"Salmon is the protein of the future, which implies a tremendous positioning and growth opportunity for our nation that we cannot afford to miss," said Chilean Salmon Council Executive Director, Loreto Seguel.
Photo: Chilean Salmon Council.
According to data from the 'Salmon Export Monitoring Report' by the Chilean Salmon Council (CDS in its Spanish acronym), Chilean salmon exports fell by 3.1% in Q3 2024, a percentage equivalent to a total of 5.6 tons. The figures, extracted from official information from Chile's National Customs Service, also reflect a decline for the second consecutive period.
Its Executive Director, Loreto Seguel, pointed to the general standstill of the salmon farming industry, of which Chile is the world's second-largest producer, as the reason for this decline. "The figures for the third quarter reaffirm the stagnation of the salmon farming industry, with negative figures added to those registered in the first half of 2024," she said.
The truth is that, although its main competitor, Norway, achieved this year its best third-quarter seafood exports ever - driven, among others, by high volumes of salmon -, within the same quarter the Norwegian Seafood Council had also warned about the "uncertain" market trend for its salmon.
As mentioned, the fall in exports in Q3 did not affect all types of salmon in Chile equally. If we look at them individually, Atlantic salmon recorded a 9% reduction in the exported volume, equivalent to a drop of 13 thousand tons, of which 10 thousand correspond to the frozen whole cut.
Although the report does not give an exact figure, in line with the 9% reduction in tons, in terms of value, Atlantic salmon exports decreased by 10% in Q3 2024. However, the report points out that, despite the decrease in volume and millions of USD, the fresh format of Atlantic salmon continues to represent 50% of total salmon exports.
In contrast, Coho salmon not only had positive figures but also achieved the highest export in tons recorded in Q3s. There were 26 thousand tons, 30% more than in the same period of 2023, something that was also reflected in its monetary return.
Exports of Chilean Coho salmon reached USD 182 million (EUR 171.2 million) in the third quarter of 2024, which represents an increase of 40% compared to the same period of the previous year.
Finally, the Chilean Salmon Council also provided export data for trout which, like Coho salmon, also recorded significant growth in the period.
Specifically, during Q3 2024, the trout obtained an increase of 13% compared to Q3 2023. This is 11,351 tons vs. the previous year's 9,856 tons. In value terms, that meant an increase of 19%.
Commenting on these results, the Executive Director of the Chilean Salmon Council recalled that salmon farming currently represents Chile's second most important export industry. With a value of more than USD 1.4 billion (EUR 1.3 billion) in Q3 2024, the export of salmon led by far among non-mining products.
Compared to other key sectors, such as cellulose - USD 849 million FOB (EUR 799.3 million) - and timber - USD 623 million FOB (UR 586.6 million) -, salmon maintains a significant advantage, being the main generator of FOB value (free on board, which refers to the net price of a product, not including the export costs associated with its shipment) in this period.
"The downward indicators that we see in recent periods are very bad news that detracts from our competitiveness at a global level," Loreto Seguel said.
"Today Chilean salmon farming has all the productive conditions and technological advances to become a world leader, but it is necessary to assume that we are facing a national crusade, a challenge where public-private collaboration is key and where we all must sit at the table to work to project and develop it sustainably," she continued.
This is the same position defended by SalmonChile, the Chilean Salmon Industry Association, during the first edition of 'Salmon Summit 2024: Driving Chilean Salmon Farming to 2050', held in July.
Its president, Arturo Clément, closed the event with these words: "We need a national vision for salmon farming. We need an aquaculture towards 2050 where everyone in this country can generate value, where we can have a permanent policy, and where we can really feed the world from Chile."
Seguel also pointed out that, in Chile, salmon farming not only boosts the economic activity and well-being of families in the southern part of the country but also creates an extensive value chain in the ecosystem of entrepreneurs in the regions of Los Lagos, Aysén, and Magallanes.
Developed mainly in these three regions of the country, salmon farming represented 17% of Chile's non-mining exports in Q3 2024. Chilean salmon, which annually reaches more than 100 countries, reached 64 different markets during this period.
"We talk about a Chilean product of great quality, versatile, and also capable of adapting to different logistical solutions such as sea, air, and land transport," said the Executive Director of the Chilean Salmon Council.
Therefore, she reiterated the importance of the country maintaining its competitiveness at the international level, considering key markets such as the United States -the most important for Chilean salmon exports-, Brazil and Japan. Precisely the latter stood out in terms of growth during this third quarter, with an increase from 19,343 tons in 2023 to 25,236 tons in 2024.
"As if that were not enough, salmon is one of the most sustainable animal proteins and is part of the activity that FAO has anointed as the protagonist of the blue transformation, that is, the food potential that this activity has to solve the planet's food crisis," Loreto Seguel continued "Undoubtedly, a tremendous opportunity of positioning and growth for Chile that we cannot miss."
It should be recalled that the Chilean Salmon Council brings together the producers AquaChile, Australis, Cermaq, Mowi, and Salmones Aysén, representatives of more than half of the local salmon farming production in Chile.
