Norwegian pelagic fish prices soar as supplies decline

Pelagic fish exporters from Norway shipped 674,000 metric tons (MT) of seafood for NOK 7.8 billion (USD 904.8 million, EUR 859.9 million) in 2016. These totals represented a volume decrease of 15 percent but a value increase of NOK 11 percent compared with 2015.

The Norwegian Seafood Council (NSC) reported that the country exported mackerel worth NOK 4.1 billion (USD 475.5 million, EUR 452 million) last year, an increase of 6 percent from 2015, with its herring trade up 22 percent to NOK 3.1 billion (USD 359.6 million, EUR 341.8 million).

Japan was Norway’s No. 1 end market for pelagic fish, followed by China and the Netherlands.

“Increased export values of pelagic fish in 2016 is a result of high prices in the markets for both herring and mackerel. This is due to relatively low quotas, as well as good demand in our main markets, said Kristin Lien, analyst with the NSC.

“The quality conscious markets of Japan and Korea account for a large share of Norwegian mackerel, while a larger percentage of herring are sold as fillets to Germany, Poland and Belarus,” she said.

Norway exported 302,000 MT of frozen mackerel in 2016, down 12 percent from 2015, but the average export price increased 22 percent to NOK 12.90 (USD 1.50, EUR 1.42) per kg.

In 2016, Japan imported NOK 950 million (USD 110.2 million, EUR 104.8 million) worth of mackerel from Norway, representing an increase of 32 percent. China, which is an important processing market for mackerel to Japan, increased its imports by 26 percent to NOK 654 million (USD 75.9 million, EUR 72.1 million), while South Korea grew its imports by 68 percent to NOK 565 million (USD 65.5 million, EUR 62.3 million).

Last year’s herring exports comprised 100,000 MT of frozen whole herring and 96,000 MT of frozen herring fillet products. The average price of Norwegian origin frozen whole herring in 2016 was NOK 9.66 (USD 1.12, EUR 1.06) per kg, up 11 percent from 2015, while the average price for its frozen fillets increased 23 percent to NOK 16.75 (USD 1.94, EUR 1.85) per kg.

Poland was the biggest market for Norwegian herring in 2016 with imports totaling NOK 596 million (USD 69.1 million, EUR 65.7 million), an increase of 108 percent from 2015. Germany was the second largest market with a value of NOK 528 million (USD 61.2 million, EUR 58.2 million), up 52 percent, followed by Ukraine with imports of NOK 314 million (USD 36.4 million, EUR 34.6 million), up 45 percent.

Overall, Norwegian exporters shipped fisheries and aquaculture products worth a record NOK 91.6 billion (USD 10.6 billion, EUR 10.1 billion) last year, up 23 percent or NOK 17 billion (USD 2 billion, EUR 1.9 billion) compared with 2015. In total, Norway exported seafood to 146 countries last year.

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