Fresh whole salmon has been one of the protagonists of May.
Photo: Norwegian Seafood Council.
When it was feared that the global trade turbulence caused by U.S. tariffs would affect Norwegian salmon exports not only to the United States, but globally, by possible shifts in the flow of goods, it has finally fallen victim to its own success, and it has been oversupply that has caused prices to fall.
"Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value for May." This is how Christian Chramer, CEO of the Norwegian Seafood Council (NSC), summed up the main reason for the decline in the total value of Norwegian seafood exports in May.
Last month, Norway exported 112,846 tons of salmon worth NOK 9.8 billion. This means that while volume grew by 38%, value fell by NOK 145 million, down 1%, compared to the same month last year.
It's not a steep drop, but the heavy weight of salmon in the balance of seafood products exported by Norway dragged down the overall figures, and, helped by reduced volumes of cod clipfish, and a slightly stronger Norwegian krone against the US dollar, that 1% less salmon value, became 2% less in total Norwegian seafood exports.
However, it's good fishing in troubled waters, and those better production conditions that have led to oversupply have also led to the prominence of fresh whole salmon exports, which increased by 53%. Thus, two markets heavy consumers of this type of product, such as the U.S. and China, were positioned as the largest growth markets for Norwegian salmon in May 2025.
Registering both a growth in value of NOK 241 million, specifically, Norwegian salmon exports to the US amounted to 7,019 tons, up 63% from the same month last year, while exports to China reached 8,273 tons, an increase of 181% over May 2024.
In total Norwegian seafood exports, the U.S. had the highest growth in value for the fifth consecutive month, exporting products totaling NOK 1.4 billion, of which NOK 983 million, or 70%, was in salmon exports, up 32% year-on-year.
Meanwhile, in China alone, exports of fresh whole salmon were already 7,890 tons, representing a growth of 210%. So far this year, the value of Norwegian salmon exports has increased by 58%, while the volume has increased by 123%. All this while the average export price has decreased by 29%.
"Competitive pricing is a key driver of growth, along with underlying growth, especially in new emerging digital sales channels," explained the Norwegian Seafood Council's envoy to China, Sigmund Bjørgo. "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," he added.
In total figures, Poland, the United States and France were the largest destination markets for Norwegian salmon in May, when due to these large volumes, the average price for a kilogram of whole fresh salmon was NOK 75.78 per kg, representing a 35% drop from the same month last year, when it was NOK 116.68 per kg.
If last year's May was the third highest average price recorded in a month, the price drop of NOK 40.88 per kg compared to the same month last year is the largest recorded to date.
"Record-high export volumes for the month of May, as a result of better production conditions, have led to a record-breaking weakening of the salmon price this year compared with last year," explained NSC's seafood analyst Paul T. Aandahl.
"Most of the volume growth has gone out as fresh whole salmon. In May, exports of fresh whole salmon increased by 53 per cent. Fillet exports grew by 21 per cent to 7,147 tonnes, while fresh fillet exports fell by 2 per cent," the Norwegian Seafood Council's analyst continued.
"Good access to large whole salmon, changing competitive conditions and increased demand have led to a shift in the flow of goods from Europe to overseas markets. Measured in value, 67 per cent of salmon went to Europe. Last year, the share was 71 per cent. 21 per cent of salmon went to Asia, up from 19 per cent, while 11 per cent went to North America, up from 8 per cent," Aandahl added.