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Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value Norwegian Seafood Export in May.
Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value Norwegian Seafood Export in May.

Press release -

Decline in seafood exports in May

Norway exported seafood worth NOK 13.6 billion in May. This is a decrease of NOK 267 million, or 2 per cent, compared with May last year.

After ten consecutive months of growth in seafood exports, there was a decline in seafood exports in May.

“Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value for May. This is the main reason for the decline in the export value of Norwegian seafood in May. Reduced volumes for clipfish, together with a somewhat stronger Norwegian krone against the US dollar, also contributed to the decline," says Christian Chramer, CEO of the Norwegian Seafood Council.

  • The largest markets for Norwegian seafood exports in May were the US, Poland and the UK
  • Seafood was exported to a total of 106 countries in May. This is the same number as in May last year.

USA largest growth market

“However, the big picture is that Norwegian seafood is still doing well in a troubled world. Despite Trump's tariffs of 10 per cent for the whole of May, it was the USA that saw the greatest growth in value for the fifth month in a row," says Chramer.

  • For the fifth consecutive month, the US had the highest value growth
  • Norway exported seafood totalling NOK 1.4 billion to the US in May. This is an increase of NOK 386 million, or 40 per cent, compared with the same month last year.

“In addition to salmon, snow crab is doing well in the US. Overall, snow crab exports were at a record high in May, with an export value of NOK 221 million, of which 59 per cent went to the USA. This year, new regulations have led to a longer season and high landings in April and May as well," says Chramer.

These were the top three species in terms of value exported to the US in May:

Salmon: NOK 983 million (+32 per cent)

Snow crab: NOK 129 million (+351 per cent)

Trout: NOK 109 million (+19 per cent)

Growth of 5 per cent so far this year

So far this year, Norway has exported seafood worth NOK 72 billion. This is an increase in value of NOK 3.6 billion, or 5 per cent, compared with the same period last year.

  • The largest markets for Norwegian seafood exports so far this year were the USA (NOK 7.7 billion), Poland (NOK 6.4 billion) and Denmark (NOK 4.6 billion).
  • The largest growth markets for Norwegian seafood exports so far this year were the USA (+ NOK 2.4 billion), China (+ NOK 1 billion) and the UK (+ NOK 0.8 billion).
  • The three largest species exported so far this year: salmon (NOK 48.8 billion), cod (NOK 5.8 billion) and trout (NOK 2.9 billion)

Salmon exports down 1 per cent

  • Norway exported 112,846 tonnes of salmon worth NOK 9.8 billion in May
  • The value fell by NOK 145 million, or 1 per cent, compared with the same month last year.
  • This is a growth in volume of 38 per cent
  • Poland, the US and France were the largest markets for salmon in May
  • The US and China were the largest growth markets for salmon in May

The US and China both saw value growth of NOK 241 million in May.

Exports to the USA totalled 7,019 tonnes, which is 63 per cent higher than the same month last year. Exports to China totalled 8,273 tonnes, an increase of 181 per cent on May last year.

Large price drop for salmon

In May, the average price for a kilo of fresh whole salmon was NOK 75.78 per kg, a fall of 35 per cent from the same month last year. In the same month last year, the average price was NOK 116.68 per kg, which was the third highest average price recorded for a month. The price drop of NOK 40.88 per kg compared to the same month last year is the largest drop ever recorded.

"Record-high export volumes for the month of May, as a result of better production conditions, have led to a record-breaking weakening of the salmon price this year compared with last year," says seafood analyst Paul T. Aandahl of the Norwegian Seafood Council.

“Most of the volume growth has gone out as fresh whole salmon. In May, exports of fresh whole salmon increased by 53 per cent. Fillet exports grew by 21 per cent to 7,147 tonnes, while fresh fillet exports fell by 2 per cent," says Aandahl.

“Good access to large whole salmon, changing competitive conditions and increased demand have led to a shift in the flow of goods from Europe to overseas markets. Measured in value, 67 per cent of salmon went to Europe. Last year, the share was 71 per cent. 21 per cent of salmon went to Asia, up from 19 per cent, while 11 per cent went to North America, up from 8 per cent," says Aandahl.

Increased market share for Norwegian salmon in China

  • Norway exported 8,273 tonnes of salmon to China with a value of NOK 241 million in May.
  • Volume increased by 181 per cent to 8,273 tonnes.
  • So far this year, Norway has exported 33,870 tonnes of salmon to China to a value of NOK 3.2 billion.
  • The value of salmon exports to China has increased by 58 per cent so far this year, while the volume has increased by 123 per cent. The average export price decreased by 29 per cent.
  • Exports of fresh whole salmon were particularly strong at 7,890 tonnes, representing growth of 210 per cent.

The salmon category in China is experiencing strong growth. The latest import figures from April show that imports of salmon to China have grown by 33 per cent, and for fresh salmon the growth was 38 per cent. April was a particularly strong month with import growth of 47 per cent.

“Competitive pricing is a key driver of growth, along with underlying growth especially in new emerging digital sales channels. On top of that, Norway's market share has increased significantly in recent months. In April, Norway's market share was 67 per cent. We have to go back 15 years to find similarly high market shares for Norwegian salmon in China," says Sigmund Bjørgo, the Norwegian Seafood Council's envoy to China.

Growth trend for salmon continues in the US

  • Norway exported 7,019 tonnes of salmon to the US with a value of NOK 241 million in May.
  • So far this year, Norway has exported 36,000 tonnes of salmon to the US to a value of NOK 5.4 billion.
  • The value of salmon exports to the US has increased by 40 per cent so far this year, while the volume has increased by 56 per cent.

"In a market that is relatively stable, it is gratifying to see that Norwegian salmon's growth trend is continuing," says Karine Rød Haraldsson, incoming seafood envoy to the USA. The latest available data for imports to the USA is from the first quarter and shows that Norwegian salmon's import share is increasing from 17 per cent to 23 per cent. "If we add the salmon arriving via the EU, we can probably add five percentage points," says Haraldsson.

Trout on the rise in the EU

  • Norway exported 7,305 tonnes of trout worth NOK 589 million in May
  • The value increased by NOK 10 million, or 2 per cent, compared with the same month last year
  • This is a growth in volume of 35 per cent
  • USA, Ukraine and Thailand were the largest markets for trout in May

Poland saw the greatest growth in value in May, with an increase in export value of NOK 30 million, or 219 per cent, compared with the same month last year. The export volume to Poland ended at 606 tonnes, which is 339 per cent higher than the same month last year.

“Trout has benefited from the same favourable production conditions as salmon, and in relative terms the volume increased equally between the species. A weaker price compared with last year and a relatively low price for trout compared with salmon have made it more attractive for processing. At the same time, the EU acts as an intermediate storage facility for exports of trout further east. As a result, the share of trout exports to the EU rose from 17 per cent in May last year to 23 per cent in May this year," says Aandahl.

Fresh cod: up for farmed cod and down for wild cod

  • Norway exported 2,917 tonnes of fresh cod worth NOK 212 million in May
  • The value increased by NOK 25 million, or 14 per cent, compared with the same month last year
  • Volume fell by 3 per cent
  • Denmark, the Netherlands and Latvia were the largest markets for fresh cod in May

The export volume of fresh wild cod fell by 16 per cent to 1,685 tonnes, while the export value fell by 1 per cent to NOK 126 million.

For fresh farmed cod, the export volume increased by 24 per cent to 1,232 tonnes, while the export value increased by 44 per cent to NOK 86 million. Farmed cod accounted for 40 per cent of the export value of fresh cod in May.

Latvia had the highest value growth in May, with an increase in export value of NOK 24 million, or 320 per cent, compared with the same month last year. The export volume to Latvia ended at 446 tonnes, which is 234 per cent higher than the same month last year. 92 per cent of the export volume to Latvia was farmed cod, and Latvia was the largest destination country for farmed cod in May. Latvia is primarily a processing market for Norwegian cod. Most is processed in Latvia and re-exported to other markets.

Frozen cod: growth to the UK

  • Norway exported 3,438 tonnes of frozen cod worth NOK 279 million in May
  • The value fell by NOK 15 million, or 5 per cent, compared with the same month last year
  • Volume fell by 25 per cent
  • The UK, Vietnam and China were the largest markets for frozen cod in May

The UK saw the greatest growth in value in May, with an increase in export value of NOK 55 million, or 73 per cent, compared with the same month last year. The export volume to the UK ended at 1,234 tonnes, which is 16 per cent higher than the same month last year. As much as 46 per cent of Norwegian exports of frozen cod measured in value went to the UK in May. We must go all the way back to 2006 to find a single month with a higher proportion of exports to the UK.

“So far this year, as much as 39 per cent of Norwegian exports of frozen cod have gone to the UK. This is the highest share since 2000. The relatively strong development of our largest market for frozen cod shows that the British will continue to have their Fish & Chips, even with higher cod prices and lower Norwegian landings," says seafood analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

“So far this year, 22 per cent of Norwegian exports of frozen cod have gone to China. This is the lowest share since 2015. The same trend continued in May, with only 20 per cent of Norwegian exports of frozen cod going to China. The US tariff on imports from China thus continues to dampen Chinese demand for Norwegian cod for processing and re-export to the US market," says Brækkan.

Decline for clipfish

  • Norway exported 3,687 tonnes of clipfish worth NOK 340 million in May
  • The value fell by NOK 187 million, or 36 per cent, compared with the same month last year
  • Volume fell by 45 per cent
  • Portugal, Congo-Brazzaville and Brazil were the largest markets for clipfish in May

For clipfish from saithe, the export volume fell by 57 per cent to 1,638 tonnes, while the export value fell by 41 per cent to NOK 94 million. For clipfish from cod, the export volume fell 38 per cent to 1,461 tonnes, while the export value fell 37 per cent to NOK 210 million.

Exports of cod clipfish fell from high volumes in May last year. So far this year, export volumes have fallen by 17 per cent.

“However, Portugal is consolidating its dominance as our largest market, even though volumes fell by as much as 34 per cent in May. So far this year, as much as 78 per cent of cod clipfish exports have gone to Portugal. This is the highest share ever recorded after the first five months of the year. Record tourism and stronger economic growth than in the rest of the EU are making a positive contribution to demand in Portugal. At the same time, there is some uncertainty about the extent to which the rise in the price of clipfish will affect consumption throughout the year," says Brækkan.

Portugal also dominates for salted fish

  • Norway exported 3,460 tonnes of salted fish worth NOK 411 million in May
  • The value increased by NOK 44 million, or 12 per cent, compared with the same month last year
  • Volume fell by 8 per cent
  • Portugal, Italy and Spain were the largest markets for salted fish in May

Portugal had the highest value growth in May, with an increase in export value of NOK 53 million, or 16 per cent, compared with the same month last year. The export volume to Portugal ended at 3,004 tonnes, which is 4 per cent lower than the same month last year.

More than 90 per cent of Norwegian salted fish exports in terms of value went to Portugal in May. So far this year, 81 per cent of Norwegian salted fish exports have gone to Portugal.

"This is the highest share ever for a single market after the first five months of the year. This means that our traditionally largest market for salted fish has further strengthened its position. The salted fish Norway exports to Portugal is used to produce clipfish for the Portuguese market. Some is also re-exported to other clipfish markets," says Brækkan.

Small export volumes for stockfish

  • Norway exported 203 tonnes of stockfish worth NOK 55 million in May
  • The value was unchanged from the same month last year
  • Volume fell by 16 per cent
  • Italy, the US and Croatia were the largest markets for stockfish in May

Exports to our largest stockfish market, Italy, fell 32 per cent in May and are down 13 per cent so far this year.

“Last year's production is still being exported, and it is too early to say anything about developments for this year's stockfish production. This year, increased landing prices for cod have contributed to significantly higher production costs for stockfish. This creates uncertainty about future developments when this year's stockfish production is ready for export in the autumn," says seafood analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

Value increase for herring

  • Norway exported 8,487 tonnes of herring worth NOK 190 million in May
  • The value increased by NOK 8 million, or 4 per cent, compared with the same month last year.
  • Volume fell by 5 per cent
  • Poland, Lithuania and Egypt were the largest markets for herring in May

Poland saw the greatest growth in value in May, with an increase in export value of NOK 37 million, or 207 per cent, compared with the same month last year. The export volume to Poland ended at 2,217 tonnes, which is 163 per cent higher than the same month last year.

“In May, herring exports continued the trend we saw earlier this year, with a general decline in volume and an increase in price. Two products increased in volume, frozen whole herring and vinegar-treated herring. The fall in the price of fishmeal and fish oil has resulted in a lower price for residual raw materials from fillet production, making it more favourable to export whole frozen herring," says Paul Aandahl, Seafood Analyst with the Norwegian Seafood Council.

“Egypt dominates here, and so far this year it has taken 62 per cent of all frozen NVG herring from Norway," says Aandahl.

Growth for marinated herring products

After the customs agreement with the EU came into place on 1 January, exports of marinated herring products gained momentum.

“In addition to the fact that prices, both in Norwegian kroner and euros, have risen significantly since the turn of the year, volumes have also increased. So far this year, just over 7,700 tonnes of marinated herring products have been exported to a value of NOK 222 million, an increase of 175 per cent in volume and 228 per cent in value," says Aandahl.

High price of mackerel

  • Norway exported 5,075 tonnes of mackerel worth NOK 286 million in May
  • The value increased by NOK 9 million, or 6 per cent, compared with the same month last year.
  • Volume fell by 19 per cent

“May is the low season for mackerel exports. A tight supply situation and strong demand are keeping the price of mackerel at a high level," says seafood analyst Paul Aandahl of the Norwegian Seafood Council.

“The price for frozen whole mackerel under 600 grams, which is the most important product, was NOK 29.17 per kg in May. This was 27 per cent higher than in May last year," says Aandahl.

Increased volume for king crab

  • Norway exported 130 tonnes of king crab worth NOK 54 million in May
  • The value fell by NOK 5 million, or 9 per cent, compared with the same month last year.
  • There was a growth in volume of 58 per cent
  • USA, Tunisia and China were the largest markets for king crab in May

"Despite increased export volumes, king crab exports in May were characterised by varying sizes, differing willingness to pay and lower prices, resulting in an overall decline in export value of 9 per cent compared with May last year," says Josefine Voraa, Seafood Analyst at the Norwegian Seafood Council.

The ban on king crab fishing was lifted on 1 May. However, landings in the quota-regulated area have been lower than in May last year. At the same time, strong fishing in the free zone has contributed to both landings and exports in May being higher than they would otherwise have been.

Due to large variations in the size of the fish exported, there are large variations in export prices for live and frozen fish between the different markets.

“The USA was the largest market for live king crab in May, with an average export price of NOK 566 per kg, while China was the second largest market with an average price of NOK 256 per kg, which indicates that the size of the crabs varies and thus their willingness to pay," says Voraa.

The same applies to frozen king crab, where the USA was the largest market in terms of value with a high average price of NOK 1,015 per kg, while Tunisia was the largest in terms of volume with a low average price of NOK 237 per kg.

Snow crab record in May

  • Norway exported 1,071 tonnes of snow crab worth NOK 221 million in May
  • The value increased by NOK 162 million, or 275 per cent, compared with the same month last year.
  • This is a volume growth of 140 per cent
  • USA, Canada and Japan were the largest markets for snow crab in May

“May was a historically strong month for snow crab exports, both in terms of volume and value. New regulations have led to an extension of the season and high landings in April and May as well. Combined with good demand, particularly from the USA, and more crabs available for export, this has boosted both export volumes and prices significantly compared with May last year. This is despite customs barriers and a somewhat stronger Norwegian krone against the dollar," says Voraa.

“The USA continues to be the dominant market, accounting for 59 per cent of export value in May. The USA was also the market with the greatest growth in value in May, with an increase in export value of NOK 101 million, or 351 per cent, compared with the same month last year. This is even though we're now in the middle of the Canadian season and that Norwegian snow crab is subject to a 10 per cent Trump tariff in the USA, while Canada has zero tariffs," says Voraa.

Reduced prawn exports

  • Norway exported 3,303 tonnes of prawn worth NOK 177 million in May
  • The value fell by NOK 26 million, or 13 per cent, compared with the same month last year
  • Volume fell by 36 per cent

“For the first time this year, we are seeing a decline in the export value of prawn. The decline is due to lower catches and a fall in exports of frozen raw prawn to the industry in Iceland and Canada. At the same time, we are experiencing a historic increase in exports to China, which in May accounted for more than 70 per cent of the export value of frozen, cooked shell-on prawn - a clear sign of changing market flows and increased demand in the Asian market," says seafood analyst Josefine Voraa of the Norwegian Seafood Council.

At the same time, exports of peeled prawn and frozen, cooked shell prawn have increased by a total of 449 tonnes, which corresponds to an increase in value of NOK 16 million from May last year.

“China was the largest recipient of frozen cooked shell-on prawn, accounting for 64 per cent of the volume and 70 per cent of the export value in May. In addition, 173 tonnes of frozen raw prawn were exported to the country in May. Never before have such large volumes of prawn been exported to China in a single month. In total, almost 2,000 tonnes have been exported to China so far this year," concludes Voraa.

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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.

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