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Photo Courtesy from Norwegian Seafood Council

Negative world market situation for Norwegian mackerel and herring

Click on the flag for more information about Norway NORWAY
Tuesday, December 06, 2022, 01:00 (GMT + 9)

Weak November for herring
  • Norway exported 43,884 tonnes of herring worth NOK 577 million in November.
  • The value fell by NOK 98 million, or 15 per cent, compared to November last year.
  • The volume fell by 24 per cent.
  • Poland, Lithuania and Cameroon were the biggest markets for herring in November.
Cameroon had the most significant increase in value this month, with an export value of NOK 56 million, compared to nothing last year. The export volume ended at 6,351 tonnes.

Increased share of seafood as a fish meal and oil ingredient
 
"For herring, November was a good catch month, totalling 162,000 tonnes. This is an increase from the same month last year of 17.5 per cent. The reduction in herring exports is because, historically, a lot of herring has gone into flour and oil. In November, a total of 47,000 tonnes, of which 45,000 tonnes were NVG herring, went to this area of use", says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.
 
The reason lies in the fact that a somewhat saturated consumer market for herring resulted in lower prices in first-hand sales, and that prices for flour and oil have been at a record level.
 
"This is again due to high prices for raw materials from agriculture for use in, among other things, salmon feed and a currency effect on the purchase of flour and oil from South America", says Johnsen.
 
Prices are on the way down
 
The export prices for almost all herring products are above the same period last year, but the prices have passed a peak and have fallen somewhat.
 
<-- Photo: courtesy Norges Sildesalgslag
 
"This applies in particular to the price of round frozen herring. Due to a lack of large herring, sought after in Eastern Europe, round-frozen herring of smaller sizes go to West Africa at lower prices", says Jan Eirik Johnsen.
 
Fall in volume and value for mackerel
  • Norway exported 33,062 tonnes of mackerel to a value of NOK 620 million in November.
  • The value fell by NOK 141 million, or 19 per cent, compared to November last year.
  • The volume fell by 23 per cent.
  • South Korea, Japan and Poland were the biggest markets for mackerel in November.
The average price of exported mackerel in November was NOK 18.76 per kg. This is the highest price in November and the second highest for the season. The highest was NOK 18.86 per kg and dates from December last year.
 
Reduced exports to Africa
 
There has been good demand for Norwegian mackerel in the Asian markets until October, but it levelled off last month.
 
"Price levels and the challenges with access to currency in Egypt, as well as an unfavourable currency development for countries in Central and West Africa, have reduced exports to Africa. The reduced volumes are also because Norwegian exporters now store more mackerel in Norway, and they are shipped more evenly throughout the year", says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Source: Norwegian Seafood Council

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