Mackerel has become South Korea's most popular fish

The Global Trade Dynamics of Norwegian Mackerel and Herring

NORWAY
Thursday, February 06, 2025, 03:00 (GMT + 9)

Value growth and volume decline for herring

• Norway exported 20,997 tonnes of herring worth NOK 438 million in January
• The value increased by NOK 12 million, or 3 per cent, compared with the same month last year.
• Volume fell by 10 per cent
• Poland, Lithuania and Sweden were the largest markets for herring in January

Despite good herring fishing, which landed 20,000 tonnes more herring in January this year compared with last year, export volumes declined

"Prices are rising, so this is not due to changes in demand. Since herring is exported frozen and fillet products are often on contract, the agreed delivery time may be shifted so that exports do not necessarily reflect the catches within a month," says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.

Price record for the largest export products

In January, a price record was set for skinless fillets, whole frozen herring and marinated herring, which are the three largest export products.

“The price development is driven by expectations of a very tight supply situation with another reduction in quotas," explains Johnsen.

After a difficult period for marinated herring products due to the lack of an active customs agreement with the EU, this is in effect from 1 January.

Photo: Norwegian Seafood Council

“The result was an immediate increase in exports of vinegar-treated herring, which is the largest product. Here, exports increased from 1,200 to 2,100 tonnes. "This is an increase of 66 per cent compared with January last year. At the same time, the price increased by 16 per cent," says Jan Eirik Johnsen.

Strong month for mackerel

• Norway exported 24,402 tonnes of mackerel worth NOK 737 million in January
• The value increased by NOK 355 million, or 93 per cent, compared with the same month last year
• This is a growth in volume of 46 per cent
• South Korea, Vietnam and China were the largest markets for mackerel in January

“As with herring, more mackerel was landed in January than in the same month last year. For the first time since before Brexit, Norwegian boats also participated in the January fishery around Shetland. Around 38,000 tonnes were landed, of which Norwegian boats accounted for 6,500 tonnes. At the same time last year, 29,000 tonnes were landed, and then nothing came from Norwegian boats," says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.

Expected quota cut of 22 per cent

The mackerel quota is expected to be reduced by 22 per cent when the final quota is set after negotiations in the spring.

“This is the fourth year in a row that the quota has been reduced. This time it is expected to end at around 170,000 tonnes, which is 44 per cent lower than in 2021," Johnsen explains.

At the same time, there is good demand in the markets.

“This is pushing prices upwards, and in January a record was once again set for mackerel under 600 grams, which is by far the largest product. This is the sixth month in a row that a record has been set," says Johnsen.

The mackerel is strong

Exports of NOK 737 million in January are also a clear record. The previous record was from 2021 and totalled NOK 628 million. However, around 42,000 tonnes of mackerel were exported then, or 71 per cent, more than in January this year.

"Mackerel has a strong position in many markets and is still an affordable product compared to other protein sources. The long-term high price increase, as well as low available volumes, will contribute to changes in the markets," says Jan Eirik Johnsen.

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