China drives January shift in Norwegian salmon trade.
China emerged as a key driver of changing salmon trade flows in January, as Norwegian exports continued to move away from the United States and towards Asia and European processing markets.
Norway exported 112,092 tonnes of salmon worth NOK 10.4 billion ($1.01 billion/€915 million) in January, down NOK 133 million ($12.9 million/€11.7 million), or 1 percent, compared with the same month last year, according to figures from the Norwegian Seafood Council.
The decline in value came despite a 20 percent increase in export volume.
China was Norway’s second largest growth market for salmon in January, measured by both volume and value. Only Poland recorded stronger growth.
A total of 10,997 tonnes of salmon products were exported to China in January, with a value of NOK 1.0 billion ($97 million/€88 million). Export volume increased by 86 percent year-on-year, while value rose by 34 percent.
“The last two weeks have been particularly strong. Prices for Norwegian salmon have been significantly lower in January compared with the same month last year, so we can expect to have gained market share,” said Sigmund Bjørgo, the Norwegian Seafood Council’s envoy to China.
Poland, China and France were the largest markets for Norwegian salmon in January. Poland recorded the strongest growth in value, with exports up NOK 424 million ($41.1 million/€37.3 million), or 42 percent, year-on-year. Export volume to Poland reached 17,071 tonnes, an increase of 71 percent compared with January last year.
“The export volume for salmon increased significantly in January, with major changes in the flow of goods to different markets. We must go back to 2021 to see similar changes,” said Paul T. Aandahl, seafood analyst at the Norwegian Seafood Council.
Favourable production conditions have driven higher volumes, while uncertainty in global trade and a weaker US dollar have shifted exports away from the United States and towards Asia, particularly China, as well as Poland, which is the largest EU market for processing Norwegian salmon.
“The USA is still Norway’s most important market for fillets, but due to customs duties and a weaker dollar, exports of fresh fillets to the USA have fallen by 37 percent,” Aandahl said.
Exports of frozen fillets to the US fell by 22 percent, while total frozen fillet exports declined by 6 percent.
“Reduced market access is a strong contributing factor to the fact that the proportion of salmon exported as processed goods has fallen from 26 percent in January last year to 20 percent this year,” Aandahl added.