MARKET ANALYSIS
Norway salmon hits record prices due to strong demand
The average price of fresh whole Norwegian salmon in May reached NOK73.73 per kilogramme, the highest monthly average price for salmon during May.Asbjørn Warvik Rørtveit of the Norwegian Seafood Council said the high prices of the most important species for Norwegian seafood stemmed from a combination of strong demand and a still weak Norwegian kroner in relation to the euro.
"Export values for Norwegian salmon to the EU have never been higher in a single month. The export value for salmon to the EU in May ended at NOK 4.6 billion", Rørtveit added.
Norway exported 81,000 tonnes of salmon in May, up 12% or by 8,400 tonnes, and worth NOK6.1 billion, up 16% or by NOK851 million compared with May last year.
In the first five months, 400,000 tonnes of salmon were exported, valued at NOK27 billion.
Salmon price
In May the average price for fresh whole salmon rose to NOK73.73 per kg from NOK69.76/kg in May 2017.
Poland, France and Denmark were the largest export markets for Norwegian salmon in May. The US also saw a strong rise in export value, up 24% or NOK82 million compared with May last year. This represents the best May-month for export of Norwegian seafood to the US ever.
"Americans are consuming Norwegian salmon like never before, and I think it's because Norway's seafood is known to be free of antibiotics and farmed using sustainable practices", said Fisheries Minister Per Sandberg.
Meanwhile, Norway's total seafood exports in May declined 11% to 165,000 tonnes. Their value, at NOK8.5 billion, was, however, up 11% or by NOK821 million year-on-year.
In the first five months, Norway exported 1.2 million tonnes of seafood, up 12% from last year. Export value was NOK40 billion, up 4% or by NOK1.6 billion.
