Norway exported fresh cod, including fillets, worth NOK 1.6 billion (USD 187.7 million, EUR 170.2 million) in the first six months of 2016, which represented an increase of 16 percent or NOK 218 million (USD 25.6 million, EUR 23.2 million) year-on-year.
In the same period, the Scandinavian country also exported NOK 1.3 billion (USD 152.5 million, EUR 138.3 million) of frozen cod, up 40 percent or NOK 364 million (USD 42.7 million, EUR 38.7 million).
"Norway exported cod and haddock worth a combined total of more than NOK 5.8 billion USD 680.3 million, EUR 617 million) in the first six months of 2016, which is a record for both species. Fresh and frozen products in particular are ramping up, but with good prices in almost all product categories, we're ending up with the best six months ever for the whole cod category," said Orjan Olsen, analyst with the Norwegian Seafood Council (NSC).
The joint Norwegian-Russian Fisheries Commission set the Barents Sea cod quota for 2016 at 894,000 metric tons (MT), in accordance with advice given by the International Council for Exploration of the Seas (ICES). This total allowable catch (TAC) is the same as last year.
Within this fishery, Norway’s share is 401,240 MT – again the same as last year. The main catching season for the Scandinavian country occurs January through April, with the largest volumes harvested around the Lofoten islands in the north of the country.
Overall, Norway exported seafood worth NOK 42.6 billion (USD 5 billion, EUR 4.5 billion) in the first six months of 2016, which represented an increase of 25 percent or NOK 8.6 billion (USD 1 billion, EUR 914.9 million) year-on-year.
As well as high demand, Norway continued to benefit from a weaker Norwegian krone. Indeed, a new report from the Tromso-based food research institute Nofima finds that the lower exchange rate in recent years has strengthened the international competitiveness of Norway’s seafood industry.
The report states the export value of its whitefish increased by NOK 2.8 billion (USD 328.4 million, EUR 297.9 million) in the period 2012–2015, while currency fluctuations in the same period represented a positive contribution of NOK 2.9 billion (USD 340.1 million, EUR 308.5 million).
In reality, in many whitefish markets, there has been a decline in prices measured in trading currencies, while at the same time volume development was flat. This resulted in a slight decline in value for the sector, after making currency adjustments, said Nofima.
