Photo: Stockfile /FIS

Market Dynamics for Cod and Related Products: Fresh, Frozen, Dried, Salted, clipfish and stockfish

NORWAY
Friday, February 07, 2025, 09:20 (GMT + 9)

Volume drops for fresh cod

• Norway exported 3,317 tonnes of fresh cod worth NOK 267 million in January
• The value increased by NOK 38 million, or 17 per cent, compared with the same month last year.
• Volume fell by 5 per cent
• Denmark, the Netherlands and Latvia were the largest markets for fresh cod in January

Lower cod quotas and a decline in landings in January contributed to a significant decrease in the export volume of fresh wild cod.

For fresh wild cod, export volumes fell 19 per cent to 1,980 tonnes, while export value increased 3 per cent to NOK 175 million.

For fresh farmed cod, the export volume increased by 26 per cent to 1,337 tonnes, while the export value increased by 56 per cent to NOK 92 million.

Highest share ever for farmed cod

“Farmed cod accounted for 35 per cent of the export value of fresh cod in January. This is the highest proportion of farmed cod ever in the month of January. This is not unnatural, given the quota situation for wild-caught cod," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

All the largest destination countries for fresh cod in January are typical transit markets. Norwegian fresh cod is mainly re-exported from these transit markets to major fresh markets in Europe, such as France, Germany, Belgium, Italy and Spain.

Heavy start to the skrei season

• Norway exported 420 tonnes of quality labelled skrei worth NOK 45 million in January
• The value fell by NOK 5 million, or 9 per cent, compared with the same month last year.
• Volume fell by 30 per cent
• Denmark, Spain and Sweden were the largest markets for skrei in January

“The sharp decline in export volumes in January is not surprising. A lot of bad weather combined with a sharp quota cut has contributed to a large decline in landings in January. This has also affected export volumes," says Seafood Analyst Brækkan.

Historically high price

At the same time, the export price for quality labelled skrei has never been higher in a single month.

“With an export price of NOK 107 per kg in January, this is NOK 24 per kg higher than the previous record month, which was January 2024," explains Brækkan.

Decline in volume and value for frozen cod

• Norway exported 3,607 tonnes of frozen cod worth NOK 294 million in January
• The value fell by NOK 75 million, or 20 per cent, compared with the same month last year
• Volume fell by 52 per cent
• China, the UK and Vietnam were the largest markets for frozen cod in January

The UK saw the greatest growth in value in January, with an increase in export value of NOK 31 million, or 44 per cent, compared with the same month last year.

Photo: ASDA (UK)

The export volume to the UK ended at 1,088 tonnes, which is the same as in January last year.

“The quota reduction contributed to a sharp reduction in both landings and export volumes of frozen cod in January. High price growth dampened the decline in export value, and it is the UK that stands out in a positive direction," says Seafood Analyst Eivind Hestvik Brækkan.

The UK remains a very important market

One month into 2025, it looks like the trend from 2024, where the UK steadily took a larger share of frozen cod exports from Norway, will continue.

"January's exports confirm that the UK continues to be a very important market for Norwegian cod and frozen products in particular," says Victoria Braathen, the Norwegian Seafood Council's envoy to the UK.

Export volumes to both China and Vietnam are falling compared with January last year. Both countries re-export a lot of processed cod to the USA.

"The turmoil and uncertainty surrounding the introduction of tariffs on US imports may affect exports of frozen cod to these important processing markets in the future," explains Brækkan.

Value growth for clipfish

• Norway exported 7,828 tonnes of clipfish worth NOK 551 million in January
• The value increased by NOK 31 million, or 6 per cent, compared with the same month last year.
• Volume fell by 14 per cent
• Brazil, the Dominican Republic and Portugal were the largest markets for clipfish in January

For saithe clipfish, the export volume fell by 16 per cent to 5,366 tonnes, while the export value increased by 13 per cent to NOK 302 million.

For cod clipfish, the export volume fell by 36 per cent to 952 tonnes, while the export value fell by 14 per cent to NOK 158 million.

“Only 12 per cent of the export volume of clipfish in January was cod. This is the lowest proportion of cod ever," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

Saithe accounts for 69 per cent of export volume

Among other species, saithe dominates with 69 per cent of the export volume, while tusk has 11 per cent and ling 6 per cent of the export volume of clipfish in January.

To Brazil, which was our largest clipfish market in January, exports of clipfish totalled NOK 286 million, 1 per cent more than in January last year.

“Saithe clipfish accounted for half of exports in terms of value, while 25 per cent was cod. Cusk and ling accounted for the remaining 25 per cent," explains Brækkan.

The export volume of cod clipfish was more than halved to 418 tonnes in January, while there was an increase in the export volume of ling clipfish of 165 per cent to a total of 321 tonnes.

Largest growth to the Dominican Republic

The Dominican Republic had the highest value growth in January, with an increase in export value of NOK 12 million, or 19 per cent, compared with the same month last year.

The export volume to the Dominican Republic ended at 1,403 tonnes, which is 16 per cent lower than the same month last year.

"The increase in export value is driven by higher export prices for saithe clipfish, which accounted for 96 per cent of the export volume to the Dominican Republic in January," says Eivind Hestvik Brækkan.

Weak month for salted fish

• Norway exported 895 tonnes of salted fish worth NOK 66 million in January
• The value fell by NOK 6 million, or 8 per cent, compared with the same month last year.
• Volume fell by 24 per cent
• Portugal, Greece and Canada were the largest markets for salted fish in January

For salted cod, the export volume fell 37 per cent to 390 tonnes, while the export value fell 22 per cent to NOK 37 million.

“As a result, cod accounted for only 44 per cent of the export value of salted fish in January. This is the lowest share of cod of Norwegian salted fish exports in a January month ever," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

However, exports of salted fish to Portugal are holding up well, with a decline in volume of only 4 per cent in January, to 326 tonnes, and an increase in value of 9 per cent, to NOK 30 million. All were salted cod fish.

Growth to Greece

Greece had the highest value growth in January, with an increase in export value of NOK 8 million, or 63 per cent, compared with the same month last year.

The export volume to Greece ended at 308 tonnes, which is 32 per cent higher than the same month last year.

"The increase in exports to Greece is driven by a higher export volume of clipfish from ling, which increased by as much as 152 per cent to a total of 272 tonnes," says Brækkan

Increased value for stockfish

• Norway exported 356 tonnes of stockfish worth NOK 112 million in January
• The value increased by NOK 9 million, or 9 per cent, compared with the same month last year
• Volume fell by 14 per cent
• Italy, Croatia and Canada were the largest markets for stockfish in January

Cod stockfish exports increased by 3 per cent to 320 tonnes and an export value of NOK 109 million, which is 9 per cent higher than in January last year.

Italy, Norway's largest stockfish market, saw the greatest growth in value in January, with an increase in export value of NOK 7 million, or 9 per cent, compared with the same month last year.

The export volume to Italy ended at 275 tonnes, which is 3 per cent lower than the same month last year

Positive development in Italy

"The dried fish exported in January was produced and landed last year. We will therefore have to wait until we get closer to Christmas to be able to assess the consequences of this year's quota reduction," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.

There are positive developments in Italy in the form of increased product development and sales of processed and pre-prepared stockfish products. This could make a positive contribution to demand in our most important stockfish market.

“However, it is difficult to assess the development of a storage-friendly product such as stockfish based on export statistics for a single month. January was nevertheless more positive than we might have feared," says Brækkan.

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