Surge in supply drives down salmon prices despite record export volumes
Norwegian salmon exports rose sharply in April, with 106,339 tonnes shipped at a total value of NOK 10 billion ($960 million/€850 million), according to new figures from the Norwegian Seafood Council.
The volume represents a 34 per cent year-on-year increase, while the value rose 3 per cent, or NOK 297 million ($28.5 million/€25.2 million), compared with April 2024.
Despite the overall increase in export value, average prices have continued to decline. The average price for fresh whole salmon in April was NOK 84.60 ($8.12/€7.19) per kilo, 29 per cent lower than the same month last year. So far in 2025, the average price has fallen 16 per cent to NOK 92.93 ($8.92/€7.90) per kilo.
“The growth in volume is linked to significantly higher sea temperatures compared with the same period a year ago,” said Paul T. Aandahl, seafood analyst at the Norwegian Seafood Council.
Increased availability of superior quality salmon has contributed to falling prices. “There’s a lot of salmon of the right size and superior quality available in the market, so prices are falling slightly,” said Anne-Kristine Øen, the Council’s envoy to the United States.
Export growth has been particularly strong in the US and China. The US imported 29,000 tonnes of Norwegian salmon from January through April, worth NOK 4.4 billion ($422 million/€374 million), a 54 per cent increase in volume and 42 per cent increase in value compared with the same period last year. In April alone, the US market grew by NOK 216 million ($20.7 million/€18.3 million), up 26 per cent year-on-year. The country now accounts for 11 per cent of total Norwegian salmon exports by value.
In China, export value rose by 88 per cent in April to NOK 338 million ($32.4 million/€28.7 million), driven by a 188 per cent increase in volume to 8,224 tonnes—the highest monthly volume on record for Norwegian salmon to China. Year-to-date, China has imported 26,000 tonnes, a 106 per cent increase.
“In the first quarter, total Chinese imports of fresh whole salmon grew by 33 per cent, and we expect this growth to continue in April,” said Sigmund Bjørgo, the Council’s envoy to China. “This means the market is expanding while Norwegian salmon is also gaining market share.”
A broader shift in market dynamics is also underway, according to the Seafood Council. “We are now seeing a shift in the flow of salmon from Europe to overseas markets such as Asia and the USA,” said CEO Christian Chramer. “Higher temperatures in the sea and fewer biological challenges meant that there was more superior quality salmon available in April than in the same month last year. This volume growth largely compensated for the falling salmon prices.”