Photo: Norwegian Seafood Council

International Market Overview for Norwegian Cod (Fresh, Frozen, Farmed, Salted, Dried)

NORWAY
Friday, November 08, 2024, 09:00 (GMT + 9)

Good month for fresh cod

• Norway exported 1,774 tonnes of fresh cod worth NOK 115 million in October
• The value increased by NOK 3 million, or 3 per cent, compared with the same month last year
• This is a growth in volume of 2 per cent
• Denmark, the Netherlands and Latvia were the largest markets for fresh cod in October

"This is the first time since September 2023 that there has been an increase in export volumes for fresh cod compared with the same month the previous year. This is due to the increase in the export volume of fresh farmed cod, which grew by 18 per cent to 992 tonnes," says Eivind Hestvik Brækkan, Seafood Analyst at the Norwegian Seafood Council.

The export value increased by 26 per cent to NOK 62 million. In October, farmed cod accounted for 54 per cent of the export value of fresh cod.

Lowest export volume for fresh wild cod since October 2008

For fresh wild cod, the export volume fell by 13 per cent to 781 tonnes, while the export value fell by 16 per cent to NOK 53 million. The export volume for fresh wild cod is the lowest for an October since 2008.

“Fresh whole farmed cod has seen an increase in export volume of as much as 40 per cent so far this year, to a total of 9,900 tonnes. This means that farmed cod is set to beat the 2010 export record of 11,100 tonnes by the end of the year," says Brækkan.

For both wild and farmed cod, transit and processing markets such as the Netherlands, Denmark and Latvia dominate the export statistics.

Volume decline and value growth for frozen cod

• Norway exported 3,286 tonnes of frozen cod worth NOK 251 million in October
• The value increased by NOK 12 million, or 5 per cent, compared with the same month last year.
• Volume fell by 23 per cent
• China, the UK and Vietnam were the largest markets for frozen cod in October

Frozen Seafood Atlantic Cod Loin | Photo: FoodServiceDirect

The UK had the highest value growth in October, with an increase in export value of NOK 55 million, or 176 per cent, compared with the same month last year.

Strong development to the UK

The export volume to the UK ended at 1,024 tonnes, which is 136 per cent higher than the same month last year.

"The strong trend in exports of frozen whole cod to the UK continued in October. So far this year, export volumes to the UK have increased by as much as 11 per cent, compared with a decline in total export volumes of 12 per cent," says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Challenging month for clipfish

• Norway exported 9,671 tonnes of clipfish worth NOK 804 million in October
• The value fell by NOK 52 million, or 6 per cent, compared with the same month last year.
• Volume fell by 11 per cent
• Portugal, Brazil and the Dominican Republic were the largest markets for clipfish in October

For saithe clipfish, the export volume fell by 13 per cent to 4,617 tonnes, while the export value fell by 11 per cent to NOK 218 million.

For cod clipfish, the export volume fell by 16 per cent to 3,777 tonnes, while the export value fell by 6 per cent to NOK 513 million.

Largest growth to the Dominican Republic

"The Dominican Republic, which is our largest market for saithe clipfish, saw the greatest growth in value in October, with an increase in export value of NOK 49 million, or 125 per cent, compared with the same month last year," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

The export volume to the Dominican Republic ended at 1,829 tonnes, which is 93 per cent higher than the same month last year.

Decrease in export volume to Portugal

To Portugal, our largest market for cod clipfish, export volumes fell by 20 per cent to 2,800 tonnes, while export value fell by 8 per cent to NOK 390 million.

So far this year, the export volume of cod clipfish to Portugal has fallen by 7 per cent.

"Although the volume of exports to Portugal has fallen this year, the trend is significantly stronger than the catch of cod. Figures from the Directorate of Fisheries show that as of week 43 this year, cod catches have fallen by as much as 31 per cent compared with the same week last year," says Eivind Hestvik Brækkan.

Value growth for salted fish

• Norway exported 1,788 tonnes of salted fish worth NOK 168 million in October
• The value increased by NOK 16 million, or 11 per cent, compared with the same month last year.
• Volume fell by 17 per cent
• Portugal, Italy and Greece were the largest markets for salted fish in October

Italy had the highest value growth in October, with an increase in export value of NOK 20 million, or 87 per cent, compared with the same month last year.

The export volume to Italy ended at 536 tonnes, which is 73 per cent higher than the same month last year. The export volume of salted fish to Italy so far this year is 9 per cent higher than last year and is set to be the highest since 2021.

Exports of salted cod to Portugal fell by 20 per cent to 840 tonnes, while the export value increased by 3 per cent to NOK 98 million.

Decline in volume and value for stockfish

• Norway exported 412 tonnes of stockfish worth NOK 116 million in October
• The value fell by NOK 8 million, or 6 per cent, compared with the same month last year.
• There is a decrease in volume of 15 per cent
• Italy, Croatia and the US were the largest markets for stockfish in October

Source: Norwegian Seafood Council

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