Seafood Media Group - Worldnews - Norwegian Cod Exports Face Sharp Volume Declines Across Key Product Segments

Click on the image to enlarge it. Image: Norwegian Seafood Council

The market for Norwegian cod showed significant pressure in February, with declining export volumes across several product categories, including fresh cod, frozen cod, and clipfish, largely due to reduced fishing quotas and lower landings.

According to data from the Norwegian Directorate of Fisheries, Norway exported 4,006 tonnes of fresh cod valued at NOK 392 million (about US$36.6 million) during the month. While the export value remained unchanged compared with February last year, the export volume dropped by 15%.

The largest markets for fresh cod were Denmark, Poland, and the Netherlands.

Figures from the Directorate also reveal that fresh cod landings in February were the lowest recorded since statistics began in 2013.

“This also means that we had the lowest export volume of fresh wild cod in February since 2009," says seafood analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

Fresh Wild and Farmed Cod Trends

Exports of fresh wild cod fell sharply in February, with volumes declining 21% to 2,552 tonnes, while export value decreased 4% to NOK 280 million (about US$26.1 million).

Meanwhile, fresh farmed cod saw a smaller decline in volume but stronger price growth. Export volumes fell 3% to 1,454 tonnes, but the export value rose 12% to NOK 112 million (about US$10.5 million).

Farmed cod accounted for 29% of the total export value of fresh cod.

"The major driver behind the decline in exports of fresh cod is the low quotas. At the same time, the trend of fresh exports falling relatively more than landings continues. The land-based industry in Norway needs raw materials to keep activity going and takes a larger share of Norwegian landings when quotas fall," explains Brækkan.

Click on the image to enlarge it. Image: Norwegian Seafood Council

"The quota reduction means that the industry receives far less raw material for processing compared with previous years.

“As a result, this year's cod season is likely to be characterised by the fiercest competition for raw material in a very long time," says Eivind Hestvik Brækkan.

Skrei Exports Decline Amid Reduced Landings

Exports of quality-labelled skrei also declined in February.
Norway exported 730 tonnes of skrei worth NOK 78 million (about US$7.3 million). Compared with the same month last year, value fell by NOK 9 million (US$0.8 million), or 10%, while volume dropped 20%.
The largest markets were Denmark, the Netherlands, and Spain.

Click on the image to enlarge it. Image: Norwegian Seafood Council

"Low volumes and very high prices, including for non-quality labelled fresh wild cod, look set to make for a challenging season for quality labelled cod," says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Spanish Consumption Weakens

In consumer markets such as Spain, higher prices have begun to affect demand.

Photo: Norwegian Seafood Council

"Denmark and the Netherlands are transit and processing markets for cod, while Spain is our largest consumer market.

“Although cod still has a strong position in Spain, the price increases of recent years have resulted in a major decline in consumption. This trend has continued in this year's cod season," says Tore Holvik, the Norwegian Seafood Council's envoy to Spain.

Frozen Cod Exports Plunge

Exports of frozen cod saw one of the sharpest declines.
Norway exported 1,690 tonnes worth NOK 176 million (about US$16.4 million) in February. This represented a 57% drop in value and a 66% decline in volume compared with the same month last year.
The main markets were Vietnam, the United Kingdom, and the Netherlands.

Exports of frozen whole cod fell more than 70%, dropping to 1,234 tonnes, the lowest monthly export volume since March 2009.

Click on the image to enlarge it. Image: Norwegian Seafood Council

China Demand Weakens as Processing Shifts

Exports to China continued to decline, with Vietnam remaining the largest market for frozen cod for the second consecutive month.

“High and fluctuating tariffs on imports from China to the US through 2025 reduced China's competitiveness in exporting frozen cod fillets to the US market. This resulted in lower Chinese demand for frozen whole cod. Although both Vietnam and China now face the same tariffs on frozen cod fillets to the US, the shift away from China as a processing market will continue into 2026," says seafood analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

Clipfish Exports Fall Despite Price Gains

Norway exported 4,425 tonnes of clipfish valued at NOK 421 million (about US$39.3 million) in February.
Compared with last year, value declined by NOK 97 million (US$9.1 million), or 19%, while volume fell 37%.
The largest markets were Portugal, the Dominican Republic, and Congo-Brazzaville.

For saithe clipfish, export volumes dropped 36% to 2,785 tonnes, with export value down 21% to NOK 184 million (about US$17.2 million).

Exports of cod clipfish fell 26% in volume to 1,265 tonnes, while export value declined 9% to NOK 211 million (about US$19.7 million).

Click on the image to enlarge it. Image: Norwegian Seafood Council

Portugal Drives Value Growth

Portugal continues to strengthen its position as the largest market for Norwegian cod clipfish.

“However, quota reductions and less raw material available to the Norwegian clipfish industry mean that export volumes to Portugal are also falling," says seafood analyst Eivind Hestvik Brækkan.

Despite lower volumes, Portugal recorded the highest value growth in February, with export value increasing NOK 15 million (about US$1.4 million), or 9% year-on-year.

Image: Norwegian Seafood Council

Exports to Portugal reached 1,132 tonnes, 15% lower than in February last year.

Salted Fish Exports Rise in Value

Norway exported 1,318 tonnes of salted fish worth NOK 139 million (about US$13.0 million) in February.
Compared with last year, value increased by NOK 17 million (US$1.6 million), or 14%, while volume declined 6%.
The largest markets were Greece, Portugal, and Italy.

“As in February last year, Greece was our largest market for salted fish last month.

Click on the image to enlarge it. Image: Norwegian Seafood Council

“This market is characterised by a strong seasonal pattern with February as the largest export month every year. This is linked to food traditions around Lent and Easter, where salted cod and ling have a strong position," says seafood analyst Eivind Hestvik Brækkan.

Portugal recorded the strongest value growth, with export value rising NOK 24 million (about US$2.2 million), or 82%.

Exports to Portugal reached 434 tonnes, representing a 75% increase compared with February last year.

Stockfish Exports Increase

Exports of stockfish recorded growth in both value and volume.
Norway exported 342 tonnes worth NOK 123 million (about US$11.5 million) in February, representing a 19% increase in value and 4% growth in volume year-on-year.
The main markets were Italy, Croatia, and Nigeria.