Exports of Norwegian salmon struck a record high during 2016.
An increase of nearly 30% was responsible for overall export value of NOK 61.4 billion (€6.7 billion), the highest export value ever recorded, according to the Norwegian Seafood Council.
The rise came just in time to help the Norwegian economy as it partially offset the decline in oil revenues.
The result was somewhat counter-intuitive as the actual amount of salmon exported was 5% lower last year than it had been in 2015.
Norway also had to cope with lower harvests, due in part to attacks of sea lice on farmed salmon.
Higher prices prevailed and, coupled with heightened demand, more than compensated for problems in supply.
The average export price for fresh whole salmon hovered around the NOK 60.11 (€6.70) per kilo mark, a leap of 40% over 2015, which itself had been a record year.
Salmon accounts for two third of all Norwegian seafood exports globally.
Three-quarters of the salmon made its way to EU countries last year, with France and Poland being the most eager recipients. Surprisingly, perhaps, austerity-ridden Greece proved the strongest growth market while sales in recovering Spain fell by 12%.
Sales, particularly of fresh fillets, increased in the US.
The value of sales to the Asian market was also up by a whopping 39% over 2015, although the amount exported remained virtually the same. Japan, Vietnam and South Korea purchased the most.
Analysts expect prices to rise even further this year due to continued strong demand and the reopening of the Chinese market, which has become accessible again after a recent reconciliation between China and Norway following a chilly period after the 2010 Nobel Peace Prize was awarded to a Chinese dissident.
Exports of Norwegian trout were also up in both volume (29%) and value (69%) as well as price (41%). Last year the nation’s trout output found its way to more international markets.
Russians consumed 46% of all the trout exports, while the greatest increase in sales were marked in the US and Japan. Demand from EU nations and Asia also increased.
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