SEAFOODNEWS.COM [SCOM] — October 13, 2014 — Norway's increased salmon exports to the US and Asian markets are helping to mitigate the loss of its top market, Russia, from its import ban on foodstuffs enacted over the summer.
The value of exports of Norwegian salmon in September totalled NOK 3.5 billion (US$539.1 million). This is an increase of NOK 232 million ($35.7 million), or 7 percent, compared to the same period last year. To date, exports of salmon have totalled NOK 31.9 billion ($4.91 billion) This is an increase of NOK 4.7 million ($720,000), or 17 percent, compared to last September.
Norwegian exporters have sent more product to Asian and US markets, which has offset the loss the Russian market from the summer's import ban.
The value of exports of Norwegian salmon to Asia in September was up 10 percent to $89.5 billion.
To date, total exports of Norwegian salmon to Asia are up 22 percent compared to the same period last year. This growth was driven by a volume increase of 14 percent, to a total of 101,000 tonnes thus far this year.
In the US, Norwegian salmon export values in September were up 19 percent compared to the same period last year. To date, total exports of Norwegian salmon to the U.S. have have nearly doubled to $200.2 million, as exported volumes are up 75 percent, to a total of 20,000 tonnes.
Meanwhile, Norwegian salmon shipments values to Eastern Europe in September fell 56 percent compared to last September, driven by the loss of the Russian market. To date, total exports of salmon to Eastern Europe have totalled NOK 3.2 billion ($493 million). As for volumes, this is a decrease of 16 percent compared to the same period last year. Measured in volume, this is a decrease of 22 percent, or 22,000 tonnes, to a total of 79,000 tonnes.
“In spite of the fact that Norwegian salmon has been banned from the Russian market the last two months, the total value of exports is increasing. Demand continues to increase and we see an increase in both the export volume and the price of salmon,” said Paul T. Aandahl, Branch Manager for Salmon and Trout at the Norwegian Seafood Council.
The following story originally appeared on SeafoodNews.com, a subscription site. It has been reprinted with permission.