Norway exported 95,620 tonnes of salmon in July 2023 worth NOK 9.6 billion, according to data from the Norwegian Seafood Council (NSC). The export volume increased by 947 tonnes (+1%) year-on-year (y-o-y) during this period, while the value rose by NOK 1.1 billion y-o-y. The disproportionate increase in value was largely attribute to the weakness of the NOK, which depreciated by NOK 12.9% y-o-y against the EUR in July. Europe accounts for over 90% of Norwegian salmon exports, and a large portion (typically 50-60%) of this trade is denominated in EUR, which increases value when converted into Norwegian currency.
Denmark and Poland were two of the largest markets for Norwegian salmon in July. These countries have strong seafood processing capabilities and typically import raw materials, which are then manufactured into value-added cuts and re-exported to the rest of the continent. However, exports to China were the main driver behind the y-o-y volume increase. Indeed, China imported 3,253 tonnes of Norwegian salmon in July 2023, representing a y-o-y increase of 1,541 tonnes (+90%). “There has never been such a strong July for the export of salmon to China” said a senior representative of the NSC.” China boasts a mature seafood foodservice segment, of which salmon is a key component, while retail, and e-commerce are also developing as high growth channels. Chinese salmon imports have rebounded strongly in 2023, following three years of port restrictions caused by COVID-19 concerns.
