The September 2025 FAO European Fish Price Report paints a volatile picture for global seafood. The United States’ new 15 per cent tariff on most EU and Norwegian fish exports – and a 50 per cent tariff on Brazilian seafood – has shaken trade routes and forced producers to find new buyers.
Norwegian seafood exports to the US fell 3 per cent in August, with salmon exports down 15 per cent, while Brazilian exporters face over 1,000 tonnes of fish stuck at port.
Salmon prices sink despite record output
Norwegian salmon prices hit their lowest level since 2022, as favourable weather boosted harvests and flooded the market.
The Norwegian Seafood Council (NSC) reported exports of 145,000 tonnes worth NOK 10.6 billion (EUR 910 million) in August, up in volume but down in value.
The US market collapse – driven by tariffs and a stronger krone – was offset by booming demand in China, where sales surged 114 per cent year-on-year. Analysts note that Norwegian producers’ diversification into Asia is now key to stability.
Cod, herring, and mackerel under quota pressure
Groundfish markets remain tight as cod quotas fall and saithe catches weaken. Fresh cod exports dropped 21 per cent in volume in August, pushing prices to historic highs. Stockfish now sells at EUR 30 per kg, up EUR 4 since August.
The North Sea herring season ended with similar volumes to last year, but more of the catch went for human consumption – 80,000 tonnes, a 33 per cent rise. Mackerel catches matched 2024 levels, yet prices are climbing amid reduced global supply.
Shellfish and cephalopods: sharp shifts
European lobster prices fell over EUR 10 per kg due to strong seasonal supply and weak demand. At the same time, Italian farmed clam prices jumped 30 per cent after blue crab infestations cut availability.
Cuttlefish prices in the Mediterranean dropped up to EUR 2 per kg, but South African squid rose by EUR 0.30 per kg on poor catches.
Tuna outlook steady but fragile
Tuna stocks remain mostly sustainable, with 91 per cent of global tuna not overfished. Yet yellowfin and bigeye stocks are under regional stress, and Pacific bluefin remains overfished. The Western and Central Pacific Fisheries Commission has tightened harvest control rules to safeguard stocks as FAD use increases catch efficiency – and ecological risk.
European aquaculture holds steady
Prices for seabass and seabream remain stable, buoyed by robust HORECA demand and expanding German online retail sales. Meanwhile, the tilapia market in the EU grows slowly but steadily, driven by food-service demand for affordable protein.