NORWEGIAN FRESH COD EXPORTS RISE

Norwegian fresh cod exports rise. 6,100 tonnes of fresh cod were exported by Norway in January 2020, including skrei (a large and seasonal cod with a firm meat consistency) with an export value of NOK 328 million. This is an increase in the volume of 32 per cent, while export value increased by NOK 103 million or 46 per cent compared to January 2019. Of this, 1,100 tonnes of landfill constitutes an increase of 21 per cent.

The value of the skrei was NOK 66 million, which is an increase of NOK 16 million, or 33 per cent. Denmark, the Netherlands and Poland are the largest recipients of fresh cod in January.

“Traditionally, January starts with a rise in prices of fresh cod, both for fishermen and in the markets,” says Ingrid Kristine Pettersen, Seafood Analyst at the Norwegian Seafood Council.

“There is a high demand for fresh cod which begins in January, before catches get started, so triggering price growth. As catches increase during the season, prices normally fall, which we are already seeing in signals from the markets. Over the past five years, the export price of fresh whole cod has fallen by 18 to 30 per cent from January to February.”

In January, 5,100 tonnes of frozen cod were exported to a value of NOK 231 million. This is a 48 per cent reduction in volume while the value fell by NOK 162 million, or 41 per cent. The UK, China and Poland were the largest recipients of frozen cod in January.

“The reduction in export of frozen cod is mainly due to reduced landings of frozen raw material,” says Ingrid Kristine Pettersen, Seafood Analyst at the Norwegian Seafood Council.

8,600 tonnes of clipfish (dried and salted cod) worth NOK 408 million were exported. Export volumes fell by 8 per cent, while export value remained unchanged from January last year. Brazil, Portugal and the Dominican Republic were our most important markets in January.

“Price is still the main value driver for clipfish. Volumes fell for the two largest species, saithe and cod. Saithe in particular. In January, Brazil purchased 50 per cent of all clipfish from Norway and in doing so was the largest market. The Brazilian currency has weakened in recent years, to a greater extent than the Norwegian kroner´s falls in the past year, and this trend will continue into 2020. This means that inflation is higher in the Brazilian currency than it is in the Norwegian krone, which affects demand”, says Øystein Valanes, the Norwegian Seafood Council’s Fishing Envoy to Brazil.

In January, 1,300 tonnes of salted fish were exported to a value of NOK 62 million. Volume increased by 57 per cent, while value increased by NOK 23 million, or 58 per cent, compared to January last year. Portugal, Italy and Greece were the most important markets in January.

“Salted fish exports increased in January, after particularly low volumes throughout the year. In particular, the volumes of whole cod are increasing, at somewhat higher prices. The price increased by 7 per cent compared to the same period last year and now stands at more than NOK 56 per kg”, says Ingrid Kristine Pettersen, Seafood Analyst at the Norwegian Seafood Council.