Norwegian seafood exports dip slightly in May amid lower salmon prices

Norway exported seafood worth NOK13.6 billion ($1.26 billion) in May, down two per cent or NOK267 million from the same month last year, ending a 10-month streak of growth. The decline was largely driven by a global increase in salmon production, which led to a sharp drop in prices, according to a report by the Norwegian Seafood Council.

“Increased production volumes put pressure on salmon prices, leading to a reduced total export value,” said Christian Chramer, the council’s CEO. A stronger krone and lower clipfish exports also contributed to the decline.

Despite the setback, the US remained a standout growth market, with seafood exports rising 40 per cent year-on-year to NOK1.4 billion. Salmon, snow crab, and trout were the top contributors. Snow crab exports to the US reached a record NOK129 million in May, up 351 per cent.

Overall, Norway has exported seafood worth NOK 72 billion in the first five months of 2025, a five per cent increase from the same period last year. The US (NOK 7.7 billion), Poland (NOK 6.4 billion), and Denmark (NOK 4.6 billion) were the top markets year-to-date.

Salmon prices plunge despite record volume

Norwegian salmon exports totalled NOK9.8 billion in May. While volumes rose 38 per cent to 112,846 tonnes, the value slipped one per cent due to a 35 per cent drop in average prices, marking the largest year-on-year price decline ever recorded.

The average price for fresh whole salmon fell to NOK75.78 per kg, down from NOK116.68 a year earlier. Most of the volume growth was in fresh whole salmon, up 53 per cent, while fillet exports rose 21 per cent.

The US and China emerged as key growth markets, each increasing in value by NOK241 million. Exports to the US grew 63 per cent by volume, and to China by 181 per cent. China imported 8,273 tonnes of Norwegian salmon in May alone, pushing year-to-date volume to 33,870 tonnes, up 123 per cent.

Trout, cod, and other species show mixed results

Trout exports reached NOK589 million in May, up two per cent in value and 35 per cent in volume. Poland saw the highest value growth at 219 per cent. Fresh cod exports rose 14 per cent in value to NOK212 million, though volumes dipped three per cent. Farmed cod showed strong growth, now accounting for 40 per cent of fresh cod exports.

Frozen cod exports dropped five per cent in value and 25 per cent in volume. However, shipments to the UK rose 73 per cent in value, accounting for nearly half of all frozen cod exports in May.

Clipfish exports plummet; salted fish steady

Clipfish exports fell 36 per cent to NOK340 million, with volumes down 45 per cent. Cod and saithe clipfish were both hit hard. Despite the decline, Portugal maintained its dominance, taking 78 per cent of cod clipfish exports so far this year.

Salted fish exports rose 12 per cent to NOK411 million, although volume dropped eight per cent. Portugal accounted for more than 90 per cent of value.

Other species and regional trends

Stockfish exports remained flat at NOK55 million, although volume declined 16 per cent. Herring exports climbed four per cent to NOK190 million, driven by strong growth in Poland.

Marinated herring products surged following an EU customs agreement, with volumes up 175 per cent year-to-date. Mackerel exports increased six per cent in value to NOK286 million, despite a 19 per cent drop in volume due to seasonal factors and tight supply.

Norwegian seafood was shipped to 106 countries in May, unchanged from last year, highlighting continued global demand despite market headwinds, according to the Norwegian Seafood Council.