaq index also reports a 13.92% decline in the average price for Norwegian salmon over the past four weeks, with prices dropping 32.7% in the past 12 weeks. This represents a significant drop in the market for fresh, head-on gutted Atlantic salmon.

The wild salmon production in Russia is expected to reach 600 thousand tons in 2023, with the US producing close to 300 thousand tons. The Russian Federation Fisheries Agency reported that wild salmon production in the Far East was nearly 528 thousand tons, three times higher than last year. Russian sales director confirmed that Russian pink salmon production was about 497 thousand tons, while pink salmon output was about 441 thousand tons.

According to data from the Chilean Salmon Council, Chilean salmon and trout exports have grown by 2% YoY in volume, reaching 373.7 thousand mt, with a total value of USD 3.3 billion during the first half of 2023. Moreover, Alaska Fish and Game Bureau reports that the wild salmon production was 279.8 thousand tons in Alaska, while the pink salmon was 110 thousand tons, an increase of 18% YoY; sockeye salmon was 121.6 thousand tons, a YoY decrease of 29%, and the king salmon 743 tons, a YoY decrease of 34%.