Norwegian fresh wild cod exports fall to 12-year low

Published Apr 9, 2024

Tridge summary

In the first quarter, Norway witnessed a significant downturn in its fresh cod exports, including both wild and farmed species, with a 19% reduction in volume and a 13% fall in value, totaling 18,454 tonnes worth NOK 1.2 billion. This decline was mainly due to decreased fishing quotas resulting in lower catches of fresh cod. Specifically, exports of fresh wild cod dropped by 22% in volume and 18% in value, whereas fresh farmed cod exports saw a 6% increase in volume and a 23% rise in value. The largest markets for fresh cod were Denmark, the Netherlands, and Spain. On the other hand, frozen cod exports remained stable, with a slight 1% increase in volume but a 3% decrease in value, with the UK being the largest market. Notably, exports to China fell to their lowest since 2010, while Vietnam emerged as a significant growth market for Norwegian frozen cod, marking the highest volume exported to the country in a single quarter.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the first quarter, Norway exported 18,454 tonnes of fresh cod, including both wild and farmed species, worth NOK 1.2 billion (EUR 103.5 million/USD 112.3 million) – a 19% drop in volume and 13% in value compared to the same period last year. Due to reduced fishing quotas, the land-based catch of fresh cod was significantly lower than in the same period last year, which inevitably led to lower exports, NSC said in a report. Exports of fresh wild cod fell by 22%, or 4,400 tonnes, to 15,200 tonnes. The value of these exports fell by 18% to NOK 994 million (EUR 85.7 million/USD 93.1 million). NSC seafood analyst Eivind Hestvik "We have to go back to 2012 to find a case where fresh wild cod exports were lower in the first quarter," Braekkan said. However, the figures were supported by a 6% increase in fresh farmed cod exports, to 3,250 tonnes. The value of these exports rose 23% during the quarter to NOK 180 million (EUR 15.5 million/USD 16.9 million). "In terms of value, farmed cod ...

Source: Foodmate