Weekly Product Updates

W48 Salmon Update: Turkish Salmon Exports Soar 68% and Record Growth in Norwegian Salmon

Fresh Whole Atlantic Salmon
Norway
Emerging Market Opportunities
Salmon
Turkiye
Supply Chain Management
Published Dec 8, 2023
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Norwegian Salmon and Trout Exports Surge in November 2023

Norway exported 128,324 metric tons (mt) of salmon valued at USD 1.08 billion (NOK 11.7 billion) in Nov-23. The value increased by USD 157 million (NOK 1.7 billion), indicating an 18% year-on-year (YoY) increase, while the volume experienced a 3% growth. The biggest markets for salmon in Nov-23 were Poland, France, and the Netherlands. Poland witnessed the greatest increase in value, with a rise of USD 52.4 million (NOK 568 million), marking a 43% YoY increase. The export volume to Poland reached 22,887 mt, reflecting a 20% month-on-month (MoM) increase.

This increase in value can be attributed to a weaker Norwegian krone. The euro, which is the most important trading currency, has strengthened by 14% against the Norwegian krone in the past year. Price increases at the same time as volume growth show that there is still growth in demand for salmon, compared to the same period last year

In Nov-23, Norway exported 6,397 mt of trout valued at USD 52 million (NOK 561 million), reflecting a significant increase of 25% YoY. The volume also experienced notable growth, with a 31% YoY increase. Ukraine, the United States (US), and Lithuania emerged as the primary markets for Norwegian trout during this period. Ukraine, in particular, showed substantial growth, with an export value of USD 5 million (NOK 54 million), marking a remarkable 171% YoY increase. The export volume to Ukraine reached 1,174 mt, indicating a significant 148% YoY increase. Among Norway's top markets, Ukraine ranked 15th for salmon exports in Nov-23, contributing to a total export value of USD 19.2 million (NOK 209 million), representing a notable 44% YoY increase.

Turkish Salmon Exports Soar, 68% Growth in Quantity and 41% in Value from Eastern Black Sea Region in 2023

Turkish salmon (Oncorhynchus mykiss) exports from the Eastern Black Sea region demonstrated robust growth, recording a notable 68% increase in quantity and a substantial 41% rise in value YoY from Jan-23 to Nov-23. This surge in exports generated a total income of USD 145 million during the period. The exported volume amounted to 24,000 mt, reaching 21 different countries. The top three destinations for Turkish salmon exports were Russia, Vietnam, and Belarus. Notably, Russia received salmon exports valued at USD 101 million, followed by Vietnam with USD 30 million, and Belarus with USD 5.3 million during this timeframe. This data underscores the significant expansion and economic impact of Turkish salmon exports from the Eastern Black Sea region.Turkish salmon is an important export item for the region and the country, continuous increase in exports expected in the coming years.

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