Anticipated 15% Drop in Atlantic Cod Catches in 2024 Sparks Price Surge and Alters Global Trade Dynamics

The highly traded fish species, cod, is experiencing a significant decline in global catches, with an expected 15% year-on-year (YoY) reduction in Atlantic cod catches in 2024, while Pacific cod remains stable. In 2023, Atlantic cod had a catch exceeding 700 thousand metric tons (mt), but lower catches are anticipated in 2024, particularly from Norway and Russia, the leading cod-catching and exporting countries. This decline has led to a surge in frozen cod fillet prices, nearly equaling fresh cod prices. Consequently, the United States reduced cod imports from 45 thousand mt in 2022 to 35 thousand mt in 2023, resulting in a drop in fillet prices from USD 3.58 per kilogram (kg) in 2022 to USD 3.12/kg in Nov-23.