After months of gains, Norway frozen cod exports dropped off in November as a result of lower landings in the country, according to the latest figures from the Norwegian Seafood Council (NSC).
Norway exported 4,024 metric tons of frozen cod worth NOK 234 million (€22.6 million/$23.9 million) in November, a drop of 50 percent in volume and 33 percent in value.
While the United Kingdom, China and Poland remained the biggest markets for Norwegian frozen cod in November, export volumes fell to all major markets, said the NSC.
Exports to Indonesia saw the most significant increase in value in November, with a value of NOK 9 million (€870,021/$919,061), compared to nothing last year.
Although still relatively minor at 184 metric tons in November, over the past three months Norway has exported a total of 450 metric tons of frozen whole cod to Indonesia.
The last time Norway exported cod to Indonesia was in October 2021, said Eivind Hestvik Braekkan, a seafood analyst with the NSC, and even then, the volume was just 26 metric tons.
Fresh value continues surge
Norway’s fresh cod exports continued to see strong growth in November amounting to 2,945 metric tons worth NOK 178 million (€17.2 million/$18.2 million).
The value increased 43 percent, compared with November last year, while the export volume was up 13 percent.
Denmark, Sweden and Spain were the biggest markets for Norwegian fresh cod in November.
Denmark saw the most significant increase in value, with an increased export value of NOK 34 million (€3.3 million/$3.5 million), or 39 percent, compared to the same month last year, while volumes were up 5 percent at 1,980 metric tons.
According to the Norwegian Fishermen’s Sales Organization (Norges Rafisklag), average first-hand prices for frozen cod in November were up 41 percent year on year at NOK 52.67 (€5.10/$5.40) per kilo. For fresh, the average price was up 22 percent at NOK 37.21 (€3.60/$3.80) per kilo.
Additionally in November, Norway noted a record-high export value for fresh whole-farmed cod in a single month, amounting to NOK 28 million (€2.7 million/$2.9 million). Around 500 metric tons of farmed cod were exported to 17 countries in November.
Spain was the largest market, with just under 200 metric tons, Braekkan said.
Norwegian cod farmer Gadus Group recently announced it had completed its first harvest of cod and started commercial deliveries in November. The group plans to have more than 30,000 metric tons of annual sales by 2025.