Chile's largest meat protein producer posted profits of US$357 million in the first half of 2025, amid the new U.S. tariff policy.

Despite US Tariffs, Chile's Competitive Advantage Over Norway Solidifies Agrosuper as a Global Salmon Leader

CHILE
Thursday, September 04, 2025, 20:00 (GMT + 9)

Despite the Increase in Tariffs, Chile's Competitive Advantage Over Norway Solidifies Agrosuper's Position as a Global Salmon Leader

SANTIAGO—In a context of geopolitical uncertainty and new trade policies, the salmon sector has proven to be a fundamental pillar for the solid financial performance of Agrosuper. The Chilean company, a leader in protein production, closed the first half of 2025 with significant growth, driven largely by its aquaculture division and its strategic position in the salmon market.

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The company reported consolidated revenues of US$357 million in the first half of 2025, while its cumulative net profit for the same period was US$247 million, a remarkable 115% increase from the previous year. This growth occurs despite the challenges posed by the new tariff policy of the United States government, which imposed a 10% tariff on imports of Chilean salmon.

Salmon at the Center of the Strategy

Despite the tariffs, salmon remains a key driver. Agrosuper maintains its position as the third largest salmon producer in the world. Sector data indicates that salmon and trout exports accounted for 7% of Chile's total exports in the first quarter of 2025, reaching a value of US$1.847 billion. This underscores the industry's importance to the national economy, especially in the southern regions of Aysén, Los Lagos, and Magallanes.

The new US tariffs, while a challenge, have strengthened Chile's competitive advantage over Norway. The U.S. government imposed a 15% tariff on Norwegian salmon, which leaves Chilean salmon in a more attractive position with its 10% rate. This 5% differential is key for American buyers and reinforces Chile's leadership as the main supplier of salmon in that market, with an estimated 53% share of imports.

Diversified Prices and Markets

The salmon segment's performance showed mixed results in the second quarter of 2025, with a decline in sales volumes and prices due to increased production in Norway (+26%) and Chile (+15%). However, Agrosuper's diversification strategy has helped mitigate these effects. The company has benefited from the strong performance of Pacific salmon in Japan, where prices have been higher due to lower local supply.

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On the other hand, Atlantic salmon, the main export product to the U.S., has shown resilience. The company has diversified its customer portfolio, which reduces dependence on a single market and strengthens its resistance to fluctuations. In addition, the costs of raw materials such as corn, soybean meal, and fishmeal have remained low, contributing to a more efficient cost structure.

Despite Agrosuper's solid position, the impact of the new tariffs on the entire Chilean salmon industry is significant. Industry experts estimate that these measures could result in annual losses of up to US$500 million. The situation is a wake-up call for the sector, which must continue to explore market diversification and optimize its business strategy to maintain its global competitiveness.

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