VOLUME AND VALUE OF NORWEGIAN COD EXPORTS FALL

Volume and value of Norwegian cod exports fall. Norway exported 40,200 tonnes of fresh cod with a value of NOK 1.7 billion during the first half of 2019. This is a decrease in volume of 21 per cent, and a fall of NOK 123 million or 7 per cent in export value.

“The winter has been characterized by stable and high first-hand prices for cod, partly due to lower quotas and high competition for the raw material. The reduced quotas have also resulted in lower export volumes for fresh, whole cod. The exception here this winter is the export of fresh, whole skrei where we have seen record highs in both volume and prices”, says Ingrid K. Pettersen, Seafood Analyst with the Norwegian Seafood Council.

In June, 2,100 tonnes of fresh cod were exported with a value of NOK 96 million. This is a decrease in volume of 36 per cent, while export value fell by NOK 25 million or 20 per cent. Denmark, Poland and the Netherlands were the largest recipients of fresh cod in the first half of 2019.

Meanwhile, Norway exported 40,100 tonnes of frozen cod worth NOK 1.7 billion in the first half of 2019. This is an increase of 3 per cent, while the value increased by NOK 293 million or 21 per cent from the same period last year. China, the UK and Lithuania were the largest recipients of frozen cod in the first half of 2019.

“The strong growth of frozen cod to the UK so far in 2019 is mainly due to two things: strong competition for the raw material, lower quotas and higher price growth, and the fact that UK grocery chains want to secure enough raw material due to the uncertainty around Brexit. We have also received feedback from UK importers that consumer demand for cod remains strong” says Hans Frode Kielland Asmyhr, with the Norwegian Seafood Council’s UK Trade Mission.

In June, Norway exported 3,600 tonnes of frozen cod worth NOK 166 million. This is a decrease in volume of 41 per cent, while the value of exports fell by NOK 78 million or 32 per cent.