Photo: Norwegian Seafood Council

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

NORWAY
Monday, August 08, 2022, 01:00 (GMT + 9)

Record high export prices for clipfish

•     Norway exported 5,400 tonnes of clipfish with a value of NOK 358 million in July.
•     There is a reduction in export volume of 14 per cent.
•     Export value increased by NOK 49 million, or 16 per cent, compared to July last year.
•     Portugal, Brazil, and Congo-Brazzaville were the biggest markets for Norwegian clipfish in July.

For the third month, export prices for cod and pollack clipfish were at record high levels. In July, the price of clipfish from cod was NOK 107 per kg, while the price for clipfish from saithe was NOK 46 per kilo.

Price-conscious consumers in Portugal

After volume growth in the first half of the year, the export volume for cod clipfish to our largest market Portugal fell by 19 per cent in July, to a total of 1,300 tonnes. However, higher prices contributed to exports increasing by 18 per cent to a total of NOK 142 million.

“Portugal is experiencing many of the same challenges that we see in most other markets, with higher inflation than in many decades and weak economic development. Higher food prices mean that Portuguese people plan more of their grocery shopping and buy fewer items on impulse. Although much of the clipfish is traditionally sold through marketing campaigns in Portugal, the high price increase creates some uncertainty about future developments”, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Exports of frozen whole cod to the UK increase

•     Norway exported 4,600 tonnes of frozen cod worth NOK 255 million in July.
•     Export volume fell by 7 per cent.
•     Export value increased by NOK 62 million, or 32 per cent, compared to July last year.
•     China, the UK, and Denmark were the largest markets for frozen cod from Norway in July.
•     The export price of frozen whole cod continues to increase and was NOK 54.12 per kg in July.

“The export volume of frozen cod to the UK increased by as much as 62 per cent, to a total of 1,200 tonnes, with an export value of NOK 80 million. The UK recently introduced a 35 per cent increase in customs tariffs on imports of Russian fish, which may contribute to increased demand for Norwegian cod in the future”, says Brækkan.

Low season for fresh cod

•     Norway exported 2,500 tonnes of fresh cod including fillets to a value of NOK 123 million in July.
•     The volume increased by 6 per cent.
•     The value increased by NOK 30 million, or 32 per cent, compared to July last year.
•     Denmark, Germany, and Sweden were the biggest markets for fresh cod from Norway in July.

“As normal, the export volume of fresh cod was relatively low in July. Fresh fillet had a record high export price of NOK 114, but a decrease in export volume of 10 per cent, to a total of 260 tonnes. Export value totalled NOK 30 million.

Photo: Cod Academy | Norwegan Seafood Council

2,200 tonnes of fresh whole cod were exported with a value of NOK 92 million, representing a volume increase of 8 per cent, or 150 tonnes, and a value increase of 34 per cent, or NOK 23 million, compared to July last year”, says Brækkan.

The export price of salted fish reached a historical high in July

•     Norway exported 1,200 tonnes of salted fish to a value of NOK 78 million in July.
•     Export volume increased by 5 per cent.
•     The export value increased by NOK 26 million, or 49 per cent, compared to July last year.
•     Portugal, Italy and Spain were the biggest markets for Norwegian saltfish in July.

“The export price for salted whole cod continues to rise, and for the first time was above NOK 75 in a single month”, says Brækkan.

Photo: Norwegan Seafood Council

“The export volume of salted cod fish to Portugal fell by 4 per cent in July, to 640 tonnes, and an export value of NOK 50 million. So far this year, however, the export volume has increased by as much as 46 per cent”, says Brækkan.

Decline for stockfish in July

•     Norway exported 133 tonnes of stockfish to a value of NOK 23 million in July.
•     The volume fell by 46 per cent.
•     The value fell by NOK 12 million, or 34 per cent, compared to July last year.
•     Italy, Nigeria, and the USA were the biggest markets for Norwegian stockfish in July.

” The export volume for cod stockfish to our largest stockfish market, Italy, fell by a whopping 61 per cent in July, to just 40 tonnes. However, the export price to Italy continues to rise, and was NOK 239 per kg last month. This is still somewhat lower than historical peak levels”, says Brækkan.

Source: Norwegian Seafood Council

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