Photo: Norwegian Seafood Council / FIS
Market situation for Norwegian cod (fresh, frozen, farmed...)
Thursday, December 07, 2023, 07:10 (GMT + 9)
Fall of fresh cod
- Norway exported 2,420 tonnes of fresh cod worth NOK 141 million in November.
- The value fell NOK 36 million, or 20 percent, compared to November last year.
- Volume fell 18 percent.
- Denmark, Spain and the Netherlands were the largest markets for fresh cod in November
The large decline in the export value of fresh cod is due in part to the fact that only 156 tonnes of fresh fillets were exported in November this year, representing a decrease of 188 tonnes, or 55 percent, compared to November of last year.
Growth of farmed cod
"Farmed cod continues to increase in volume. With an export of 960 tonnes in November, the volume increased by 93 percent compared to last year. With an export value of NOK 56 million, 39 percent of the value of export of fresh cod in November was farmed cod," says seafood analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
Of fresh wild-caught whole cod, 1,300 tonnes worth NOK 66 million were exported, representing a decrease of 38 percent in volume and 39 percent in value.
"The decrease in fresh cod export volume is largely due to the fact that November landings were much lower than last year," highlights Brækkan.
The largest market in Spain
As usual, Spain was the largest destination country for farmed cod, with 350 tonnes and 37 percent of the total farmed cod export volume in November.
For wild-caught cod, transit country Denmark was the largest destination country, accounting for 76 percent of the total export volume in November.
Good November for frozen cod
- Norway exported 5,150 tonnes of frozen cod worth NOK 269 million in November
- The value increased NOK 31 million, or 13 percent, compared to November last year.
- This is a volume growth of 28 percent.
- The United Kingdom, China and Vietnam were the largest markets for frozen cod in November
China had the biggest increase in value in November, with an increase in export value of NOK 22 million, or 52 percent, compared to the same month last year.
The export volume to China ended at 1,454 tons, 77 percent more than the same month last year.
Even with this increase, only 18 percent of frozen cod export value has gone to China so far this year. This is the lowest proportion since 2009.
Vietnam is a growing market
"Vietnam stands out as a high growth market, with up to 7 percent of export value so far this year, which is the highest in history. Vietnam is primarily a further processing country for frozen cod that processes and re-exports most of it to Europe and the United States," says seafood analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
The highest ratio with Great Britain in 15 years
The UK is consolidating its position as our largest market for frozen cod. So far this year, 29 per cent of frozen cod export value has gone to the UK, which is a 20 per cent growth compared to the same period last year. This is the highest proportion since 2008.
"This is what was expected after the UK introduced higher export tariffs on Russian whitefish imports last summer," explains Brækkan.
In November, the export volume of frozen whole cod to the United Kingdom increased by 43 percent to a total of 990 tonnes, while the export of frozen fillets fell by 26 percent to 184 tonnes.