Norwegian salmon exports surge in February, driven by US and China growth.
Norway’s seafood exports hit NOK 14.1 billion ($1.3 billion) in February, marking an increase of NOK 853 million (6%) compared to the same period last year, according to the Norwegian Seafood Council.
“We have never before experienced such a high export value in the month of February. This is due to the combination of a weak Norwegian krone measured against the euro and dollar, high salmon volumes, and strong value growth to the USA,” said Christian Chramer, CEO of the Norwegian Seafood Council.
Salmon leads the way
Norway exported 89,177 tonnes of salmon worth NOK 9.1 billion ($847 million) in February, representing a 2% rise in value and a 14% increase in volume compared to last year.
The US was the standout market, seeing a 50% jump in salmon export value, equivalent to NOK 340 million ($31.7 million). Norwegian salmon exports to the US reached 6,539 tonnes, a 57% increase compared to February 2023.
Poland, the US, and France were the largest markets for Norwegian salmon last month.
Strong demand in the US market
The US accounted for the highest value growth across all Norwegian seafood exports in February, increasing by NOK 548 million (52%) year-on-year.
“February was the best ever month for exports to the USA. This was primarily due to increased value for salmon, snow crab, king crab, trout, and mackerel,” Chramer said.
Factors contributing to the strong performance in the US salmon market include:
Higher harvest volumes in Norway, leading to increased availability of large salmon (5-6 kg), a sought-after size in the US.
Reduced competition as Alaska’s salmon catch is sold out and Russian seafood remains under sanctions.
A weaker Norwegian krone against the US dollar, boosting export values in NOK.
Despite the strong growth, uncertainty remains over potential tariff increases on Norwegian seafood.
“There is still a great deal of uncertainty surrounding the introduction of customs barriers. Together with the Norwegian authorities, we are closely monitoring developments,” Chramer said.
China emerges as a key growth market
China was the second-largest growth market for Norwegian salmon in February, with exports rising NOK 109 million (25%) to a total of NOK 537 million ($50 million).
“There is underlying growth in the Chinese market. In addition, Norwegian salmon has gained market share, partly because there is more availability of large salmon from Norway,” said Sigmund Bjørgo, the Norwegian Seafood Council’s envoy to China.
Growth is particularly strong in grocery retail and mid-sized cities, where salmon is still considered an exotic product.
Improved production conditions drive higher volumes
The increase in Norwegian salmon exports was supported by improved production conditions at home.
“Higher sea temperatures and fewer winter ulcers have resulted in increased harvesting volumes and a higher quality of fish compared with February last year,” said Paul T. Aandahl, Seafood Analyst at the Norwegian Seafood Council.
This boost in fish quality has contributed to strong export performance, particularly in overseas markets like the US and China.
With stable production and increasing demand, Norwegian salmon is poised for continued growth in 2024, even as the industry navigates regulatory uncertainties in key markets.
