Operators at a processing plant filleting Norwegian salmon.
Photo: Adrian Nielsen / Norwegian Seafood Council.
After ten consecutive months of growth, in which we have come to wonder if there is a limit to Norwegian seafood exports, in May, that upward trend ended, and albeit slightly, export value fell. Norway exported seafood products worth NOK 13.6 billion, which represents a 2% decrease - NOK 267 million - compared to May 2024.
"Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value for May. This is the main reason for the decline in the export value of Norwegian seafood in May," said Christian Chramer, CEO of the Norwegian Seafood Council (NSC). "Reduced volumes for clipfish, together with a somewhat stronger Norwegian krone against the US dollar, also contributed to the decline," he added.
In May 2025, Norwegian seafood products were exported to a total of 106 countries, the same as in the same month of the previous year, with the United States, Poland, and the United Kingdom as the main destination markets for these exports.
Despite this slight decline in May, the year-to-date value of Norwegian seafood exports has grown by 5%. Seafood products worth NOK 72 billion were exported, an increase of NOK 3.6 billion compared to the same period last year.
If we talk about total figures, from January to May, the three most exported species were salmon, with exports worth NOK 48.8 billion, cod with NOK 5.8 billion, and trout, with NOK 2.9 billion.
In these first five months of the year, the largest destination markets for Norwegian seafood exports have been the United States with exports worth NOK 7.7 billion, Poland with NOK 6.4 billion, and Denmark with NOK 4.6 billion.
In terms of growth, what we stated last month when we said that Norwegian salmon looks East and West, is repeated. Largely because of the strong demand for salmon, the U.S. was also the fastest growing market for Norwegian seafood exports, up NOK 2.4 billion, followed by China, up NOK 1 billion.
Third place went to the UK, with NOK 0.8 billion more, although in its case, it was frozen cod exports worth NOK 55 million, up 73% year-on-year, that marked that increase. At 1,234 tons, up 16% on May 2024, as much as 46% of Norwegian frozen cod exports, by value, went to the UK last month, something not seen since 2006.
As said, in May, and for the fifth consecutive month, the U.S. was the country with the highest growth in value. Norway exported seafood products to the U.S. totaling NOK 1.4 billion, up 40% - NOK 386 million more - compared to the same month in 2024. This was despite the unpredictability of the market as a result of the U.S. tariffs.
"The big picture is that Norwegian seafood is still doing well in a troubled world. Despite Trump's tariffs of 10 per cent for the whole of May, it was the USA that saw the greatest growth in value for the fifth month in a row," the CEO of the NSC, Christian Chramer, summarized.
With 7,019 tons - up 63% year-on-year - worth NOK 983 million - up 32% or NOK 241 million - the main product exported to the U.S. in May was salmon. However, there was another species also in the spotlight last month.
Norwegian snow crab is thriving in the United States, which last month received exports worth NOK 129 million, an increase of 351%. Trout, with NOK 109 million, up 19%, rounded out the top 3.
"In addition to salmon, snow crab is doing well in the U.S. Overall, snow crab exports were at a record high in May, with an export value of NOK 221 million, of which 59 per cent went to the USA. This year, new regulations have led to a longer season and high landings in April and May as well," Chramer said.
While that is happening in the U.S., in China, the market share of Norwegian salmon continues to increase. In May 2025, a total of 8,273 tons of salmon were exported to China - representing a 181% increase in volume - worth NOK 241 million.
So far this year, Norway has exported 33,870 tons of salmon to the Asian giant with a value of NOK 3.2 billion. In other words, from January to May, the value of Norwegian salmon exports to China has increased by 58%, while the volume has increased by 123%.
Exports of fresh whole salmon were particularly strong, growing by 210%, 7,890 tons. In fact, according to the latest import figures for April, if salmon imports to China grew by 33%, in the case of fresh salmon, this growth increased to 38%.
However, while export volumes have grown, in the first five months of the year, the average export price has decreased by 29%, which, as Sigmund Bjørgo, the Norwegian Seafood Council's envoy to China, explained, has influenced this increase.
"Competitive pricing is a key driver of growth, along with underlying growth especially in new emerging digital sales channels. On top of that, Norway's market share has increased significantly in recent months. In April, Norway's market share was 67 per cent. We have to go back 15 years to find similarly high market shares for Norwegian salmon in China," said Bjørgo.
By species, in the case of salmon exports, the highlight of May was those record export volumes, which had another record associated with them, that of falling prices. Fresh whole salmon was the most exported, and the large supply of large whole salmon continued to consolidate the shift in the flow of goods from Europe to overseas markets, especially to the U.S. and China where this type of product is valued.
Benefiting from the same favorable production conditions as salmon, trout saw a 17% increase in exports to the European Union in May. A lower price compared to last year and, in turn, a relatively low price for trout compared to salmon, have made it more attractive for processing in the EU, which, as NSC analyst Paul T. Aandahl explained, "acts as an intermediate storage facility for exports of trout further east."
Regarding cod, if we talk about fresh cod, farmed cod accounted for 40% of the total export value of Norwegian fresh cod in May. Year-on-year, wild cod fell by 16%, while farmed cod grew by 24%. Frozen cod, on the other hand, recorded, as mentioned, a strong increase in the UK, while suffering a decline in China, a transit market for Norwegian cod, affected by the U.S. tariffs. As for clipfish and salted fish, Portugal consolidated its dominance as the main market.
In May, herring exports continued the trend seen earlier this year, with an overall decrease in volume, down 5%, and a price increase. As Paul T. Aandahl explained, the fall in the price of fishmeal and fish oil has resulted in a lower price for residual raw materials from fillet production, which favored the export of frozen whole herring, which, along with vinegar-treated herring, were the two products that increased in volume.
May was also a good month for mackerel, which, despite recording a 19% drop in volume (it is low season), managed to increase in value thanks to the shortage of supply keeping the price at a high level. The price of frozen whole mackerel under 600 grams, the most important product, was NOK 29.17 per kg, 2% more than in May last year.
The opposite was true for king crab, which, despite the increase in export volumes, saw an overall decrease in export value of 9% compared to May 2024. "King crab exports in May were characterised by varying sizes, differing willingness to pay and lower prices," explained Josefine Voraa, Seafood Analyst at the Norwegian Seafood Council.
In contrast, May 2025 was a historically strong month for snow crab exports, both in volume and value. New regulations have led to an extended season and a high level of landings, which, combined with good demand - especially from the U.S., as said above - and increased availability of crabs for export, significantly boosted both volumes and prices. "This is despite customs barriers and a somewhat stronger Norwegian krone against the dollar," Voraa highlighted.
Finally, for the first time this year, May saw a decline in the value of Norwegian prawn exports due to lower catches and a drop in exports of frozen raw shrimp to the Icelandic and Canadian industry. However, as with salmon, prawns are also seeing a shift in market flows and increased demand from Asia. Last month, exports to China accounted for 64% of the volume and 70% of the total value of frozen cooked shell-on prawn exports.