Despite its own fishing fleet landing close to 14,000 metric tons (MT) of Atlantic cod (Gadhus morhua), the United Kingdom has become heavily reliant on imports of its favorite whitefish. According to the U.K. Seafish Authority, around 90 percent of the country’s cod supply came from imports last year.
The U.K. market imported 116,421 MT of cod with a value of GBP 410.1 million (EUR 583.6 million; USD 639.9 million) in 2014, representing increases of 0.1 percent and 2.4 percent, respectively. Its main supplier was Iceland, which shipped 32,023 MT of product valued at GBP 157.4 million (EUR 224 million; USD 245.6 million), followed by China with 24,712 MT valued at GBP 66.6 million (EUR 94.8 million; USD 103.9 million) and Norway with 15,636 MT valued at GBP 41.6 million (EUR 59.2 million; USD 64.9 million).
Over the past 10 years, frozen-at-sea (FAS) cod fillets have been Iceland’s principal export product with steady volumes of around 8,000 MT per year. Over the same period, the volume of chilled cod fillets has halved. However, Seafish believes this trend is set to change. Driven by a strong demand for chilled, Icelandic fishing companies are looking to sell freezer vessels and switch to cheaper onshore processing, it said.
In addition to being a major importer of cod, the United Kingdom also exports the product. Its cod exports in 2014 totaled 15,466 MT with a value of GBP 52.4 million (EUR 74.6 million; USD 81.8 million), down 7.4 percent and 6 percent, respectively. The Republic of Ireland, France, Germany and Spain were its main markets.
