Catch by Icelandic vessels in January this year totalled 70,852 tonnes. The YoY increase in total catch value at constant prices is 33%, despite the fact that in January last year catches totalled 76,891 tonnes, due to the different composition of this catch. Some 7,000 tonnes more of demersal species were caught this past month than in January of the previous year, of which 6,000 was increased cod catch YoY. Catches of much less valuable pelagic species were down almost 30% YoY, not least because no capelin were caught in January this year while last year the January capelin catch was 22,000 tonnes.
Increase in quantity offset by falling prices
As fishing catches fluctuate considerably from one month to the next, longer-term averages give a better picture of catch trends. Calculated at fixed prices, the value of the 2008 catch was almost 3% less than that of 2007. So far this century, catch value has been highest in 2004, when it was more than 13% above that of last year, at fixed prices. Price developments on international markets, however, have also been a factor in total value of marine product exports. Like commodity prices in general, prices for most marine products have dropped considerably in recent months and could even outweigh the boost to the total value of exported marine products arising from the 30,000 tonne increase in the cod TAC announced a short while ago.
