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Salmon and trout exports treble in 3 years – NOK 65 billion in 2016

Press Release   •   Jan 05, 2017 09:30 GMT

Norway exported salmon worth NOK 61.4 billion in 2016. This is an increase of 29 per cent, or NOK 13.8 billion compared with 2015, and is the highest export value of salmon ever. Measured by volume, Norway exported 980,000 tonnes of salmon in 2016, which is 5.2 per cent or, 53,340 tonnes less than in 2015.

”Despite lower export volumes, increased prices have contributed to an all time record in salmon export values. This record year was mainly due to a strong demand for Norwegian salmon in both local markets such as the EU, and those further afield like Asia and USA”, says analyst Paul T. Aandahl with the Norwegian Seafood Council.

Norwegian salmon prices are 40 per cent higher than in 2015

The average export price for fresh whole salmon was NOK 60.11 per kg in 2016. This is NOK 17.26 or 40 per cent higher than in 2015, which was also a record year. The average export price for fresh whole salmon during 2016 varied between NOK 54.34 per kg in September as the lowest month and NOK 69.36 per kg in December which was the highest month of the year. The average export price in December was the highest average price ever recorded for a single month.

Reduced export volumes, but significant increases in exports to the EU

Norway exported 749,000 tonnes of salmon to the EU in 2016 with a value of NOK 45.3 billion. This is a reduction of 5.5 per cent or 43,000 tonnes by volume, but an increase of 29 per cent by value compared to 2015.

Approximately 76 per cent of all Norwegian salmon exports, by volume, went to the EU in 2016.

The biggest markets for Norwegian salmon in 2016 were Poland and France. By volume, Greece was the strongest EU growth market, with an increase of 2,261 tonnes. While the largest decline was in Spain with volumes reduced by 7,544 tonnes or 12 per cent.

Increased exports to the US

Norway exported 39,774 tonnes of salmon worth NOK 3.4 billion to the United States in 2016. This is an increase by volume of 2,262 tonnes, or 6 per cent. By value the US market has grown by 36 per cent or NOK 888 million compared with 2015.

Volume growth is mainly driven by an increase in exports of fresh fillets. The volume of exports of fresh fillets increased by 43 per cent from 2015. Exports of Norwegian salmon to the United States have benefited from a favourable exchange rate.

Stable volumes to Asia

Norway exported salmon to Asia to a value of NOK 10.5 billion in 2016. This represents an increase of 39 per cent on the year before. Measured by volume, exports to Asia remained virtually unchanged. The biggest buyers of Norwegian salmon in Asia, by volume, were Japan, Vietnam and South Korea.

Trout exports increase sharply

Norway exported 68,227 tonnes of trout worth NOK 3.9 billion in 2016. This is a volume increase of 29 per cent, or 15,400 tonnes, and a value increase of 69 per cent, or NOK 1.6 billion from 2015.

The export price for fresh whole trout, increased by NOK 16.14 per kg, or 41 per cent from last year to NOK 55.31 per kg in 2016.

Trout exports have previously been heavily dependent on individual markets, but in 2016 Norwegian trout found its way to more international markets. In 2013 Russia consumed 46 per cent of all Norwegian trout exports, while in 2016 the largest single market, Belarus accounted for only 13 percent of total exports. This growth in markets and diversification protects Norwegian exports of trout against fluctuations in demand and access to individual markets. While the supply of trout to eastern Europe is reduced, we see an increase in exports to almost all other markets. The two biggest growth markets for trout in 2016, in terms of volume were the United States and Japan. Volume growth for the EU was up by 38 per cent, growth in Asia was up by 51 per cent and growth to the US up by 91 per cent.

The Norwegian Seafood Council works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development and reputational risk management. The Seafood Council is headquartered in Tromsø and maintains local representatives in twelve of Norway's most important international markets. The Norwegian seafood industry finances the activities of the Norwegian Seafood Council via a tariff on all Norwegian seafood exports.

The Norwegian Seafood Council is a public company owned by the Ministry of Trade, Industry and Fisheries.