Norwegian cod update. Norwegian Fresh cod volumes decline but exports of frozen cod rise in value. Norway exported 25,200 tonnes of fresh cod, including skrei, with a value of NOK 1.1 billion in the first quarter of 2019. This is a decrease in volume of 22 per cent, and a fall in value of NOK 100 million or 9 per cent. Of this, skrei (a seasonally caught migratory cod from the Barents Sea) accounted for 5,000 tonnes, which represents an increase of 18 per cent. Norway exported skrei worth NOK 228 million in the first quarter, an increase of NOK 63 million or 38 per cent compared with the same period last year. Denmark, Poland and the Netherlands were the main export markets for fresh cod in the first quarter.
“Reduced quotas and a prolonged period of bad weather mean that less raw material has been brought to market. This is evident in the figures for fresh cod exports. The exception is the export of fresh, whole skrei; With one month left in the season, this year has already seen skrei exports surpass 2018 totals. The market price for skrei is currently NOK 45.30 per kg. This is the same price as fresh whole salmon achieved 4-5 years ago. This shows that once again Norwegian products have managed to differentiate themselves in the market and provides evidence that good quality is valued”, says seafood analyst Ingrid K. Pettersen with the Norwegian Seafood Council.
In March, 11 800 tonnes of fresh cod were exported with value of NOK 481 million. Skrei represented 2,300 tonnes of the total, with a value of NOK 98 million. This represents an increase in volume of 24 per cent, and an increase in value of NOK 30 million or 43 per cent.
Norway exported 25,600 tonnes of frozen cod worth NOK 1.1 billion in the first quarter. This represents an 17 per cent increase in volume, and an increase in value of NOK 305 million or 40 per cent from the same period last year. China, the UK and Lithuania were the largest importers of frozen cod in the first quarter of 2019.
“The increase in exports of frozen whole cod is probably due to changes in inventories. We have seen an increase of 69 per cent in exports to the UK compared with last year. Uncertainty about continuing access to fish in the wake of Brexit may be a part of the explanation”, says Ingrid K. Pettersen.
In March, 8,800 tonnes of frozen cod were exported with a total value of NOK 381 million. This represents an increase in volume of 36 per cent, and a lift in value of NOK 151 million or 66 per cent.