Photo: Norwegian Seafood Council

International market situation for norwegian cod (skrei, fresh, frozen, clipfish, saltedfish, stockfish...)

NORWAY
Wednesday, May 08, 2024, 06:00 (GMT + 9)

Fall in volume and worthy of fresh cod

• Norway exported 4,972 tonnes of fresh cod to a value of NOK 317 million in April
• The value fell by NOK 57 million, or 15 per cent, compared to the same month last year
• The volume fell by 27 percent
• Denmark, the Netherlands and Spain were the biggest markets for fresh cod in April

While the volume of fresh wild cod continues to fall in line with lower quotas and landings, the volume of fresh farmed cod continues to increase in April.

The export volume of fresh wild cod fell 35 percent to 3,800 tonnes, while the export value fell 26 percent to NOK 241 million.

Farmed cod had a volume growth of 16 percent, to 1,200 tonnes, and a value growth of 52 percent, to NOK 76 million. 24 percent of fresh cod exports in April, measured in value, were farmed cod.

Good month for the value of skrei exports

• Norway exported 631 tonnes of quality labelled skrei worth NOK 39 million in April
• The value increased by NOK 2 million, or 6 percent, compared to the same month last year.
• Volume fell by 3 percent.
• Denmark, Spain, and Sweden were the largest markets for skrei in April

Summarizing the 2024 Cod season

• Norway exported 4,709 tonnes of skrei with a value of NOK 318 million in the 2024 skrei season.
• The value increased by NOK 37 million, or 13 percent, compared with the cod season last year.
• Volume increased by 12 percent.
• Denmark, Spain, and Sweden were the largest markets for skrei in 2024.

Even with a large decrease in the cod quota, the export volume of quality labeled skrei increased in this year's season.

"We have to go all the way back to 2020 to find a higher volume of cod, and then with far higher quotas. As much as 26 percent of exports of fresh wild cod were skrei, compared with only 18 percent in last year's skrei season," says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Strong development in Spain

Spain stands out with the strongest development this year. The export volume to Spain amounted to 1,600 tonnes, which is 42 percent higher than last year. In addition, significant volumes go to Spain via the transit country Denmark, which had a stable export volume of 2,600 tonnes.

“Skrei is consolidating its position as the king of the fresh counter during the skrei season. The Spaniards love cod, and over the years, cod has strengthened its position among consumers, supermarkets, and fishmongers. This year, even more grocery chains have included skrei in their range, and it's gratifying to see such strong growth in exports of skrei to Spain," says Tore Holvik, the Norwegian Seafood Council's envoy to Spain.

Good April for frozen cod

• Norway exported 7,051 tonnes of frozen cod worth NOK 447 million in April
• The value increased by NOK 125 million, or 39 percent, compared to the same month last year.
• That's a growth in volume of 30 percent.
• China, the UK, and Vietnam were the largest markets for frozen cod in April.

"Landings of frozen cod in April were roughly at the same level as last year, and the strong volume growth in April may be due to stock changes or lower sales to the Norwegian onshore industry," says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Largest increase in China

China had the highest value growth in April, with an increase in export value of NOK 112 million, or 485 percent, compared to the same month last year.

The export volume to China ended at 2,300 tonnes, which is 212 percent higher than the same month last year. With the strong volume growth in April, the export volume to China this year is now slightly higher than last year.

Affected by import bans

“The increase is a result of the recent US import ban on Russian cod. Since the Chinese processing industry exports large volumes of frozen cod fillets to the US, largely based on Russian raw material, they now have to use cod from other countries to continue producing for the US market," explains Brækkan.

Volume growth to the UK

Volumes to the UK also increased in April, and with an export volume of more than 2,000 tonnes, this resulted in volume growth of 59 percent from April last year.

"We have to go back to 2002 to find a single month with a higher export volume of frozen cod to the UK," says Eivind Hestvik Brækkan.

Strong month for saithe clipfish

• Norway exported 5,318 tonnes of clipfish worth NOK 325 million in April.
• The value increased by NOK 14 million, or 5 percent, compared to the same month last year.
• This is a growth in volume of 22 percent.
• Portugal, the Dominican Republic and Congo-Brazzaville were the largest markets for clipfish in April.

The export volume for cod clipfish ended at 1,300 tonnes, which is a decrease of 15 percent from April last year

The export value fell 7 percent to a total of NOK 156 million. The volume of saithe clipfish increased by 58% to 3,800 tonnes, while the export value increased by 35% to NOK 152 million.

Growth to the Dominican Republic

“As a result, our largest market for saithe clipfish, the Dominican Republic, saw the greatest growth in value in April, with an increase in export value of NOK 19 million, or 46 per cent, compared with the same month last year," says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

The export volume to the Dominican Republic ended at 1,613 tonnes, which is 74 per cent higher than the same month last year.

Portugal biggest on cod clipfish

For cod clipfish, Portugal dominates as usual, accounting for 77 per cent of total export value in April. Export volume to Portugal fell 17 per cent to 1,000 tonnes, while export value fell 12 per cent to NOK 120 million.

Photo: courtesy Møre Codfish

Record month for salted fish

• Norway exported 3,820 tonnes of salted fish worth NOK 381 million in April.
• The value increased by NOK 8 million, or 2 per cent, compared to the same month last year.
• Volume fell by 9 per cent.
• Portugal, Spain, and Italy were the largest markets for salted fish in April.

This is a record high export value for salted fish in a single month, NOK 7 million higher than the previous record month, which was in May 2023.

Portugal had the highest value growth in April, with an increase in export value of NOK 10 million, or 3 per cent, compared to the same month last year.

The export volume to Portugal ended at 3,312 tonnes, which is 12 per cent lower than the same month last year.

Value growth for stockfish

• Norway exported 405 tonnes of stockfish worth NOK 83 million in April
• The value increased by NOK 24 million, or 41 per cent, compared to the same month last year.
• Italy, USA, and Nigeria were the largest markets for stockfish in April.

Italy had the highest value growth in April, with an increase in export value of NOK 16 million, or 43 per cent, compared to the same month last year.

The export volume to Italy ended at 172 tonnes, which is 41 per cent higher than the same month last year.

Uncertain forecasts

So far this year, the export volume for cod stockfish is now at the same level as last year, with 1,100 tonnes.

"Since this year's stockfish production will not reach the markets for a few months, it is too early to assess how this year's decline in cod quotas will affect the production and export volume of stockfish," says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Source: Norwegian Seafood Council

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