Norwegian salmon exports return to value growth

Norwegian salmon exports were back on track in value terms last month, reversing the fall seen in March.

The value growth, however, was just 2% up on April last year, totalling NOK 9.9bn (£726m), an increase of NOK 222m (£16m).

The month-on-month rise last month followed the first drop in salmon prices for three years, recorded in March.

April’s salmon volume of 80,126 tonnes was down by 1% with Poland, Denmark and the United States the largest markets.

Exports to Poland represented the biggest hike in value in April, with an increase in export value of NOK 265 million (£19m), or 26%, compared to the same month last year.

The export volume to Poland ended at 10,875 tonnes, which is 13% higher than the same month last year.

Seafood Council analyst Paul T. Aandahl said there was a record high price for fresh whole salmon in April at NOK 121 per kg.

This was three kroner higher than the previous record, which was in March 2023, he added.

In another significant development, exports of fresh salmon fillets are increasing sharply, as more fish are being processed in Norway before export. In April, fresh salmon fillets worth NOK 2.2 billion were sold abroad, 42% higher than a year ago.  Fresh salmon fillets represent 22% of all salmon sales.

The export value of frozen fillets increased by 10% to NOK 857m (£62m).

Total seafood exports in April (including whitefish, pelagics such as herring and mackerel and shellfish) rose by 7% or NOK 924m (£67m) to a total of NOK 13.9 billion (just over £1 billion)

Seafood Council CEO Christian Chramer said: “ The export value has never been higher in the month of April than this year.

“The growth is largely due to the Norwegian krone, which has weakened slightly against both the euro and the US dollar compared to April last year. “

He added: “In addition, there was an increased export volume for several species last month, such as trout, pollock, haddock, snow crab and mackerel.”