Price of Cod in Spain Is on the Rise Because of Reduced TAC and High Diesel Costs

In W2 Jul-22, the price of Spanish cod increased by 22.37% YoY to USD 17.18/kg. Cod from Spain's total allowable catch (TAC) reduced by 26% YoY to 9,688 mt in 2022. Fishermen also became hesitant to sail out to sea due to high diesel prices. Russia and Norway were also major suppliers of cod from Spain in 2020. The continuous conflict between Russia and Ukraine disrupted the supply chain, which led Norway as the alternative market experienced a significant increase in demand for cod in the global market resulting in a supply shortage.