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Photo: Norwegian Seafood Council/FIS

Market situation of Norwegian cod (fresh, frozen, farmed, salted, dry...)

Click on the flag for more information about Norway NORWAY
Tuesday, October 08, 2024, 00:10 (GMT + 9)

Volume decline and value growth for fresh cod

  • Norway exported 6,156 tonnes of fresh cod worth NOK 374 million in the third quarter
  • The value increased by NOK 4 million, or 1 per cent, compared with the third quarter last year
  • Volume fell by 9 per cent
  • Denmark, the Netherlands and Spain were the largest markets for fresh cod in the third quarter

For fresh wild cod, the export volume fell by 35 per cent to 3,699 tonnes, while the export value fell by 26 per cent to NOK 222 million.

For fresh farmed cod, the export volume increased by 119 per cent to 2,457 tonnes, while the export value increased by 115 per cent to NOK 152 million.

Largest value growth to the Netherlands

The transit market, the Netherlands, had the highest value growth in the third quarter, with an increase in export value of NOK 70 million, or 148 per cent, compared with the third quarter last year.

“The export volume to the Netherlands ended at 1,996 tonnes, which is 163 per cent higher than in the third quarter last year. There was also an increase in exports of farmed cod to the transit markets of Poland and Denmark," says Seafood Analyst Thomas Jakobsen with the Norwegian Seafood Council.

Historically high share of farmed cod

Farmed cod accounted for 41 per cent of the export value of fresh cod in the third quarter of 2024.

“This share has never been so high in a third quarter before. The previous record was in the third quarter of 2010. At that time, farmed cod accounted for 38 per cent of the total value of fresh cod exports," explains Jakobsen.

Exports of fresh cod in September

  • Norway exported 1,500 tonnes of fresh cod worth NOK 94 million in September
  • The value increased by NOK 8 million, or 9 per cent, compared with September last year
  • Volume fell by 2 per cent

New milestone in September

“In September, farmed cod accounted for 52 per cent of total exports of fresh cod. "This is the first time in recent times that farmed cod has accounted for more than half of the export volume for fresh cod," says Thomas Jakobsen.

Decline for frozen cod

  • Norway exported 7,026 tonnes of frozen cod worth NOK 490 million in the third quarter
  • The value fell by NOK 102 million, or 17 per cent, compared with the third quarter last year
  • Volume fell by 30 per cent
  • The UK, China and Latvia were the largest markets for frozen cod in the third quarter

The processing market China had the highest value growth in the third quarter, with an increase in export value of NOK 82 million, or 127 per cent, compared with the third quarter last year.

Exports to China totalled 2,323 tonnes, which is 52 per cent higher than in the third quarter last year.

Increased exports to the UK

Against a complex backdrop, the UK continues to take a larger share of frozen whole cod exports from Norway. So far this year, volume growth is 6 per cent.

Exports of frozen cod in September

  • Norway exported 2,100 tonnes of frozen cod worth NOK 149 million in September
  • The value fell by NOK 27 million, or 15 per cent, compared with September last year.
  • Volume fell by 32 per cent

Fall in volume and value for clipfish

  • Norway exported 20,658 tonnes of clipfish worth NOK 1.5 billion in the third quarter
  • The value fell by NOK 77 million, or 5 per cent, compared with the third quarter last year
  • Volume fell by 4 per cent
  • Portugal, Brazil and the Dominican Republic were the largest markets for clipfish in the third quarter

For saithe clipfish, the export volume fell by 3 per cent to 12,316 tonnes, while the export value fell by 10 per cent to NOK 518 million.

Decline to Portugal in the third quarter

Norway's largest market for clipfish from cod, Portugal, had a decline of around NOK 72 million in the third quarter compared with the third quarter of 2023.

“This fall explains most of the total decline in value. However, it is worth noting that although there is a decline in the third quarter, exports so far this year have been as expected," says Seafood Analyst Thomas Jakobsen with the Norwegian Seafood Council.

Value growth to the Dominican Republic

The Dominican Republic had the highest value growth in the third quarter, with an increase in export value of NOK 36 million, or 25 per cent, compared with the third quarter last year.

The export volume to the Dominican Republic ended at 4,460 tonnes, which is 29 per cent higher than the third quarter last year.

"Although the third quarter is slightly up in terms of value, there is an overall decline in the export value of clipfish to the Dominican Republic so far this year," explains Jakobsen.

Good demand to the Caribbean

"Export volumes to the Caribbean have been high all year, and market demand is good. This trend continued in the third quarter, but as prices are lower than last year, there is an overall decline in value so far this year," says Ørjan Kjærvik Olsen, who is responsible for the Caribbean at the Norwegian Seafood Council.

For saithe clipfish, the export volume fell by 3 per cent to 12,316 tonnes, while the export value fell by 10 per cent to NOK 518 million.

Exports of clipfish in September

  • Norway exported 8,600 tonnes of clipfish worth NOK 650 million in September
  • The value fell by NOK 16 million, or 2 per cent, compared with September last year.
  • Volume fell by 7 per cent

Value growth for salted fish

  • Norway exported 3,601 tonnes of salted fish worth NOK 301 million in the third quarter
  • The value increased by NOK 27 million, or 10 per cent, compared with the third quarter last year
  • Volume fell by 2 per cent
  • Portugal, Italy and Canada were the largest markets for salted fish in the third quarter

Portugal had the highest value growth in the third quarter, with an increase in export value of NOK 47 million, or 28 per cent, compared with the third quarter last year.

Exports to Portugal totalled 2,184 tonnes, which is 17 per cent higher than in the third quarter last year.

Exports of salted fish in September

  • Norway exported 1,800 tonnes of salted fish worth NOK 157 million in September
  • The value increased by NOK 29 million, or 23 per cent, compared with September last year
  • This is a growth in volume of 4 per cent

Decline for stockfish

  • Norway exported 732 tonnes of stockfish worth NOK 144 million in the third quarter
  • The value fell by NOK 3 million, or 2 per cent, compared with the third quarter last year
  • Volume fell by 4 per cent
  • Italy, the US and Nigeria were the largest markets for stockfish in the third quarter

The USA had the highest value growth in the third quarter, with an increase in export value of NOK 15 million, or 154 per cent, compared with the third quarter last year.

The export volume to the US ended at 77 tonnes, which is 120 per cent higher than the third quarter last year.

Exports of stockfish in September

  • Norway exported 360 tonnes of stockfish worth NOK 72 million in September
  • The value fell by NOK 24 million, or 25 per cent, compared with September last year
  • Volume fell by 15 per cent

Source: Norwegian Seafood Council

editorial@seafood.media
www.seafood.media


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