Price transmission and asymmetry in major European salmon supply chains

Growing consolidation of intermediaries and expanding product diversity along the seafood value chain have increased interest in price transmission analysis. This study investigates price transmission and asymmetry along the salmon supply chain from the export market of Norway to retail markets in France, Germany, Spain, and the United Kingdom(UK), focusing on 12 retail products: fresh, frozen, and smoked salmon, three from each country. The weak exogeneity test is used to identify price leadership, while the Nonlinear Autoregressive Distributed Lag model is employed to investigate both long- and short-run asymmetries. The findings show that export prices lead retail prices in France, Germany, and Spain, while the UK exhibits reverse causality. Moreover, price transmission occurs in half of the cases investigated, primarily for fresh and frozen products, while smoked salmon shows limited transmission. Transmission speed is fastest in France and Germany, moderate in Spain, and absent in the UK. Where transmission occurs, adjustments are generally symmetric. • Study tracks price transmission from Norway exports to four major European retail markets, i.e., FR, DE, ES, and the UK. • Norway export prices lead in FR, DE, ES; reverse causality found in the UK. • Only 6 of 12 salmon products show export-to-retail price transmission. • Transmission varies across both product forms and retail markets. • Where present, price adjustment is mostly symmetric, easing intermediary power concerns along the supply chain.