Norway’s salmon price decline halted

The long decline in Norwegian fresh salmon prices has come to a halt – but only by a small margin. Statistics Norway reports that prices last week (week 28) rose by NOK 1.54 to NOK 79.78 per kilo (£5.68).

This represents an increase of just 2% on the previous week but reports from Norway suggest they will continue to recover.

Fresh salmon prices have declined sharply since Easter when they were over NOK 110 per kilo (£7.84).

The better news is that export volumes have remained firm. Last week they totalled 18,421 tonnes, slightly down on week 27, but still the second highest figure so far this year.

Frozen salmon exports in week 28 rose by 184 tonnes to 480 tonnes while prices dropped slightly to NOK 81.48 per kilo (£5.81).

Norwegian salmon producers have been experiencing a tougher time in overseas markets this year. This was partly down to consumer resistance to earlier high prices but overseas competition was also a factor. June was a particularly bad month for the Norwegian sector.

Icelandic salmon exports to North America and Europe have risen sharply in recent months and a few weeks ago it was reported that supplies from Scotland to the important French market have also increased.

The market is also changing, characterised by a sizeable drop in whole salmon only to be replaced by an increase in fillets.

In fact, the export of Norwegian fillets has increased by more than 35% so far this year with Poland and the Netherlands, two important processing countries, the main growth countries.

The Statistics Norway figures include all weight classes and fish sold under contract.