Strong demand drives record prices for salmon

Norway exported 165,000 tonnes of seafood with a total value of NOK 8.5 billion in May. Volumes were down by 11 per cent, while export values were up by NOK 821 million or 11 per cent compared with May 2017. So far this year, Norway has exported 1.2 million tonnes of seafood worth a value of NOK 40 billion. Export volumes have increased by 12 per cent, while the total export value has grown by NOK 1.6 billion or 4 per cent.

“With an average price of NOK 73.73 per kg of fresh whole salmon, we are seeing the highest monthly average price for salmon during May. The reasons for these high prices are a combination of strong demand and a still weak Norwegian kroner in relation to the euro. Export values for Norwegian salmon to the EU have never been higher in a single month. The export value for salmon to the EU in May ended at NOK 4.6 billion”, says Asbjørn Warvik Rørtveit with the Norwegian Seafood Council.

Increased value for salmon

Norway exported 81,000 tonnes of salmon worth a total of NOK 6.1 billion in May. The volume of exports to the EU was 10,500 tonnes, while the total growth in volume was 8,400 tonnes or 12 per cent. Export value increased by NOK 851 million or 16 per cent compared with May last year. So far this year, 400,000 tonnes of salmon have been exported realising a total value of NOK 27 billion.

While the average price for fresh whole salmon was NOK 69.76 per kg in May 2017, by May 2018 it had risen to NOK 73.73 per kg. Poland, France and Denmark were the largest export markets for Norwegian salmon in May. The United States also saw a strong rise in export value, up NOK 82 million or 24% compared to May last year. This represents the best May-month for export of Norwegian seafood to the United States ever.

“Americans are consuming Norwegian salmon like never before, and I think it’s because Norway’s seafood is known to be free of antibiotics and farmed using sustainable practices.” Growth in the United States shows the importance of the authorities and industry working together to ensure good market access. But we cannot rest on our laurels, ensuring good trading conditions will also continue to be crucial for achieving growth in the future” says Per Sandberg, Minister of Fisheries.

 

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