NORWEGIAN FRESH COD EXPORTS FALL, WHILST FROZEN COD SEES GAINS

So far this year, Norway has exported 44,200 tonnes of fresh cod, including fillets, for NOK 1.9 billion, according to the Norwegian Seafood Council.

This is a 23 per cent decrease in volume, while the value of fresh cod exports fell by 7 per cent or NOK 150 million from the same period last year. So far this year, Denmark, Poland and the Netherlands have been the largest markets for fresh cod.

Norway exported 1,600 tonnes of fresh cod, including fillets, to a value of NOK 82 million in September. This is a volume growth of 11 per cent, while the value increased by 39 per cent or NOK 23 million.

“Lower quotas on cod have led to lower exports of most cod products. The fall in volume, along with a weak Norwegian krone, is probably the main explanation for the price having gone up”, says Seafood Analyst Ingrid Kristine Pettersen with the Norwegian Seafood Council.

So far this year, Norway has exported 53,700 tonnes of frozen cod, including fillets worth NOK 2.3 billion. Volume increased by 4 per cent, while value increased by 19 per cent or NOK 361 million. China, the United Kingdom and Poland were the biggest buyers of frozen cod so far this year.

Norway has exported 3,800 tonnes of frozen cod, including fillet, for NOK 165 million in September. This is a 4 per cent decrease in volume, while the value increased by 1 per cent or NOK 2 million compared with September last year.

“Frozen whole cod is the cod product with the lowest price growth, but the volumes are higher than at the same time last year. Uncertainty surrounding Brexit and stable demand is the main explanation for the UK being the market that has had the largest volume growth so far this year”, says Pettersen.

“At the same time, we see that both fresh and frozen fillets account for larger shares of the export volume and together with increased prices there has been considerable value growth for both products”, Pettersen continues.