Norwegian codfish exports remain strong in October despite downturn

Norway exported cod, saithe, haddock and other groundfish to a value of NOK 1.28 billion in October. This represents a small decline of NOK 51 million, or 4 per cent from October 2014. Total exports by volume were 34,658 tonnes of cod, saithe, haddock and other groundfish. This is some 17 per cent lower than October 2014. Clipfish and frozen fish exports were also reduced. 

Compared with the historical record codfish exports of October 2014, this month is the second highest single month on record. The situation is characterized by a reduction in fishing volumes, and an increase in prices, also assisted by the weakened Norwegian krone. Combined these factors result in a very good month for groundfish exports, despite the small decline”, says Ove Johansen, Analyst at the Norwegian Seafood Council.

Clipfish exports declined in October

Norway exported clipfish worth NOK 450 million in October. This represents a decline of NOK 56 million, or 11 per cent compared with October 2014. Clipfish exports by volume totalled 9,257 tonnes, a reduction of 3,143 tonnes or 25 per cent. The average growth in prices for all clipfish was 19 per cent.

Within the total figures for clipfish exports, Atlantic cod clipfish accounted for NOK 285 million, a decrease of NOK 9.3 million compared to October 2014. The average growth in price was 26 per cent compared year-on-year. Saithe clipfish exports were worth NOK 118 million, a decrease of NOK 39 million compared with from October last year. Saithe clipfish exports were 5 per cent higher year-on-year. Portugal remained the largest single market for clipfish in October, with total exports worth NOK 171 million. This is a small decline of NOK 31 million compared with October 2014.

Salt fish exports increased in October

The export value of salted fish, both whole and filleted, increased by NOK 12 million to a total of NOK 84 million in October. This represents a 17 per cent gain on the same month in 2014. 2,068 tonnes of salted fish were exported in October, a decrease of 5 per cent year-on-year. The average price increased by 23 per cent. Portugal was the biggest importer of Norwegian salted fish in October.

Lower volumes of stockfish exports but at higher prices

Whole stockfish exports totalled NOK 152 million in October. This is 27 per cent more than in October 2014. 1,023 tonnes of stockfish were exported in October. This marks a reduction of 24 per cent year-on-year. Of this, the main product was Lofoten round cod, with 792 tonnes to a value of NOK 130 million. This represents an increase of NOK 33 million, or 34 per cent from last October. The average price achieved for whole dried fish was NOK 163.87 per kg. This is 67 per cent higher than the previous October. The top stockfish market in October was Italy, with an export value of NOK 84 million.

In addition, October exports of dried heads and backs amounted to NOK 27 million. This represents an increase of 8.7 million or 46 per cent compared to a year earlier. Nigeria is the largest market for dried heads and backs.

Fresh fish products had a strong October

Fresh cod fish products achieved an export value of NOK 162 million in October. This is an increase of NOK 8 million, or 5 per cent year-on-year. Exports by volume were also up by 5 per cent compared with October 2014.

Fresh cod exports were worth NOK 45 million in October. This is an increase of 4 per cent from the previous October. The average price achieved for fresh cod in October was NOK 32.66 per kg. This represents an increase of 17 per cent from October 2014. Fresh whole saithe exports increased from NOK 6 million to NOK 22 million in October, while exports of fresh whole haddock were down from NOK 30 million to NOK 25 million.

Year-on-year, fresh fillets fell in value by NOK 3.7 million to total NOK 36 million in October. Cod fillet exports fell by NOK 2.9 million to NOK 23 million, while fresh haddock fillets declined from NOK 12 million to NOK 10 million. The price for cod fillets averaged NOK 85.46 per kg, an increase of 18 per cent compared to the previous October. For haddock fillets, the price increased by 6 per cent to NOK 66.24 per kg.

Small decline in export value of frozen products

Exports of all frozen groundfish products were down by NOK 51 million to total NOK 428 million in October. Volumes were also down, by 18 per cent.

Exports of frozen whole fish declined by NOK 33 million to total NOK 373 million in October. Exports of frozen whole cod declined from NOK 236 to NOK 213 million. Frozen whole saithe increased their export value from NOK 11 million to NOK 30 million. Frozen whole haddock declined in value from NOK 102 million to NOK 73 million. Frozen whole Greenland halibut grew from NOK 30 million to NOK 39 million, whilst redfish saw a small decline in their export value from NOK 16 million to NOK 13 million compared with October 2014.

Frozen fillets fell in year-on-year export value from NOK 72 million to NOK 53 million in October. Total volume declined by 40 per cent, while prices increased by an average of 22 per cent. Cod fillets saw the largest reduction, a fall in export volume to 339 tonnes. Cod fillet blocks also were also reduced, by 41 per cent to total 314 tonnes in October.