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Situation of Norwegian cod and dried, salted fish worldwide

Click on the flag for more information about Norway NORWAY
Wednesday, February 08, 2023, 02:00 (GMT + 9)

Decline for fresh cod, but prices are at a record high
  • Norway exported 3,852 tonnes of fresh cod worth NOK 240 million in January
  • The export value fell by NOK 15 million, or 6 per cent, compared to January last year
  • Export volume fell by 19 per cent
  • Denmark, the Netherlands and Spain were the biggest markets for fresh cod in January.
“Landings of fresh cod in January were significantly lower than last year, which resulted in a lower export volume. This has also contributed to high prices. There is a record high price for fresh whole cod at NOK 59 per kg. This is NOK 3 per kg higher than the previous record month, which was in October 2022, and 17 per cent higher than January last year", says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.
 
The Netherlands have increased their imports
 
The Netherlands had the most significant increase in value this month, with an export value of NOK 17 million, or 326 per cent, compared to the same month last year.
 
“The Netherlands consumes little cod but re-exports most of it to our large cod markets in Europe. The export volume to the Netherlands ended at 394 tonnes, which is 262 per cent higher than the same month last year”, explains Brækkan..

Farmed cod continues to grow
 
Farmed cod continues to increase in volume, and in January, 631 tonnes of fresh whole-farmed cod were exported to a value of NOK 31 million. This is an increase of 77 tonnes from January last year and an increase in value of NOK 5 million.
 
<-- Locations in Norway where Atlantic cod Gadus morhua were farmed black circles. Image: courtesy Rebekka Varne / ResearchGate
 
Record high prices and a decrease in volume also for skrei
  • Norway exported 451 tonnes of skrei to a value of NOK 37 million in January
  • The value fell by NOK 10 million, or 22 per cent, compared to January last year
  • The volume fell by 38 per cent
  • Denmark, Sweden and Poland were the biggest markets for skrei in January

Skrei comparative export volume. Image: Norwegian Export Council

“The arrival of the skrei was still ongoing at the end of January, and with lower landings, this has led to a decrease in the export volume. There is also a record high price for skrei, at NOK 82 per kg. This is NOK 16 per kg higher than the previous record month, which was in January 2022”, says Brækkan.
 
With the new skrei investment in Japan, the volume to Japan ended at 3 tonnes in January, while only 67 kg of skrei was exported to Japan in the whole of 2022.
 

Volume and value decline for frozen cod
  • Norway exported 7,846 tonnes of frozen cod worth NOK 442 million in January.
  • The export value fell by NOK 39 million, or 8 per cent, compared to January last year.
  • The export volume fell by 34 per cent.
  • In January, China, Great Britain and Poland were the biggest markets for frozen cod.
Growth to the UK
 
“Also, for frozen cod, landings in January were lower than last year, which resulted in a lower export volume. The UK had the greatest increase in value in January, with an export value of NOK 54 million, or 115 per cent, compared to the same month last year. The export volume to the UK ended at 1,345 tonnes, which is 63 per cent higher than the same month last year”, says Brækkan.
 
Frozen whole cod and frozen fillet exports to the UK increased in January.
 
Sanctions against Russia lead to increased demand.
 
“Higher landings of frozen cod fillets may have contributed to the increased fillet exports to the UK. We see that cod prices in grocery stores in the UK increased markedly last autumn, which may have resulted from the sanctions against imports of white fish from Russia. This could be positive for the demand for Norwegian whitefish in the UK, and we also see that the export of haddock to the UK increased in January”, says Brækkan.
 
There is also a record-high price for frozen fillet blocks, at NOK 83 per kg. This is NOK 3 per kg higher than the previous record month, which was in July 2022.
 
A good start for clip fish
  • Norway exported 9,593 tonnes of clipfish to a value of NOK 622 million in January
  • Export value increased by NOK 243 million, or 64 per cent, compared to January last year
  • There is a growth in export volume of 24 per cent
  • Brazil, Portugal and the Dominican Republic were the biggest markets for rockfish in January
The export value for clip fish of both pollock and tusk was a record high in January, with NOK 282 and NOK 74 million, respectively.
 
Value growth for Brazil
 
Brazil had the most significant increase in value this month, with an export value of NOK 184 million, or 134 per cent, compared to the same month last year. The export volume to Brazil ended at 4,577 tonnes, which is 83 per cent higher than the same month last year. This contributed to Brazil becoming the third-largest growth market for all Norwegian seafood exports in January.
 
“Last year, we saw a shift towards more export of cuttlefish and less cod to Brazil. Norway also exports significant volumes of tusk and long-finned rockfish to Brazil. Now in January, we had increased export volumes for all species. After several years of major challenges with the pandemic and weak economic development, households' expectations for their finances are now far more positive. This gives grounds for optimism for the demand for clip fish of all species in Brazil in 2023”, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.
 
Portugal, our biggest clip fish market
 
To Portugal, the export of cod clip fish increased by 80 per cent in value, and 39 per cent in volume, to a total of 968 tonnes, and an export value of NOK 100 million.

Record high prices
 
We have seen record-high tusk clip fish prices, at NOK 62 per kg. This is NOK 5 per kg higher than the previous record month, which was in October last year.
 
Pollack clipfish have also reached record-high export prices. It is now NOK 48.50 per kg.
 
Salted fish– an increase for cod but a decline for but decline for pollock, ling and tusk
  • Norway exported 1,098 tonnes of salted fish to a value of NOK 78 million in January
  • The export value increased by NOK 15 million, or 24 per cent, compared to January last year.
  • The export volume fell by 13 per cent
  • Portugal, Spain and Greece were the biggest markets for salted fish in January.
Exports of whole salted cod increased, while the total volume decreased due to lower exports of salted pollock, ling and tusk.
 
Portugal had the most significant increase in value this month, with an export value of NOK 25 million, or 101 per cent, compared to the same month last year. The export volume to Portugal ended at 667 tonnes, 84 per cent higher than last year's last month.
 
Dried fish with increased prices and lower volume to Italy
  • Norway exported 436 tonnes of dried fish to a value of NOK 94 million in January
  • Export value increased by NOK 26 million, or 37 per cent, compared to January last year
  • There is a growth in the volume of 24 per cent
  • Italy and Croatia were the biggest markets for dried fish in January
Price record for Italy
 
Italy had the most significant increase in value this month, with an export value of NOK 10 million, or 17 per cent, compared to the same month last year. The export volume to Italy ended at 240 tonnes, which is 13 per cent lower than the same month last year.
 
The export price of dried codfish to Italy has never been higher and was NOK 283 per kg in January, NOK 2 per kg higher than the previous record month, which was in December last year.
 
Source: Norwegian Seafood Council

 


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