Norway exported 32,000 metric tons (MT) of fresh cod worth NOK 1.1 billion (USD 140.7 million, EUR 114.7 million) in the first-quarter of this year. While this represented a slight decrease in volume from the corresponding three-month period of 2017, the export value increased by 4 percent or NOK 42 million (USD 5.4 million, EUR 4.4 million).
The fresh cod earnings for the last quarter included Norwegian skrei, which amounted to 4,300 MT worth NOK 166 million (USD 21.2 million, EUR 17.3 million), up 3 percent and 9 percent year-on-year respectively.
In addition, the Scandinavian country exported 22,000 MT of frozen cod with a value of NOK 772 million (USD 98.7 million, EUR 80.5 million), with respective increases of 5 percent and 13 percent.
Ingrid Kristine Pettersen, whitefish analyst with the Norwegian Seafood Council (NSC), said that while it was usual to see the prices of fresh whole cod and skrei decline in March, they had increased this year.
With the inclusion of clipfish and salted fish, cod exporters achieved their best-ever quarter, with total earnings in excess of NOK 3 billion (USD 383.7 million, EUR 313 million), confirmed Pettersen. This value was underpinned by prices for clipfish, salted fish and fresh whole cod for the three months increasing by 19 percent, 12 percent and 7 percent year-on-year respectively.
“This is due to strong demand in our most important consumer markets, such as Portugal and Spain,” said Pettersen.
Norway exported 21,500 MT of clipfish with a value of NOK 943 million (USD 120.6 million, EUR 98.4 million) in Q1 2018, representing a 3 percent decrease in volume, but a 3 percent rise in value. Portugal, Brazil and the Dominican Republic were the main markets for clipfish in the quarter.
Johnny Thomassen, NSC’s director of operations in Portugal, said that the council has seen that cod clipfish has “especially” enhanced the value of the clipfish category, due to a sharp rise in prices and strong demand in Portugal.
This price increase has been passed along to the consumer, added Thomassen.
Also in the quarter, Norway exported 8,700 MT of salted fish with a value of NOK 429 million (USD 54.9 million, EUR 44.7 million), an increase in volume of 4 percent and a value rise of 19 percent. Portugal, Greece and Spain were the main markets for this product.
Despite the strong performance of its cod exports, Norway’s total seafood exports for the last quarter fell by 8 percent in volume and 2 percent in value year-on-year to 676,000 MT and NOK 23.7 billion (USD 3 billion, EUR 2.5 billion), with reductions in the values earned by the country’s salmon, trout, herring, mackerel and king crab exports over the past three months.
In 2017 as a whole, Norway exported a record 2.6 million MT of seafood worth NOK 94.5 billion (USD 12.1 billion, EUR 9.9 billion).
