Weekly Product Updates

W40: Salmon Update

Salmon
Seafood
Chile
Emerging Market Opportunities
Japan
Market & Price Trends
Published Oct 12, 2023
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In W40 in the salmon landscape, the Scottish Government has reported a significant decline in salmon production in Scotland due to biological issues, with 169.1 thousand metric tons (mt) produced in 2022, an 18% decrease year-on-year (YoY).

Chile exported 544.48 thousand tons of salmon and trout between Jan-23 and Sep-23, valued at USD 4.75 billion, a 2% YoY increase in volume and a 0.3% YoY decrease in value. In Sep-23, 53.84 thousand tons of Chilean salmon valued at USD 434 million were exported, a reduction of 13% month-on-month (MoM) in volume and a 17% decrease MoM in value. Russia saw a significant increase in salmonid exports, receiving 34.77 thousand tons worth USD 251 million, a 67% YoY increase in volume, and a 55% YoY increase in value.

China also emerged as a strategic market for Chilean salmon, with 34.46 thousand tons worth USD 251 million, a 71% YoY increase in volume and a 67% YoY increase in value. Mexico remains an attractive Latin American salmon market, with 14.5 thousand tons of Chilean salmon worth USD 158 million exported by Sep-23. Brazil remains a significant market with a 4% YoY increase in Chilean salmon export volume, reaching 95.2 thousand tons valued at USD 616 million.

In contrast, the United States (US) and Japan experienced declining trends in Chilean salmon imports. Chile exported 1.1% less volume and 3% less value of salmon and trout to the US, totaling 187.18 thousand tons valued at USD 2.1 billion for both salmon and trout exports. In addition, Japan also witnessed a 19% decrease in Chilean salmon and trout import volume and a 17% decrease in value, with 77.11 thousand tons worth USD 598 million exported from Jan-23 to Sep-23.

According to the Norwegian Seafood Council, Norwegian salmon exports saw a 13% YoY increase in value to USD 2.8 billion (NOK 31 billion) during Q3-23. The volume of 347 thousand mt was slightly lower by 1% YoY. The weak Norwegian krone was the most crucial driver of value growth. Poland, Denmark, the United States (US), and China were the largest markets for salmon, with the restaurant market being the second largest industry purchases growth during the quarter. The September salmon export figure fell 5% in volume to 130.7 thousand mt, while the value last month increased by 14% to USD 1 billion (NOK 11.2 billion). Farmed trout exports also hit a new record, with the volume rising by 15% to 18.9 thousand mt and the value up by 10% to USD 148 million (NOK 1.6 billion). 

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