The seafood export value in June dropped by 18%, or NOK 2.7 billion, compared to June 2023, marking the largest monthly decline ever recorded.
Norway exported seafood worth NOK 80.6 billion in the first half of 2024, a decline of NOK 1.6 billion, or 2%, compared to the same period last year.
Despite this decrease, it was still the second-best first half-year value on record, driven by a weak Norwegian krone and high prices for cod and salmon during the initial months of the year.
The decline was primarily due to a sharp fall in salmon prices in June, according to Christian Chramer, CEO of the Norwegian Seafood Council. “Salmon prices fell significantly in June, impacting the overall export value,” Chramer said.
The seafood export value in June dropped by 18%, or NOK 2.7 billion, compared to June 2023, marking the largest monthly decline ever recorded.
Salmon, which constitutes 70% of the total export value, saw fresh whole salmon prices decrease by NOK 31 per kilogram in June from the previous month.
Salmon export volume for the first half of 2024 was 500,660 tonnes, valued at NOK 56.3 billion, reflecting a 3% drop in value and a 4% decline in volume from the first half of 2023.
Major markets for Norwegian salmon included Poland, Denmark, and the US, with Poland showing the highest value growth.
The fall in salmon prices was exacerbated by increased global competition and biological challenges leading to lower harvest volumes.
Paul T. Aandahl, Seafood Analyst at the Norwegian Seafood Council, noted that the price of fresh salmon dropped from NOK 116.66 per kg in May to NOK 85.85 per kg in June.
“This is the biggest drop in prices measured from one month to the next,” he said. “The previous record fall between two months was in August 2022 at NOK 14.42 per kilogram.”
The fall in prices this year is primarily due to a 27 per cent increase in the volume of fresh whole salmon compared with May, according to Aandahl.
In June, Norway exported 93,400 tonnes of salmon worth NOK 8.9 billion, a 15% decline in value and a 4% drop in volume compared to June last year.
“In addition, global competition is increasing. This has particularly affected prices to markets that have traditionally paid the most for salmon. In June, there was a big drop in prices to markets such as Italy, South Korea, China and the USA,” says Aandahl.
The industry faces ongoing challenges with weakened purchasing power in key markets and increased competition from other seafood-producing nations. The Norwegian Seafood Council and the Ministry of Fisheries and Ocean Policy emphasized the need to address these challenges to maintain market access and competitiveness.
