Norwegian seafood exports fall in May as salmon prices tumble
Norway exported seafood worth NOK 13.6 billion ($1.32 billion) in May, down NOK 267 million ($25.9 million) or 2 percent year-on-year, according to new figures from the Norwegian Seafood Council.
The drop follows ten consecutive months of growth and was largely driven by falling salmon prices and lower clipfish volumes.
“Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value for May,” said Christian Chramer, CEO of the Council. “Reduced volumes for clipfish, together with a somewhat stronger Norwegian krone against the US dollar, also contributed to the decline.”
US remains fastest-growing market
Despite a 10 percent tariff on salmon throughout May, the US was the strongest growth market for the fifth month in a row. Total seafood exports to the US hit NOK 1.4 billion ($135.9 million), up 40 percent from the same month last year.
Among species, snow crab stood out with a record May performance. Of the NOK 221 million ($21.5 million) total value for snow crab exports, 59 percent went to the US.
Top three species exported to the US in May:
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Salmon: NOK 983 million ($95.4 million) — up 32%
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Snow crab: NOK 129 million ($12.5 million) — up 351%
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Trout: NOK 109 million ($10.6 million) — up 19%
Salmon volumes rise, value falls
Norway exported 112,846 tonnes of salmon worth NOK 9.8 billion ($950.5 million) in May, up 38 percent in volume but down 1 percent in value year-on-year.
The average price for fresh whole salmon was NOK 75.78 ($7.34) per kilo, down from NOK 116.68 ($11.04) last year — the sharpest year-on-year drop ever recorded.
“Record-high volumes, thanks to better production conditions, have triggered a record price fall,” said analyst Paul T. Aandahl.
Exports of fresh whole salmon grew by 53 percent. Fillet volumes were up 21 percent, but fresh fillet exports fell 2 percent.
Overseas markets taking greater share
Europe’s share of salmon exports by value dropped from 71 to 67 percent. Asia rose to 21 percent from 19 percent, and North America rose to 11 percent from 8 percent.
In China, salmon exports rose 181 percent to 8,273 tonnes, valued at NOK 241 million ($23.4 million). Year-to-date, salmon exports to China reached NOK 3.2 billion ($310 million), up 58 percent in value and 123 percent in volume.
The US imported 7,019 tonnes of salmon in May, up 63 percent from last year. Year-to-date exports to the US total 36,000 tonnes worth NOK 5.4 billion ($523.8 million), up 56 percent in volume and 40 percent in value.
“Norwegian salmon’s US market share is rising — from 17 to 23 percent in Q1,” said incoming seafood envoy Karine Rød Haraldsson. “Including volumes routed through the EU, the true share is likely even higher.”
Year-to-date exports up 5%
Norway has exported seafood worth NOK 72 billion ($6.98 billion) so far this year, a 5 percent increase on the same period in 2024.
Top export markets year-to-date:
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USA: NOK 7.7 billion ($746.1 million)
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Poland: NOK 6.4 billion ($619.6 million)
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Denmark: NOK 4.6 billion ($446.2 million)
Top growth markets:
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USA: +NOK 2.4 billion ($232.8 million)
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China: +NOK 1 billion ($97 million)
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UK: +NOK 800 million ($77.6 million)
Top three species by value:
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Salmon: NOK 48.8 billion ($4.73 billion)
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Cod: NOK 5.8 billion ($562.6 million)
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Trout: NOK 2.9 billion ($281.3 million)