Icelandic fisheries export earnings, volumes fall

Published on
June 22, 2016

Iceland exported 632,000 metric tons (MT) of marine products last year, which was 22,000 MT less than in 2014. In value terms, 2015’s exports totaled ISK 267 billion (USD 2.2 billion, EUR 1.9 billion), a decline of 6 percent compared to the previous year, according to new figures published by Statistics Iceland.

Frozen products generated half of the total export value, led by frozen cod at ISK 35.6 billion (USD 289.4 million, EUR 256.8 million). Fresh cod was the second highest revenue generator with exports totaling ISK 34.4 billion (USD 279.6 million, EUR 248.1 million). Combined, Iceland’s cod product exports totaled ISK 100.5 billion (USD 816.9 million, EUR 724.9 million).

Despite the overall trade decline, Iceland’s fishmeal and fish oil export earnings earned ISK 41.8 billion (USD 339.8 million, EUR 301.5 million), up 41 percent compared with 2014 and the second highest total on record. In volume terms, this comprised 150,156 MT of fishmeal and 37,447 MT of fish oil.

Europe provided the main markets for Icelandic marine products, accounting for 75 percent of exports last year at ISK 196.1 billion (USD 1.6 billion, EUR 1.4 billion). Some 8.6 percent or ISK 27.8 billion (USD 226 million, EUR 200.5 million) worth were exported to Asia and 8 percent or ISK 21.1 billion (USD 171.5 million, EUR 152.2 million) worth went to North America.

The United Kingdom continued to be Iceland’s No. 1 single biggest market, importing ISK 48.4 billion (USD 393.5 million, EUR 349.1 million) worth of Icelandic products last year, an increase of more than 18 percent compared to 2014.

Contributing Editor reporting from London, UK

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