NORWEGIAN FRESH COD EXPORTS FALL
Norwegian fresh cod exports fall. Norway exported 1,500 tonnes of fresh cod, including fillet, with a value of NOK 74 million in August. Export value fell by NOK 16 million or 18 percent and volume fell by 40 percent in August. So far this year, 42,600 tonnes of fresh cod have been exported, with a value of NOK 1.8 billion. Denmark, Sweden, and Portugal were the largest market for fresh cod in August.
Seafood Analyst with the Norwegian Seafood Council, Ingrid K. Pettersen, said: “With the exception of January this year, August saw the highest prices (in Norwegian kroner) for fresh whole cod than in August this year, measured in Norwegian kroner. The price in August was NOK 40.9 per kg, which is an increase of 31 percent compared with August in 2018. Lower catches and a weak Norwegian kroner are probably the main explanation for that.”
In August, 5,500 tonnes of frozen cod were exported, worth NOK 226 million. There is a growth in volume of 14 percent, while the value increased by NOK 46 million or 25 percent. So far this year, 50,000 tonnes of frozen cod worth NOK 2.1 billion have been exported. China, the United Kingdom and Denmark were the largest frozen cod markets in August.
Meanwhile, 7,700 tonnes of clipfish – cod that has been both salted and dried – were exported with a value of NOK 442 million in August. Volume remains at the same level as August 2018, while the value increased by NOK 96 million or 28 percent. So far this year, 55,000 tonnes of clipfish have been exported to a value of NOK 2.7 billion. Portugal, Brazil and Dominican Rep. were the largest clipfish markets in August.
“The growth in August, both in volume and value, is in cod clipfish destined for Portugal. In August, the average price of codfish for cod was NOK 84.24 per kg, which is 15 percent higher this year than in August last year. Although a weak Norwegian krone is an important contributor to price inflation, it does not explain everything; for example, euro inflation was 11 percent. Another factor is the increased demand for clipfish, partly due to significantly lower salted fish volumes from Norway, as well as a positive development in consumer demand in Portugal,” says Ingrid K. Pettersen.
In August, 575 tonnes of salt fish were exported with a value of NOK 29 million. Export volumes fell by 34 percent, while export value fell by NOK 12 million or 30 percent. So far this year, 18,200 tonnes of salted fish have been exported to a total value of NOK 1 billion. Portugal, Italy, and Spain are our largest saltfish market in August.
For stockfish (dried cod), 386 tonnes were exported with a value of NOK 61 million. Volume increased by 7 percent, while export value increased by NOK 16 million or 37 percent. So far this year, 2,400 tonnes of stockfish has been exported with a value of NOK 415 million. Italy and Nigeria were the largest stockfish market in August.
“Cod stockfish has been the main contributor to the growth in value in August, in addition to tusk. Italy consumes most of the whole cod stockfish, and despite the volume reduction so far this year, we see significant value growth as a result of the high prices. The average price for whole cod so far this year has been NOK 200.32 per kg, which is an increase of 25 percent compared with the same period last year,” concluded Ingrid K. Pettersen.