For the fourth year in a row, the Norwegian whitefish industry set a new export record by selling NOK 15 billion (USD 1.9 billion, EUR 1.6 billion) worth of cod, haddock, saithe and other whitefish in 2017, an increase of 8 percent or NOK 1.1 billion (USD 139.4 million, EUR 114.1 million) compared with the previous year.
The increase mainly was attributed to larger catches over the course of the year.
According to the Norwegian Seafood Council (NSC), the larger volume, especially of saithe, led to somewhat lower export prices, but the sector saw a positive price trend on both haddock and cod.
“The cod quotas remained stable, while the quotas on saithe increased a great deal in 2017, which is very likely the main explanation for reduced prices on saithe. A weakened Norwegian krone in 2017 has probably also contributed a little to the increase in value in 2017, while at the same time we see that a weak [U.K.] pound has had consequences in the form of reduced exports to the United Kingdom,” said Ingrid Kristine Pettersen, analyst at the NSC.
Pettersen highlighted that the quotas on cod and haddock have been reduced for 2018, which will lead to “major competition” for raw materials and probably to price increases this year.
Norway exported 114,283 metric tons (MT) of fresh whitefish products worth NOK 3.4 billion (USD 430.8 million, EUR 352.8 million) last year, with the value up 7 percent or of NOK 392 million (USD 49.7 million, EUR 40.7 million) from 2016. Of this, it shipped 67,433 MT of fresh cod worth NOK 2.3 billion (USD 291.4 million, EUR 238.7 million), which represented an increase in volume of 5,067 MT and an increase in value of 10 percent or NOK 213 million (USD 27 million, EUR 22.1 million).
The country also exported 199,731 MT of frozen whitefish worth NOK 5.3 billion (USD 671 million, EUR 549.6 million), with the volume up 11,704 MT and the value rising 9 percent or NOK 427 million (USD 54.1 million, EUR 44.3 million). Its frozen cod exports totaled 84,423 MT worth NOK 2.7 billion (USD 341.8 million, EUR 280 million), which represented a reduction in volume of 2,208 MT and a value that was on par with 2016.
