Norwegian seafood exports enjoyed an incredibly successful 2024 by setting a new trade value record in excess of NOK 175 billion (USD 15.3 billion, EUR 14.9 billion).
While most sectors in the country’s seafood industry reaped the rewards of the successful year, the nation’s cod sector struggled to keep up – a struggle experts predict will persist this year.
Significant quota cuts and reduced landings challenged cod supply chains in 2024, mainly due to the Norwegian-Russian Joint Fishery Commission agreeing on a 20 percent reduction in Barents Sea cod quotas for 2024, with the Scandinavian country securing just over 212,000 metric tons (MT) of the 453,427 MT total allowable catch (TAC).
According to Norwegian Seafood Council (NSC) figures, Norway exported 40,370 MT of fresh cod worth NOK 2.6 billion (USD 227.4 million, EUR 221.8 million) last year. That volume was down 18 percent, and the value decreased 10 percent compared with 2023 figures.
It also sold 48,166 MT of frozen cod worth NOK 3.1 billion (USD 271.1 million, EUR 264.5 million) to overseas markets – down 22 percent and 11 percent, respectively.
This reduced supply drove up cod prices in 2024, and the expectation is that this will continue this year, especially due to a further 25 percent reduction in the Barents Sea quota to some 340,000 MT. Of this, Norway's share is just below 163,500 MT.
Though the same pressures are likely to rear their heads again in 2025, most buyers are expected to remain loyal to the product, NSC Director of Communications Martin Skaug and Seafood Analyst Eivind Hestvik Brækkan told SeafoodSource …