Norway records declining seafood export value amid salmon price drop

NORWAY – Norway’s seafood export earnings dropped in May following a sharp decline in salmon prices caused by increased production both locally and internationally.

According to the Norwegian Seafood Council, seafood worth US$1.29 billion (NOK 13.6 billion) was exported during the month, which is a 2% decrease or US$25 million (NOK 267 million) compared to the same period in 2023.

The dip in earnings comes after ten consecutive months of growth in Norway’s seafood exports.

Higher volumes of salmon from Norway and other producing countries contributed to lower prices, which reduced overall export value.

Weaker returns from clipfish and currency effects, particularly a stronger Norwegian krone against the US dollar, also played a role in the decline.

Despite this, seafood exports remained widespread, reaching 106 countries in May, matching last year’s count.

The United States, Poland, and the United Kingdom were the top destinations for Norwegian seafood that month.

US Market Sees Strong Growth

The US continued to show strong demand, becoming the largest growth market for the fifth straight month despite a 10% tariff imposed throughout May.

Norwegian seafood exports to the US rose by 40% compared to last May, reaching US$133 million (NOK 1.4 billion).

This growth was led by salmon, snow crab, and trout, with snow crab shipments hitting a record US$12.3 million (NOK 129 million), a 351% increase.

Salmon exports to the US were valued at US$93.4 million (NOK 983 million), while trout reached US$10.4 million (NOK 109 million).

Year-to-date, Norway’s total seafood exports have reached US$6.82 billion (NOK 72 billion), 5% higher than the same period last year.

So far in 2025, the leading markets have been the US, Poland, and Denmark, with the US alone accounting for US$730 million (NOK 7.7 billion).

Largest Price Drop Ever Recorded for Salmon

In May, 112,846 tonnes of salmon were exported, generating US$932 million (NOK 9.8 billion), which is a 1% decline in value despite a 38% increase in volume.

The average export price of fresh whole salmon fell to US$7.21 (NOK 75.78) per kilo, down from US$11.09 (NOK 116.68) per kilo a year earlier, marking the steepest drop on record.

Fillet exports also showed mixed results, with fresh fillets decreasing slightly by 2% while other fillet types rose.

Europe remained the main buyer for Norwegian salmon, though its market share fell from 71% to 67%, while Asia and North America gained ground.

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