Norwegian salmon exports to grow further
The volume of Norwegian salmon exports in the first half of the year reached 556,000 tonnes with a value of $3.9 billion. There was an increase of 7% in volume and 4% in value compared to the same period of 2017, reports the Norwegian Seafood Council.
Salmon exports could grow further believes analyst Paul T. Aandahl, but there is a stronger competition in several markets.
"Several factors have contributed positively to this record half-year. Currency is one of them. The Norwegian kroner depreciated on average by 5% against the euro, but against the US dollar, the kroner increased by about 7%. Since the EU territories account for two-thirds of Norwegian salmon, Norway´s export results remain positive", explained Aandhal.
Even if Norway has managed to increase its market share within EU, in other markets, there is a strong competition from exporters such as Chile. "Assuming that half of the trade goes to Euro markets and the rest of exports are to dollar markets, the value is about 4%. This indicates continued growth in demand globally. Chile is the country that has shown the highest growth in export volumes, with an estimated increase of 35% or 80,000 tonnes", confirmed the analyst. The trend in export statistics indicates a projected increase of 8,000 tonnes from Canada, while the UK is expected to reduce exports by 14,000 tonnes.
Chilean salmon is making its way in markets such as USA, Turkey, Ukraine or Asia challenging Norwegian products. The trend in global trade statistics indicates an increase in the supply of salmon to Asia of 18% and most of this growth appears to have come from Chile (+67%), Canada (+489%) and the Faroe Islands (+56%). For the rest of the year, Aandhal expects that the US and Asia to increase the demand for salmon products. Regarding the competitors from Chile and Faroe Islands, the analyst believes that they will rather focus on Russia, where Norwegian salmon is banned, and that could represent an opportunity for Norwegian exporters to strengthen their position in other markets.
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