US market fuels growth in salmon fillets
Norwegian salmon exports reached a new monthly high in October, totaling NOK 12 billion ($1.08 billion), according to the Norwegian Seafood Council.
This record represents a NOK 133 million ($11.9 million), or 1%, increase from October last year and highlights the ongoing surge in global demand for Norwegian salmon, especially in key markets like the United States and Poland.
A total of 144,761 tonnes of salmon were exported, marking a 10% volume increase year-on-year. “This is the highest monthly value for salmon exports on record,” said Christian Chramer, CEO of the Norwegian Seafood Council. “We are seeing sustained demand across major markets, even as prices fluctuate in response to supply dynamics.”
Paul T. Aandahl, Seafood Analyst at the Norwegian Seafood Council, noted that “the US was the largest growth market for both fresh and frozen fillets, with export value to the US increasing by NOK 99 million ($8.9 million), or 11%, compared to the same period last year.” This rise reflects broader economic trends, with the US showing increases in GDP, real wages, and household consumption in the third quarter.
Strong demand in key markets
Poland and the Netherlands remained the largest European destinations for Norwegian salmon in October, absorbing a substantial portion of Norway’s total exports. Exports to Poland continued to rise in value as Norwegian suppliers catered to growing demand for processed and fresh salmon products.
In Asia, export values surged by 31% across the region, driven by heightened demand for premium Norwegian salmon products. The council attributes this to favorable market conditions and rising consumption in high-growth markets like South Korea and China.
Record year-to-date exports despite currency challenges
From January through October, Norway’s total salmon exports reached NOK 143.1 billion ($12.9 billion), up NOK 1.4 billion ($126 million), or 1%, compared with the same period in 2023. In currency-adjusted terms, the value in dollars remained flat, while euro-denominated exports were down by 1%.
“Economic conditions in the EU continue to support demand for Norwegian salmon, with record-low unemployment and real wage growth driving household consumption,” said Chramer. “These factors are increasing purchasing power and supporting consumer willingness to pay a premium for Norwegian seafood.”
With these economic tailwinds and expanding processing capabilities, Norway’s salmon exports are poised to maintain strong performance in the coming months, even as markets adjust to varying global supply and price pressures.
