Despite stronger than anticipated production, Norwegian salmon prices have been trending up during H1 2019, according to the Norwegian Seafood Council (NSC). This was mostly driven by increasing demand, especially from the EU and Asia, amid a weak krone, which supported Norwegian salmon prices up. Mintec prices for Norwegian salmon reached the highest point of H1 in March, driven by the rise in demand.
Norway’s salmon export volumes in H1 rose by 5% y-o-y to a total of 506,000 tonnes, worth almost NOK 35 billion, with most exports going to Poland, France, and Denmark. In addition, Norway continues to gain presence in the Chinese market, with growth seen in both value and volume of fresh salmon exports. Norway exported around 12,000 tonnes of fresh salmon to China only in the first half of the year, which represents more than was exported throughout the whole of 2018, according to NSC.
Norway is forecast to export more than 20,000 tonnes of salmon to China in 2019 if demand continues to rise. This is likely to result in higher competition for Chile – one of the main salmon exporters to China.