“The fluctuations in the white fish sector are more dramatic than they have been for a long time, swinging from the deepest of valleys to the highest of peaks. On the one hand, the export of salted fish has been halved and is at a historical low, while on the other hand, the export of dried fish and saithe clipfish is at a record high. The price reduction for fresh and frozen products has again increased the demand. On the whole, the overall picture of the various white fish products is fragmented,” says market analyst Ove Johansen at the Norwegian Seafood Export Council.
Salted fish export halved
The export of salted cod was at 246 million in the first quarter. This is a decrease of NOK 264 million from the first quarter of last year. In terms of volume, export decreased by 43%, from 11,500 tons to 6,580 tons. It is in particular our most important cod market Portugal that is responsible for the salted fish decrease, with a downturn of NOK 225 million.
“Signals from the Portuguese side indicate that the buyers are to a lesser extent willing to finance large stocks of salted fish and consequently the stocks are being pushed over to the Norwegian side. This is one of the reasons for the reduced export during the first quarter. At the same time our consumer surveys show that the Portuguese still eat cod and prefer the Norwegian cod, so hopefully this will have an impact on their purchasing now that the important Easter sale is upon us,” says market analyst Ove Johansen at the Nowegian Seafood Export Council.
Record results for saithe clipfish
Saithe clipfish has set a new export record with both the best quarter and the best month of March ever. The export of saithe clipfish for the first quarter was for NOK 355 million and this is NOK 68 million more than for the same period of last year. The two largest markets, Brazil and the Dominican Republic are behind the greatest portion of the value increase.
Split cod increased by 12%, or NOK 44 million, during the first quarter, to NOK 414 million. In all 7500 tons of split cod were exported in the period and that is an increase of more than 1,500 tons from the same period of last year. It is Portugal in particular that is responsible for the increase, with growth of 31 million viewed in relation to the first quarter of 2008.
The best quarter of all time for dried fish
Dried fish export experienced the best first quarter results ever with an export value of close to NOK 190 million, an increase of more than NOK 63 million compared to the first quarter of last year. The primary market Italy is responsible for the greater part of the increase. March was also the best March month ever, with an export of NOK 47.7 million, an increase of NOK 20 million from the same month of last year. The price per kilo, however, showed a decrease and compared to January of this year the export price of whole Lofoten dried fish dropped by NOK 21/kg.
Fresh fish
The export of fresh cod fillets increased in the first quarter by NOK 25.6 million compared to the same period of last year, despite an average price decrease of more than NOK 20/kg. The main markets of France and Denmark are responsible for the volume increase of 750 tons.
For fresh whole cod in the first quarter there was a reduction of NOK 32 million to NOK 105 million. In terms of volume, cod export was 250 tons less than for the same period last year. The price decrease was NOK 6/kg on average. Prices are not falling in all markets: in Germany prices are registered at over NOK 42/kg, with a volume increase of more than 50%.
The greatest change for fresh products is the volume decrease in the export of fresh whole haddock of 1640 tons. In terms of value, the export was reduced by almost 50% to NOK 30 million. The primary markets Denmark and Great Britain are responsible for the greater portion of both the price reduction and the reduced volumes.
Frozen products
Frozen white fish products showed a decrease of more than NOK 180 million for the first quarter, compared to the same period of last year. The frozen fillet products are showing the greatest downturn, responsible for two-thirds of the decrease. Cod blocks and frozen cod fillets have shown a decrease of NOK 49 and 58 million, respectively, the latter as a result of a drop in price, particularly in the primary market, Great Britain. The price of cod blocks on the other hand, has shown an increase of NOK .50/kg on the average.
Frozen whole cod showed a decrease of NOK 62 million in the first quarter due to a drop in price of more than NOK 10/kg. For frozen whole haddock, the value has decreased by 17 million but in volume export has shown an increase of 2,800 tons for the period. Frozen whole saithe showed a value increase of NOK 27 million, due to a price increase of NOK .50/kg and volume growth of 20%. China is the largest import nation for frozen whole cod, saithe and haddock with an increase of a total of NOK 62 million for the period.
Increase for farmed cod
The export of farmed cod reached almost NOK 62 million in the first quarter. This is an increase of 22 million compared to the same period of last year. The volume increase was at a total of 1,060 tons to 2,120 tons. The price of whole farmed cod went down by 24% and for fillets the reduction was 12%. Denmark and Sweden are the largest importers of whole farmed cod while France is the largest importer of fillets.
