Salmon prices down sharply as Trump tariff threat looms

The latest figures from Statistics Norway show market prices for salmon were down by almost NOK 5 in week 13 to NOK 84.45 per kilo (£6.26), but its figures are usually a week behind. More recent reports suggest prices dropped by twice that amount in the past seven days and are currently averaging NOK 75 per kilo (£5.56).

Jitters over tariffs are widely believed to be behind the collapse. Trump will unveil his tariff plan later this evening when it should become known if seafood exports from non-EU markets such as Norway and the UK will be affected.

Exports remain strong, however. Statistics Norway reports salmon exports were up by over 600 tonnes to 18,828 tonnes in week 13, the highest total so far this year. That development is partly due to large scale pre-announcement purchases and shipments.

The United States is arguably the most important single market for Norwegian salmon. The Norwegian Seafood Council said last week that seafood and aquaculture exports to North America totalled a record NOK 548 million (£39m) in February, an increase of 52% on February 2024.

Seafood Council CEO Christian Chramer said: “There is still a lot of uncertainty regarding future tariff barriers. We are closely monitoring developments in consultation with the Norwegian authorities.”

Frozen salmon exports in week 13 increased by almost 90 tonnes to 560 tonnes but the price dropped sharply by just over NOK 12 per kilo to NOK 83.03 per kilo.