In 2021, the Export Volumes From Norway Were Strong and Exceeded Both 2020 and 2019.

In December, the global catch of Atlantic cod was 42% more compared to the same month last year.

The accumulated global catch of cod from major catch nations Norway, Russia, Iceland and Faroe Island reached 1.083.200 tonnes by the end of December.  In December, the global catch of Atlantic cod was 91.120 tonnes which is 42% more than in the same month last year. Norway had the largest catch volumes with 35.060 tonnes, followed by Russia with 29.940 tonnes, Iceland with 21.500 tonnes, and Faroe Islands with 4.620 tonnes.

Exports from Norway in December amounted to 32.310 tonnes (round weight). The main products exported from Norway were frozen whole, clipfish and fresh cod which covers 46%, 25%, and 11% of the total exported volume, respectively. The most important market is the EU with 63% of the volume being exported there.  Compared to December 2020, the export has increased by 6.300 tonnes (round weight) and the increase is mainly in the export of frozen whole and fresh whole.

In 2021 the export volumes from Norway are strong and exceeds both 2020 and 2019. The total export has increased by 15% and the product categories contributing the most to the increase are fresh whole cod and frozen whole cod which has increased by 21.700 and 10.400 tonnes (round weight) respectively compared to last year.

The 2022 season has begun, and catches have started to rise in Norway as we are heading into the peak-season. By week 3, 19.060 tonnes Atlantic cod were caught in the NRL-district and 4.560 tonnes in the SUROFI-district.

The ex-vessel prices for H&G cod above 2,5kg in the NRL district has been significantly higher than last year in the first three weeks of 2022 with an average price of NOK 38,73/kg, 29% higher than in the same period last year. For cod frozen at sea above 2,5 kg in the NRL-district the average price during the first three weeks in 2022 has been NOK 44,31/kg, 36% higher than for the same period last year. This follows the price development seen in the last months of 2021, where prices increased steadily. The cod prices are normally a bit higher just before the peak seasons begins, and we can expect the prices to decrease somewhat when the catch volumes start increasing rapidly.

The prices during the 2022 main season are expected to be at a higher level than in 2021- more like the price level pre-pandemic at around 30-35 NOK/kg. There is still uncertainty related to both the development of the Covid-19 pandemic and new variants but also how the loss of MSC-certification within 12 nautical miles will affect the market situation for Norwegian cod. Factors that argue for a higher price during this year’s main season are promising price development in the beginning of the year and increased demand in the past months, lower quota both in Norway and Iceland and the possibility of covid-19 being less of an issue in the European seafood market in 2022.

This is an extraction of the Monthly Cod Report. Subscribe today to be in the loop on the latest industry news. 

Image: Shutterstock by Vladimir Wrangel