Heated demand in cold waters. A depreciated NOK set improvements on export premiums for the 'Klippfisk'

Frozen Cod

Norway

Regulation & Compliances

Market & Price Trends

Innovation & Technology

Caio Alves

Published Nov 13, 2020

The fresh cod catching volumes presented an increase by October at the same time export price rates showed premium improvements. Such movement is expected during the summer and the autumn seasons as the Northeastern Arctic sea stock falls short on cod supply. International hiking on the prices also can be further explained by the weak kroner currency. According to data from the Norwegian Seafood Council, October sales of fresh cod volumes increased 23% YoY, meeting up an astonishing 2,000 metrics tons sold by the late month, up 44% in value YoY. Including fillets, Norway exported over 46 thousand tons of fresh cod, accounting for NOK 2B ($ 220M). It is relevant to say that trends point out to an overall 21% decline on volumes traded in 2020 but only -5% in value.

For the consumption markets, the whole clipfish exports reached 12,100 metric tones in October, accounting for NOK 698M. An appreciation of 41% if compared to October 2018. For the year of 2020 the country closed at 77KMT of clipfish up to October 31st. A volume increase of 2% YoY, and 13% on value YoY.

Brazil, Portugal and Italy purchased the largest share of the salted fish stocks supplied in October meaning an uprise on demand due to the Christmas sales.