Photo: Stockfile/FIS
International market situation for Norwegian cod
(NORWAY, 3/6/2024)
Fall in value for fresh cod
- Norway exported 7,696 tonnes of fresh cod worth NOK 474 million (U$D 44.86M) in February
- The value fell by NOK 4 million (U$D 378.574), or 1 per cent, compared to February last year
- Volume fell by 1 per cent
- Denmark, the Netherlands and Spain were the largest markets for fresh cod in February
There have been increased landings, increased exports of farmed cod and a slight decrease in the total export volume of fresh cod in February.
Higher proportion of large cod
“More fresh cod has remained in Norway for consumption and processing compared with February last year. Part of the reason may be that there has been a higher proportion of large cod in this year's landings and that much of the large cod has gone to salting", says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
Farmed cod accounted for 12 per cent of exports of fresh cod
The export volume of farmed cod ended at 1,117 tonnes, with an export value of NOK 59 million (U$D 5.58M). This is an increase of 22 per cent in volume and 33 per cent in value compared with February last year.
“Farmed cod accounted for 12 per cent of fresh cod exports in February. While the transit country Denmark was the largest market for fresh wild cod last month, another transit country, the Netherlands, was the largest market for farmed cod," explains Brækkan.
Increased volume to Spain
Spain saw the greatest growth in value for fresh cod this month, with an increase in export value of NOK 17 million (U$D 1.6M), or 42 per cent, compared with the same month last year.
The export volume to Spain ended at 921 tonnes, which is 50 per cent higher than the same month last year.
Photo: Nueva Pescanova
“Both farmed and wild-caught cod increased in volume to Spain in February. We must go all the way back to 2018 to find the previous February with higher volumes to this market. This is even though cod quotas today are far lower than then," emphasises Eivind Hestvik Brækkan.
Historically good February for quality labelled skrei
- Norway exported 1,906 tonnes of skrei worth NOK 129 million (U$D 12.1M) in February
- The value increased by NOK 31 million (U$D 2.9), or 31 per cent, compared to February last year.
- This is a growth in volume of 40 per cent
- Denmark, Spain, and Sweden were the largest markets for skrei in February
It was a record-high export value for skrei in a single month, NOK 21 million (U$D 1.98M) higher than the previous record month, which was in March 2023.
As much as 31 per cent of exports of fresh wild cod in February were quality labelled skrei, which is the highest proportion ever.
Increasing demand in Spain
Both export value and export volume increased to all three of our largest markets in February, with Spain showing the greatest growth.
"We see an increasing demand for skrei in Spain, with more supermarkets selling skrei than last year. It is therefore particularly pleasing to see that the supply continues to increase in February, even with the significant quota reduction," says Tore Holvik, the Norwegian Seafood Council's envoy to Spain.
Expect a solid cod season
The export value to Spain increased by NOK 19 million (U$D 1.78M), or 101 per cent, compared with the same month last year. The export volume to Spain ended at 627 tonnes, which is 120 per cent higher than the same month last year.
“Knowing that significant volumes of skrei arrive in Spain via the Danish transit market, this is set to be a solid skrei season in our largest skrei market," explains Holvik.
Good month for frozen cod
- Norway exported 5,723 tonnes of frozen cod worth NOK 335 million (U$D 31.7M) in February
- The value increased by NOK 40 million (U$D 3.78M), or 14 per cent, compared to February last year
- This is a growth in volume of 10 per cent
- The UK, Vietnam and the US were the largest markets for frozen cod in February
China weakened sharply over the past year, while other processing markets in Asia and Eastern Europe are playing a greater role.
The UK is once again Norway's largest market
"Last year, the UK was our largest market for frozen cod, after 13 years with China in first place. In February, the UK is once again our largest market, while China is only our ninth largest destination country for frozen cod," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
Vietnam had the largest growth in value this month, with an increase in export value of NOK 78 million (U$D 7.38M), or 537 per cent, compared to the same month last year.
The export volume to Vietnam ended at 1,859 tonnes, which is 478 per cent higher than the same month last year.
Source: Norwegian Seafood Council
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