Norwegian seafood exports fall in August as US tariffs bite.
Norway exported seafood worth NOK 14.3 billion ($1.39 billion) in August, a decrease of NOK 254 million ($24.64 million), or 2 per cent, compared with the same month last year, according to the Norwegian Seafood Council.
“The summer of 2025 has been marked by considerable turmoil in the markets. Changes in customs duties on exports to the US are affecting Norwegian seafood exports and posing challenges for the global seafood trade. In addition, increased competition for both raw materials and customers has made it particularly demanding for many players in the seafood industry,” says Christian Chramer, CEO of the Norwegian Seafood Council.
US market
On 7 August, the US raised its customs tariff to 15 per cent on seafood from both Norway and the EU. In August, the value of total seafood exports from Norway to the US fell by 3 per cent year on year. Over the same period, the value of salmon exports to the US declined by 15 per cent.
“Salmon is the dominant species exported from Norway to the US, but Norwegian producers are now experiencing increased competition in the US salmon market. There are different customs tariffs for different countries, and in August, the Norwegian krone strengthened against the dollar compared to the same month last year. This lifted the prices of Norwegian seafood in the US market,” says Christian Chramer.
The US was not the largest single market for Norwegian seafood in August, after topping the list in the first five months of the year.
“However, Norwegian salmon producers are highly adaptable, have many markets to export to and are used to seeking new markets when changes are as significant as they are now. That said, there are complex value chains involved. For others, single companies and smaller species, it can be even more challenging, says Chramer.”
Aquaculture volumes
The council reports very good biological conditions for salmon and trout over the summer, supporting historically high harvested volumes. Export prices have been lower than is typical for the summer months.
“For our largest product, fresh whole salmon, the export price has not been this low since September 2022,” says Chramer.
