Photo: Norwegian Seafood Council

Norwegian Salmon Rises in Value, Driven by China, While Trout Experiences Solid Growth

Norway's salmon exports reach US$1.16 billion in September, despite a slight dip in volume, with an impressive 78% surge in the Chinese market. Trout also shows strong performance, particularly in Ukraine.

Norway continues to be a dominant player in the global seafood market, with a mixed but generally positive performance for salmon and trout in September and the third quarter (Q3). Despite a slight decrease in salmon export volume, the total value has seen consistent growth, while trout has shown a strong increase in both volume and value.

Salmon: Lower Volume, Higher Value, and China's Emergence

In September, Norway exported 137,600 tons of salmon worth NOK 11.6 billion (approximately US$1.16 billion). This represents an increase of NOK 261 million (approximately US$26.18 million), or 2 percent in value, compared to September last year, despite a slight 1 percent drop in volume.

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  Key Markets: Poland, the United States, and France were the largest markets for Norwegian salmon in September.

• China Surges: China saw the largest value growth in September, with an increase in export value of NOK 352 million (approximately US$35.31 million), or an impressive 78 percent, compared to the same month last year. Export volume to China reached 8,147 tonnes, which is 68 percent higher than in the previous September.

  • Paul T. Aandahl, seafood analyst at the Norwegian Seafood Council, noted: "Norwegian salmon's share in the Chinese market has increased from 43 percent last year to 65 percent this year. It is especially the Chilean share that has declined." This suggests a significant shift in Asian market dynamics.

• Sweden: Price Decline and Home Consumption Growth: Sweden was Norway's second-largest growth market for salmon in September, with an increase of 23 percent, to NOK 317 million (approximately US$31.79 million). Export growth was greatest for frozen fillets.

  • Charlotte Rapp, Manager Sweden at the Norwegian Seafood Council, explained: "This is primarily due to an adjustment of inventory towards winter. In addition, both price declines and growth in home consumption of fresh salmon and smoked salmon have contributed positively. 70 percent of Swedes state that price is the biggest barrier to eating more seafood."

Excellent Month for Norwegian Trout

Norway exported 8,400 tons of trout worth NOK 681 million (approximately US$68.29 million) in September. The value increased by NOK 64 million (approximately US$6.42 million), or 10 percent, compared to September last year, and the volume grew by 12 percent.

• Key Markets: The USA, Ukraine, and Thailand were the largest markets for trout in September.

• Ukraine: Notable Growth: Ukraine saw the largest value growth in September, with an increase of NOK 40 million (approximately US$4.01 million), or 64 percent, compared to September last year. Export volume to Ukraine ended at 1,441 tonnes, which is 59 percent higher than in the same month last year, showcasing the resilience and value of this market even in complex times.

Trout Exports in the Third Quarter:

In the third quarter, Norway exported 26,601 tons of trout worth NOK 2 billion (approximately US$197.6 million). The value increased by NOK 3 million compared to Q3 last year, with a 7 percent growth in volume. The USA, Ukraine, and Lithuania were the largest markets for trout in Q3.

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