European Union markets imported a total 513,000 metric tons (MT) of Atlantic cod valued at EUR 2.4 billion (USD 2.7 billion) in 2017, with an average price increase of 5 percent from the previous year to EUR 4.71 (USD 5.33) per kilogram delivering a total value growth of EUR 80 million (USD 90.6 million) year-on-year.
New data from the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA) confirms that Norway was the E.U.’s top supplier of cod that year, providing 182,404 MT valued at EUR 864 million (USD 978.3 million). This represented 36 percent of the cod imported from third countries.
Russia and Iceland were also important suppliers to the bloc, contributing 22 percent (111,000 MT) and 18 percent (93,000 MT) respectively.
EUMOFA’s figures also find that for the first 11 months of 2018, the EU imported 458,000 MT of cod valued at EUR 2.3 billion (USD 2.6 billion).
Most of the cod imported to the E.U. consists of frozen products. In 2017, imports of frozen cod reached 325,000 MT worth EUR 1.3 billion (USD 1.5 billion), with the volume down 2 percent but the value 4 percent higher.
Imports of fresh products increased by 7 percent in terms of both volume and value, while there was a 2 percent decrease in value and a 9 percent fall in volume for salted products. Dried products decreased by 3 percent in value and 8 percent in volume from 2016.
In general, there was a 5 percent increase in import prices of all cod products in 2017. This trend continued throughout 2018 for all categories except for fresh products, whose price decreased by 1 percent for January through November. The largest price growth was seen for frozen products (up 8 percent).
The Netherlands was the E.U.’s leading cod importer in 2017, bringing in 146,000 MT of products worth EUR 652 million (USD 738.2 million), followed by the United Kingdom with 80,000 MT valued at EUR 435 million (USD 492.5 million) and Sweden’s 78,000 MT worth EUR 395 million (USD 447.2 million).
Cod is one of the most-consumed fish species across the E.U. The per capita consumption stood at 2.33 kg in 2016, which was only bested by tuna. Since 2011, member states’ cod consumption had increased by 21 percent per capita, with EUMOFA attributing the growth trend to increased imports during the period.
The E.U. is also a cod exporter, although the volumes sold are much lower than those in the import trade. In 2017, member states shipped 27,600 MT of products valued at EUR 150 million (USD 169.8 million). Brazil is the largest market for cod exported by the E.U., with 2017’s trade totaling 7,700 MT worth EUR 58 million (USD 65.7 million), mainly provided by Portugal and consisting of frozen products (65 percent of the total volume) and dried products (almost 30 percent of the total).
Norway and China are also important export markets of EU cod. In 2017, they imported 4,100 MT worth EUR 21 million (USD 23.8 million) and 7,200 MT worth EUR 17 million (USD 19.3 million) respectively.
The value of cod exports to both countries increased significantly in the period 2013 through 2017, said EUMOFA.
Exports to Norway mainly consist of frozen cod landed by E.U. vessels in Norway and prepared/preserved cod products supplied from processors in Latvia and Lithuania. The exports to China mainly include frozen cod headed and gutted from Denmark and the Netherlands but originating in Norway and Russia.
It is estimated that the E.U. will account for 11 percent of the global cod catch in 2019, with the main fisheries taking place in the North Sea, the Baltic Sea and the Barents Sea. In 2016, cod landed in the E.U. amounted to 92,000 MT worth EUR 226 million (USD 255.9 million), representing 3 percent of the total value of all E.U. landings. This was mostly driven by catches by the largest quota holders – Denmark, the United Kingdom, and Spain, as well as by landings in Poland and France. In total, the E.U. cod volume and value decreased by 12 percent and 8 percent, respectively.
EUMOFA also highlights that in recent years the global catch of Atlantic cod has been steadily decreasing – from 1,329,000 MT in 2016 to an estimated 2019 catch of 1,139,000 MT. It said the declining volumes are a consequence of reduced quotas in the most important commercial fishery which takes place in the Barents Sea.
