August 30, 2023

Norwegian salmon prices continue downward slide, exports up

Norwegian salmon prices have continued to decline for for the 33rd consecutive week in 2023, but export volumes have increased week-on-week, SeafoodSource reported.

The Nasdaq Salmon Index revealed that the average cost of a kilogram of Atlantic salmon produced in Norway reached NOK 73.39 (~US$6.90; NOK 10 = US$0.94) during the 33rd week of the year, a decrease of NOK 0.80 (~US$ 0.08), equivalent to a 1.08% drop compared to the previous week (week 32).

Norway recorded an export volume of 22,698 metric tonnes (MT) of salmon in the past week. This represents an increase from the 22,368 MT exported during the corresponding week in 2022. The cumulative total also surpassed the 21,060 MT dispatched in week 32 of 2023.

The Nasdaq index, which publishes weekly sales insights and a weighted average price for fresh, head-on gutted Atlantic superior salmon sourced from Norway, revealed a consistent downtrend. Over the last four weeks, the index noted a substantial average price decrease of 13.92%, translating to NOK 11.87 (~US$1.12). Further extending the timeline to the past 12 weeks, Norwegian salmon prices experienced a significant decline of 32.73%, or NOK 35.71 (~US$3.36).

The weight-class analysis illustrates that salmon within the range of 1 kg to 2 kg constituted 0.63% of sales. Average prices for this category exhibited a rise of NOK 2.23 (~US$0.21), reaching NOK 56.95 (~US$ 5.36). In the 2 kg to 3 kg range, comprising 9.78% of total sales, the average price stood at NOK 65.13 (~US$ 6.13), witnessing a decline of NOK 1.37 (~US0.13). Salmon weighing 3 kg to 4 kg, accounting for 27.63% of sales, registered an average per-kilogram price of NOK 70.36 (~US$6.62), indicating a decrease of NOK 0.36 (~US$0.034).

Continuing the trend, the 4 kg to 5 kg category held the largest share at 41.88 % of total sales, with an average price decline of NOK 0.88 (US$0.083) from the preceding week. Salmon within the range of 5 kg to 6 kg, constituting 15.34% of total sales, recorded an average per-kilogram price of NOK 75.71 (~US$7.13), reflecting a decrease of NOK 3.28 (~US$0.31).

-      SeafoodSource