Norwegian salmon and trout exports worth NOK 50 billion in 2015

Norway exported salmon worth NOK 47.7 billion in 2015. This is an increase of 9 per cent or NOK 3.9 billion compared with 2014, and it is the highest export value ever for salmon.

"A record-high volume in combination with record-high prices has taken Norwegian salmon exports to new heights in 2015. This was despite a closed border with Russia. The record year is due mainly to strong growth in demand in the neighbouring markets in the EU and a drafting effect from a weaker Norwegian krone compared with the euro and the U.S. dollar," says Paul T. Aandahl, Analyst with the Norwegian Seafood Council.

Measured in product weight, Norway exported 1,035,000 tonnes of salmon in 2015, which is 3.7 per cent more than the year before.

Salmon prices at record levels

The export price for fresh whole Norwegian salmon has varied in 2015 between NOK 38.37 per kg in May and NOK 51.26 per kg in December. The average export price in 2015 was NOK 42.87 per kg. This is NOK 1.86 per kg or 4.5 per cent higher than in 2014, and the highest export price achieved since 1988.

Increased exports to the EU

Approximately NOK 35.2 billion worth of Norwegian salmon was exported to the EU in 2015. This corresponds to an increase of 15 per cent from 2014. Measured in volume, exports amounted to 793,000 tonnes, an increase of 74,000 tonnes, or 10 per cent, compared with 2014.

A year of being barred from Russia has resulted in an increase of the export share of Norwegian salmon to the EU. Approximately 77 per cent of all Norwegian salmon exports, measured in product weight, went to the neighbouring markets in the EU in 2015. In 2014, the corresponding share was 72 per cent, and in 2013 it was 68 per cent.

Measured in product weight, the most important salmon markets in 2015 were Poland and France. The largest growth market was the United Kingdom, measured in absolute volume, with an increased volume of 14,279 tonnes, or 24 per cent, compared with 2014.

Increased exports to the U.S.

In 2015, NOK 2.5 billion worth of salmon was exported to the United States. This is a growth of NOK 626 million, or 33 per cent, compared with 2014. Measured in product weight, 37,657 tonnes were exported, corresponding to a growth of 9,681 tonnes, or 35 per cent, compared with 2014.

The growth has mainly been driven by fresh whole salmon and fresh fillets. Measured in value, the growth in these products has been 104 per cent and 70 per cent, respectively, compared with the previous year.

Reduced exports to Eastern Europe

The value of salmon exports to Eastern Europe was reduced by 64 per cent in 2015 to a total of NOK 1.3 billion, compared with 2014. The reason for the decline is mainly the Russian import embargo and reduced sales to the Ukrainian market. Belarus buys the most Norwegian salmon in Eastern Europe, measured in value. The largest growth market is Turkey, worth some NOK 341 million.

Increased exports to Asia

Norway exported salmon worth NOK 7.5 billion to Asia in 2015. This is an increase of 15 per cent from the previous year. Measured by product weight, exports to Asia have increased by 7 per cent, or 10,226 tonnes, in 2015. The largest growth, measured by value is that of Japan and South Korea.

Trout exports stable

Norway exported trout worth NOK 2.3 billion in 2015. This is a decrease of 1.7 per cent, or NOK 39 million, from 2014. Measured in product weight, 53,000 tonnes of trout were exported in 2015. This is an increase of 4 per cent compared with 2014.

The decrease was expected and is due mainly to the embargo on imports into Russia. Norwegian trout exports have traditionally been more dependent on individual markets than salmon.

While sales of trout to Eastern Europe are reduced, we see an increase in exports to the United States, the EU and Asia. The two largest growth markets overall in 2015 were Belarus and the United States. Exports to the EU increased most to Poland and Romania, while Taiwan and Malaysia were the largest growth markets in Asia.

The export price for fresh whole trout decreased by NOK 4.18 per kg, or down 10 per cent to NOK 39.15 per kg compared with 2014.