Norwegian flags adorned the fish counter when the Japanese got to taste fresh skrei. Photo: Norwegian Seafood Council

Market situation for Norwegian cod (fresh, frozen, farmed, salted, dried...)

NORWAY
Friday, August 09, 2024, 01:10 (GMT + 9)

Decline continues for fresh cod - farmed cod increases

• Norway exported 2,384 tonnes of fresh cod worth NOK 137 million in July
• The value fell by NOK 9 million, or 6 percent, compared with the same month last year
• Volume fell by 19 per cent
• Denmark, the Netherlands, and Spain were the largest markets for fresh cod in July

The decline in landings of fresh cod continues, and the export volume of fresh wild cod in July fell by as much as 45 percent to just 1,429 tonnes. We must go back to 2019 to find a lower export volume of fresh wild cod in July month. The export value of fresh wild cod fell 37 percent to NOK 80 million.

This is the fifth generation of farmed cod in the National cod breeding program. Photo: Lars Åke Andersen © Nofima.

For fresh farmed cod, the export volume increased by 200 percent to 955 tonnes, while the export value increased by 185 percent to NOK 58 million. Farmed cod accounted for 42 percent of the export value of fresh cod.

While most wild cod is exported to Denmark, the Netherlands is the largest destination country for farmed cod. However, both markets are transit markets. Most of the fish goes on from there to the large fresh markets, both as whole fish and processed.

"The decline in fresh cod exports is expected, with lower quotas resulting in fewer landings and a lower volume. At the same time, we see that exports of farmed cod are stable at around 1,000 tonnes per month," explains Eivind Hæstvik Brekkan, Seafood Analyst at the Norwegian Seafood Council.

Frozen cod also falls because of the quota cut

• Norway exported 2,290 tonnes of frozen cod worth NOK 147 million in July
• The value fell by NOK 63 million, or 30 percent, compared with the same month last year.
• Volume fell by 32 per cent
• The UK, China, and Sweden were the largest markets for frozen cod in July

Naturally, lower cod quotas also resulted in a decline in the export volume of frozen cod in July.

The UK retains its position as the largest destination country for frozen cod, despite a 37 percent decrease in export volume, from 1,277 last year to 800 tonnes in July this year. Both frozen fillet and frozen whole cod had lower export volumes to the UK, down 44 and 35 percent respectively compared to July 2023.

China had the highest value growth in July, with an increase in export value of NOK 29 million, or 155 percent, compared with the same month last year.

• The export volume to China ended at 814 tonnes, which is 77 percent higher than the same month last year. So far this year, the export volume to China has now exceeded 10,000 tonnes, which is more than 1,000 tonnes higher than at the same time last year.
• However, this is still far lower than the previous year, and almost 50 percent lower than at the same time in 2022.

Increased volumes of clipfish

• Norway exported 5,436 tonnes of clipfish worth NOK 383 million in July
• The value increased by NOK 5 million, or 1 percent, compared with the same month last year.
• This is a growth in volume of 16 percent
• Portugal, Congo-Brazzaville, and the Dominican Republic were the largest markets for clipfish in July

For saithe clipfish, the export volume increased by 38 percent to 3,329 tonnes, while the export value increased by 20 percent to NOK 134 million.

For cod clipfish, the export volume fell by 16 percent to 1,702 tonnes, while the export value fell by 10 percent to NOK 227 million.

1,441 tonnes of cod clipfish were exported to Portugal in July. This is a decrease of 19 percent from the same month last year. So far this year, however, export volumes to Portugal are up 1 percent to 9,094 tonnes.

Norwegian clipfish for sale at a market in Kinshasa, the capital of the Democratic Republic of Congo. PHOTO: Kostevit/Seafood Council

Congo-Brazzaville had the highest growth in value in July, with an increase in export value of NOK 26 million, or 131 percent, compared with the same month last year. Most of the clipfish exported to Congo-Brazzaville are saithe clipfish. The export volume to Congo-Brazzaville ended at 1,134 tonnes, which is 162 percent higher than the same month last year.

Salt fish exports increased

• Norway exported 982 tonnes of salted fish worth NOK 82 million in July
• The value increased by NOK 12 million, or 17 percent, compared with the same month last year.
• This is a growth in volume of 2 percent
• Portugal, Italy, and Canada were the largest markets for salted fish in July

Portugal saw the greatest growth in value in July, with an increase in export value of NOK 22 million, or 51 percent, compared with the same month last year. The export volume to Portugal ended at 727 tonnes, which is 48 percent higher than the same month last year. So far this year, 12,900 tonnes of salted fish have been exported to Portugal, 14 percent lower than last year.

Low stockfish volumes in a quiet month

• Norway exported 170 tonnes of stockfish worth NOK 23 million in July
• The value fell by NOK 8 million, or 25 percent, compared with the same month last year
• That's a growth in volume of 50 percent
• Italy, Nigeria, and the US were the largest markets for stockfish in July

Only 31 tonnes of stockfish were exported to Italy, our largest stockfish market, in July. This is more than a halving of the same month last year.

July saw the greatest growth in the value of exports to Nigeria, with an increase in export value of NOK 6 million, or 266 percent, compared with the same month last year. The export volume to Nigeria ended at 89 tonnes, which is 429 percent higher than the same month last year. This means that more than half of the stockfish in July went to Nigeria. When it comes to changes in what are initially low volumes, there is a high percentage change.

“Stockfish of saithe, tusk, and cod were all exported to Nigeria in July. The dried fish that goes to this market achieves a much lower price than that which goes to Italy. Despite the increase in July, the market situation in Nigeria remains challenging. A weak exchange rate for the Nigerian naira makes importing goods more expensive," says Eivind Hestvik Brækkan.

Source: Norwegian Seafood Council

[email protected]
www.seafood.media

Print