July 8, 2024


Norwegian fresh salmon prices continue to decline


The summer slump in Norwegian fresh salmon prices shows no sign of letting up, according to the latest official figures, Fish Farmer reported.


Statistics Norway reports that prices fell below NOK 80 (US$7.58) per kg last week (week 26) for the first time this year, reaching NOK 79.9 (US$7.57) per kg. This marks a decrease of NOK 6.29 (US$0.60) per kg or 7.3% from week 25.


The price drop has been significant. In May, fresh Norwegian salmon was priced at NOK 116.66 per kg (US$11.05). By June, the price had fallen to NOK 85.85 per kilo (US$8.15), and last week it dropped below NOK 80 (US$7.58).


Despite a decrease in export volumes by 748 tonnes last week, the total volume still reached the second highest level of the year at 17,377 tonnes, indicating continued strong demand.


The Norwegian Seafood Council reported that seafood exports for the first six months of 2024 were down for the first time in several years, primarily due to the slump in salmon prices last month.


Salmon remains the leading fish for overseas seafood buyers. Norway's salmon farmers earned NOK 56.3 billion (US$5.3 billion) in export sales during the first half of this year. The next highest earner was cod, with exports valued at NOK 6.8 billion (US$644 million), some of which comes from farmed cod.


Poland, Denmark (both major processing countries), and the US were once again the largest markets for Norwegian salmon.


-      Fish Farmer