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Strong value growth for Norwegian salmon exports in Q1 2017

Press release   •   Apr 05, 2017 13:30 UTC

Norway exported 233,000 tonnes of salmon for NOK 16.1 billion in the first quarter. There is a volume increase of 3 percent and an increase of 21 percent, or 2.8 billion from the first quarter last year.

Norway exported 91,000 tonnes of salmon with a value of NOK 6 billion in March. This is a volume increase of 14 per cent and an increase of 24 per cent or NOK 1.2 billion compared with March last year.

”Continued growth in demand for Norwegian salmon, has contributed to yet another record strong first quarter for Norwegian salmon”, says Paul T. Aandahl, Analyst for Salmon and Trout at the Norwegian Seafood Council. ”Despite reduced volumes, the value of exports has risen by as much as 11 per cent to EU markets. Consumers are now experiencing price increases in almost all EU markets. This has led to reduced volumes. The main reason is that fewer consumers are buying salmon today compared to a year ago. Despite the price increases in the first quarter, export volumes ate still increasing sharply to Asia and the US”, says Aandahl.

Record salmon prices

The average export price for fresh whole salmon in Q1 was NOK 65.44 per kg. This is 16 per cent higher than in the first quarter last year. The export price for fresh whole salmon in March was NOK 61.42 per kg. This is 4 per cent higher than in March last year.

Volume reduction but value gains in exports to EU

Norway exported 164,000 tonnes of salmon to the EU worth NOK 10.9 billion in Q1. This is a volume decrease of 5 per cent or 8,660 tonnes and an increase in value of 11 per cent from the first quarter of 2016. The principal markets for Norwegian salmon in the EU, during the first quarter were Poland, France and Denmark. Denmark had the highest growth in terms of volume of 2,914 tonnes, while France saw the greatest reduction by 4,111 tonnes.

Growth in exports to Asia and USA

Norway exported 43,149 tonnes of salmon to Asia worth NOK 3.1 billion in the first quarter. This is a volume increase of 23 per cent and is 38 per cent, or NOK 863 million up compared to the first quarter last year.

Norway exported 14,000 tonnes of salmon to the US worth NOK 1.3 million in the first quarter. This is a volume increase of 49 per cent and an increase of 81 per cent from the first quarter last year.

Reduced volumes and value for trout

Norway exported 8,700 tonnes of trout worth NOK 680 million in the first quarter. There is a volume decrease of 53 per cent and a reduction in value of 24 per cent or NOK 217 million compared with the first quarter last year. The largest buyers of Norwegian trout in the first quarter were Japan, Poland and Belarus.

In March, 3,785 tonnes of trout were exported with a value of NOK 302 million. Volumes were reduced by 39 per cent or 2,405 tonnes and the total value of exported trout as down by 3 per cent or NOK 10 million compared with March last year.

The Norwegian Seafood Council works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development and reputational risk management. The Seafood Council is headquartered in Tromsø and maintains local representatives in twelve of Norway's most important international markets. The Norwegian seafood industry finances the activities of the Norwegian Seafood Council via a tariff on all Norwegian seafood exports.

The Norwegian Seafood Council is a public company owned by the Ministry of Trade, Industry and Fisheries.