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Norwegian cod world market situation (fresh, frozen, dried, salted...)

NORWAY
Monday, March 06, 2023, 06:30 (GMT + 9)

Growth in the value of fresh cod

• In February, Norway exported 7,927 tonnes of fresh cod worth NOK 488 million (USD 36.89 M).
• The export value increased by NOK 12 million(USD 1.15 M), or 2 percent, compared to February last year.

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• Export volume fell 21 percent.
• Denmark, the Netherlands and Spain were the main markets for fresh cod in February.
• You have to go back to 2013 to find the previous month of February with a lower volume of fresh cod exports.

Bad weather resulted in lower landings

“Bad weather has contributed to landings in January and February being significantly lower than in 2022, which translates into lower exports. The export of fresh fillets fell 41% in volume in February,” says Eivind Hestvik Brækkan, seafood analyst at the Norwegian Seafood Council.

• Farmed cod continues to increase in volume, with 868 tonnes of farmed cod exported in February worth NOK 41.5 million (USD 3.99 M). This is an increase of 66 percent in volume and 88 percent in value.
• Spain was the largest destination for farmed cod in February, with a volume of 255 tonnes.

Higher export value for skrei

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• Norway exported 1,404 tonnes of skrei worth NOK 101 million (USD 9.7 M) in February
• The value increased by NOK 17 million (USD 1.63 M), or 20 percent, compared to February last year.
• Volume fell 16 percent.
• Denmark, Spain and Sweden were the main markets for skrei in February.
• It was a record export value for skrei in a single month. The value was NOK 1 million more than the previous record month, March 2019.
• Skrei made up 20 percent of the fresh whole wild cod.

More than 20% of fresh whole wild cod exports in February were skrei, with volume to one of our most important skrei markets in Spain increasing by 8% to 285 tonnes.

"In addition, significant amounts of skrei go to Spain via the transit country of Denmark," says Eivind Hestvik Brækkan, a seafood analyst for the Norwegian Seafood Council.

Decrease in frozen cod

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• Norway exported 5,246 tonnes of frozen cod worth NOK 292 million (USD 28 M) in February.
• The value of exports fell NOK 54 million (USD 5.19 M), or 16 percent, compared to February last year.
• Export volume fell 32 percent.
• Great Britain, China and Latvia were the main markets for frozen cod in February.
• Frozen cod landings have also decreased this year, which translates into a drop in export volume.

Growth into the UK market

“Export volume to the UK continues to increase, driven by increasing exports of frozen whole cod. In February, 1,228 tons were exported to Great Britain. That's 4 percent more than the same month last year,” says Eivind Hestvik Brækkan, a seafood analyst for the Norwegian Seafood Council.

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• Latvia experienced the largest increase in value this month, with an export value of NOK 23 million (USD 2.21 M), or 951 percent, compared to the same month last year.
• The export volume to Latvia ended at 431 tons, 466% more than the same month last year.
• Halving of the export volume of dried cod
• Norway exported 5,546 tonnes of dried cod worth NOK 324 million (USD 31.13 M) in February.
• The value of exports remained unchanged from the same month last year.
• Export volume fell 9 percent.
• The Dominican Republic, Brazil and Portugal were the largest markets for bass in February.

While the export volume of stock-dried cod increased by 400 tonnes to 4,300 tonnes in February, the export volume of stock-dried cod halved and ended at 800 tonnes.

Historically high value

The export volume to the Dominican Republic ended at 1,975 tons, 154% more than the same month last year.

“The marked growth in volume from the Dominican Republic compared to February last year is due to a weak February last year due to full stocks on the market at the time. Compared to February 2021, the volume is about the same. On the other hand, the export value is at a historical level”, says Øystein Valanes, Manager for the Caribbean of the Norwegian Seafood Council.

Growth for saltfish

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• In February, Norway exported 2,049 tonnes of salted fish worth NOK 141 million (USD 13.55 M).
• The value increased by NOK 24 million (USD 2.31 M), or 20 percent, compared to February last year.
• There is a growth in volume of 5 percent.
• Greece, Portugal and Spain were the largest markets for salted fish in February.
• Export volume to Portugal fell 5 percent in February to 671 tonnes after strong growth in January.

Greece had the largest increase in value this month, with an export value of NOK 9 million (USD 860,000), or 17 percent, compared to the same month last year.

The export volume to Greece ended at 862 tons, 7% less than the same month last year.

Added value for dried fish

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• In February, Norway exported 368 tonnes of dried fish worth NOK 97 million (USD 9.32 M).
• The value of exports increased by NOK 17 million (USD 1.63 M), or 22 percent, compared to February last year.
• Export volume fell 13 percent.
• Italy, Croatia and Nigeria were the largest markets for dried fish in February.

Italy had the largest increase in value this month, with an increase in export value of NOK 21 million (USD 2.02 M), or 37 percent, compared to the same month last year.

The export volume to Italy ended at 258 tons, 2% less than the same month last year.

Source: Norwegian Seafood Council

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