US economic recovery boosting salmon exports, Seafood Council says

The strong dollar and a growing economy are among the reasons why the United States has emerged as Norway’s largest single market for seafood, according to the Norwegian Seafood Council.

Salmon heads the list of Norway’s seafood exports to the US, and a fall in salmon exports from other countries, such as Scotland where biological issues have led to reduced production, could be another factor.

The Seafood Council reported on Friday that exports to the US are at their highest level for more than 30 years.

Inflation is at 6.5% and falling, compared with over 8.5% in the European Union and around 10% in the UK, which means Americans are likely to have more money to spend on quality foods.

Anne-Kristine Øen, the Norwegian Seafood Council’s US envoy said: “We are seeing a strong increase in demand for Norwegian salmon in the American market.

“There could be several reasons for this. Both a strong dollar and reduced competition from salmon from other nations contribute positively.

“The demand for salmon in general has increased sharply after the pandemic. We had increased food prices through 2022, and the salmon is still competitive in price compared to other proteins,” she adds.

Seafood Council analyst Paul

said lower volumes were driving up prices, making salmon 32% higher than a year ago.

But some of the shine may be coming off Europe where seafood consumption is reported to be falling, most notably in Spain which reported a near 15% drop recently.

Aandahl said: “We are also seeing a turnaround in the flow of goods. In January, a full 34% of the salmon, measured in value, went to markets outside Europe.

“We have to go all the way back to 1989 to find a higher figure. Increased export volume and high prices to both the USA and China have contributed most to this turnaround.”

Meanwhile, sales of Norwegian farmed cod continue to make steady progress with sales in January rising by 77 tonnes to 631 tonnes, with a value of NOK 31 million (around £2.6m).

Paul Aandahl