'Vietnam was the country with the highest value growth in the first quarter,...'

Market situation for fresh and frozen Norwegian cod | Skrei

NORWAY
Monday, April 08, 2024, 00:50 (GMT + 9)

Decline for fresh cod

• Norway exported 18,454 tonnes of fresh cod worth NOK 1.2 billion in the first quarter.
• The value fell by NOK 181 million, or 13 per cent, compared to the first quarter last year.
• Volume fell by 19 per cent.
• Denmark, the Netherlands, and Spain were the largest markets for fresh cod in the first quarter.

Photo: Rema 1000 supermarket

With a reduction in the cod quota, landings of fresh cod in the first quarter were significantly lower than last year. This also resulted in lower export volumes.

For fresh wild cod, the export volume fell by 22 per cent, or 4,400 tonnes, to a total of 15,200 tons, while the value fell 18 per cent, to NOK 994 million.

Lowest export volume in 12 years

"We have to go back to 2012 to find a lower export volume of fresh wild cod in a first quarter," says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Fresh farmed cod increased by 6 per cent in volume, or 180 tonnes, to a total of 3,250 tonnes. Export value increased by 23 per cent, to NOK 180 million.

"In terms of value, farmed cod accounted for 15 per cent of fresh cod exports in the first quarter," explains Brækkan.

Highest value growth in Spain

Spain had the largest value growth in the first quarter, with an increase in export value of NOK 38 million, or 32 per cent, compared to the first quarter last year.

Export cod

The export volume to Spain ended at 2,523 tonnes, which is 28 per cent higher than the first quarter last year.

“While both wild and farmed cod increased in volume to Spain in the first quarter, it was wild cod that increased the most, with a volume growth of 47 per cent, to a total of 1,530 tonnes. Farmed cod accounted for 40 per cent of the export value of fresh cod to Spain in the first quarter", says Eivind Hestvik Brækkan.

Exports of fresh cod in March

• Norway exported 7,500 tonnes of fresh cod worth NOK 481 million in March.
• The value fell by NOK 160 million, or 25 per cent, compared to March last year.
• Volume fell by 33 per cent compared to March last year.

Record quarter for skrei

• Norway exported 4,080 tonnes of skrei worth NOK 278 million in the first quarter.
• The value increased by NOK 35 million, or 14 per cent, compared to the first quarter last year.
• This is a growth in volume of 16 per cent.
• Denmark, Spain and Sweden were the largest markets for skrei in the first quarter.

There was a record high export value for skrei in a single quarter, NOK 34 million higher than the previous record quarter, which was in the first quarter of 2020.

“The export volume is also significantly higher than in previous years. We must go back to 2020 to find a previous quarter with a higher export volume of skrei," says seafood analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

Roy Magne Berglund, un chef galardonado que ha ganado varios premios relacionados con los productos del mar noruegos y que ha representado a Noruega en las Olimpiadas Culinarias y en los Campeonatos Mundiales

Strong growth to Spain

Spain saw the largest value growth in the first quarter, with an increase in export value of NOK 36 million, or 66 per cent, compared with the same period last year.

The export volume to Spain ended at 1,452 tons, which is 64 per cent higher than the first quarter last year.

"With one month left of the cod season, we have already achieved a record export volume for direct exports of cod to Spain. The previous record was in 2020, when the export volume for the entire cod season ended at 1,280 tonnes," explains Brækkan.

Skrei export

How cod exports played out in March

• Norway exported 1,600 tonnes of skrei worth NOK 102 million in March.
• The value fell by NOK 6 million, or 6 per cent, compared to March last year.
• Volume fell by 7 per cent compared to March last year.

Fall in value for frozen cod

• Norway exported 18,583 tonnes of frozen cod worth NOK 1 billion in the first quarter.
• The value fell by NOK 28 million, or 3 per cent, compared to the first quarter last year.
• This is a growth in volume of 1 per cent.
• The UK, Vietnam and China were the largest markets for frozen cod in the first quarter.

The UK continues to be our largest market for frozen cod, with an increase in export volume of 310 tonnes in the first quarter, or 8 per cent, while exports to China continue to fall.

Record low volume to China

"We have to go back to 2010 to find a first quarter with a lower export volume to China," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

The export volume to China ended at 4,000 tonnes, which is 1,000 tonnes lower than the first quarter last year.

Highest value growth in Vietnam

"Vietnam was the country with the highest value growth in the first quarter, with an increase in export value of NOK 140 million, or 262 per cent, compared to the first quarter last year," explains Brækkan.

The export volume to Vietnam ended at 4,062 tonnes, which is 262 per cent higher than the first quarter last year. This is the highest export volume of frozen cod to Vietnam ever in a single quarter.

Exports of frozen cod in March

• Norway exported 5,500 tonnes of frozen cod worth NOK 320 million in March
• The value increased by NOK 15 million, or 5 per cent, compared to March last year.
• The volume is unchanged from March last year.

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