Photo: Norwegian Seafood CounciFIS

International Market Dynamics for Norwegian Cod Exports (fresh, frozen, dry, salted...)

NORWAY
Thursday, May 08, 2025, 04:00 (GMT + 9)

The fishing season marked by the quota reduction

The conclusion of the cod fishing season in April was largely determined by the 25 percent cod quota reduction effective from January 1st. This reduced availability of raw material has tightened market competition, subsequently elevating prices for Norwegian "skrei" in export markets. Christian Chramer, CEO of the Norwegian Seafood Council, suggests that the price increase indicates the strong value European consumers place on the unique and high-grade nature of skrei.

Fresh Cod: Export Volume Falls Despite Value Growth

• Exports: 4,228 tonnes

• Value: NOK 333 million (~USD 31 million)

• YoY Value Change: +7% (+NOK 23 million / +USD 2.1 million)

• YoY Volume Change: -14%

• Top Markets: Denmark, the Netherlands, Latvia

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Exports of fresh wild cod dropped sharply in volume by 24%, down to 2,847 tonnes, although the value remained stable at NOK 242 million (~USD 22.5 million). The majority of this volume continued to transit through Denmark, which re-exports to other European markets.

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Fresh farmed cod, by contrast, saw export volume rise 17% to 1,381 tonnes, and value increased 32% to NOK 91 million (~USD 8.5 million). Farmed cod accounted for 27% of total fresh cod export value in April.

Skrei: Difficult Season with Record Low Volume

• April Exports: 386 tonnes, NOK 33 million (~USD 3.1 million)

• YoY Value Change: -15%

• YoY Volume Change: -35%

• Top April Markets: Denmark, Spain, the Netherlands

Skrei en MercaMadrid

For the entire 2025 Skrei season (January–April), exports totaled 2,613 tonnes, valued at NOK 241 million (~USD 22.4 million) — down 44% in volume and 24% in value from 2024. This marks the lowest Skrei export volume since quality-labelled Skrei statistics began. The decline is attributed to lower quotas, poor landings, and harsh weather.

Frozen Cod: Dramatic Decline in Volume and Value

• Exports: 3,590 tonnes

• Value: NOK 283 million (~USD 26.3 million)

• YoY Value Change: -37%

• YoY Volume Change: -49%

• Top Markets: UK, Vietnam, Portugal

Portugal showed notable growth, with a 320% increase in value to NOK 40 million (~USD 3.7 million) and 260% increase in volume to 613 tonnes, driven by demand for salted fish and clipfish production.

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China, however, saw an 81% decline in frozen whole cod imports, down to 372 tonnes. This drop is likely influenced by US tariffs on Chinese exports, reducing re-export of Norwegian cod to the US via China.

Clipfish: Value Growth Despite Slight Volume Decline

• Exports: 5,140 tonnes

• Value: NOK 398 million (~USD 37 million)

• YoY Value Change: +23%

• YoY Volume Change: -3%

• Top Markets: Portugal, Congo-Brazzaville, Dominican Republic

• Saithe clipfish: Volume down 22% to 2,894 tonnes; value up 7% to NOK 161 million (~USD 15 million)

• Cod clipfish: Volume up 8% to 1,357 tonnes; value up 21% to NOK 189 million (~USD 17.6 million)

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Portugal led growth, with a 39% increase in value to NOK 47 million (~USD 4.4 million) and 21% increase in volume to 1,249 tonnes. Overall, exports to Portugal remain strong despite quota reductions.

Salted Fish: Record High Export Value

• Exports: 3,435 tonnes

• Value: NOK 435 million (~USD 40.5 million)

• YoY Value Change: +16%

• YoY Volume Change: -10%

• Top Markets: Portugal, Italy, Spain

This marks an all-time high export value for a single month, surpassing the April 2024 record by NOK 59 million (~USD 5.5 million). Portugal again led growth, importing 3,071 tonnes, just 6% below last year’s volume but with a 17% increase in value.

Stockfish: Volume and Value Decline Sharply

• Exports: 243 tonnes

• Value: NOK 44 million (~USD 4.1 million)

• YoY Value Change: -45%

• YoY Volume Change: -26%

• Top Markets: Italy, Nigeria, Canada

• Cod stockfish: April volume down 48% to 133 tonnes; YTD volume down 10% to 1,011 tonnes

• Tusk stockfish: Volume more than doubled to 87 tonnes, mainly to Nigeria at a lower price point

Summary

The Norwegian cod sector saw significant challenges in April 2025, with major volume declines across most product categories, driven by quota cuts, poor weather, and shifting global trade conditions. Despite this, value growth in categories like salted fish and clipfish — especially to Portugal — underscores continued strong market demand and price resilience for premium products.

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