Decline in Seafood Exports in May

Overview of Seafood Exports in May

Norway’s seafood exports amounted to NOK 13.6 billion in May, reflecting a decrease of NOK 267 million, or 2 percent, compared to the same month last year. This marks a significant departure from the previous ten months of continuous growth.

Christian Chramer, CEO of the Norwegian Seafood Council, noted that the primary cause of this decline was increased salmon production both in Norway and globally, which has led to lower prices. Additional factors contributing to the reduction include decreased volumes of clipfish and a stronger Norwegian krone against the US dollar.

Key Markets and Trends

• The largest markets for Norwegian seafood in May were the United States, Poland, and the United Kingdom.
• Norwegian seafood was exported to a total of 106 countries, maintaining the same number as last May.

Strong Growth in the US Market

Despite the overall decline, Chramer highlighted that Norwegian seafood is still performing well amid economic challenges. The US, even with a 10 percent tariff imposed by the Trump administration, exhibited the most significant growth in value for the fifth consecutive month.

• Norway exported seafood worth NOK 1.4 billion to the US, up NOK 386 million or 40 percent compared to May of last year.

“Apart from salmon, snow crab exports are notably strong in the US, achieving a record high export value of NOK 221 million in May, with 59 percent of this going to the US,” Chramer added.

Species Export Breakdown

Top Three Species Exported to the US in May:

• Salmon: NOK 983 million (+32 percent)
• Snow Crab: NOK 129 million (+351 percent)
• Trout: NOK 109 million (+19 percent)

Year-to-Date Performance

So far this year, Norway’s seafood exports have totaled NOK 72 billion, marking a 5 percent increase, or NOK 3.6 billion, from the same period last year. The leading markets have included the US (NOK 7.7 billion), Poland (NOK 6.4 billion), and Denmark (NOK 4.6 billion).

Salmon Exports Analysis

In May, Norway exported 112,846 tonnes of salmon valued at NOK 9.8 billion, a decline of NOK 145 million or 1 percent year-on-year. However, the volume rose by 38 percent. The US, Poland, and France were the largest markets for salmon exports.

Price Dynamics: The average price for fresh whole salmon was NOK 75.78 per kg, a drop of 35 percent from last year’s NOK 116.68 per kg. This decline represents the largest drop on record.

Global Trends and Market Shifts

With robust production conditions contributing to record volumes in May, a notable shift in market dynamics is also evident. The export flow has transitioned from Europe to overseas markets; 67 percent of salmon is now flowing to Europe, compared to 71 percent last year.

Highlights from Other Species

Trout: Exports of trout increased to 7,305 tonnes, valued at NOK 589 million, marking a growth of 35 percent in volume.

Cod: Fresh cod exports showed mixed results, with farmed cod performing well while wild cod exports dipped.

Exports Summary and Future Outlook

While May presented challenges for the seafood export sector, ongoing demand in key markets such as the US and China, along with the strong performance of certain species like snow crab and trout, indicates potential for recovery. Continuous monitoring of price trends and production conditions will be critical as Norway’s seafood industry navigates the complexities of international markets.