Glitnir has published a new Seafood Industry Report for Iceland. The report shows that the Iceland is one of the largest single fisheries countries in the world, the total fish catches in 2007 amounting to over 1.4 million tons. Fisheries plays an extensive role in the Icelandic economy, about 45% of the country’s exported goods are marine products. Marine products are expected to account for 32% of the country’s total export revenue this year. Icelandic marine products are noted for quality in foreign markets
Glitnir, the globally leading supplier of financial services to the seafood industry, releases its new country report on the Iceland. The report provides an analytical overview of the Icelandic economy and Icelandic seafood industry.
Main results from the report:
- Favorable external conditions for Icelandic seafood companies, with rising product prices in foreign markets helping the industry and a weakening of the exchange rate of the Icelandic króna (ISK).
- Consolidation in the fishing industry has increased in recent years. In 2007, the ten largest fisheries companies owned 53% of the total fishing quotas in Icelandic waters.
- Fishing quotas in Iceland’s territorial waters have not increased in total in recent years. Despite expectations for an increase in total fishing quotas they have been cut down.
- Profitability in Icelandic fisheries, both catching and processing, has improved when looking back on the last 25 years.
- Key factors determining the performance of Icelandic fisheries
- A list of the ten largest quota holders in Icelandic waters in 2007
- The present Opportunities and challenges in the Icelandic seafood industry
- The key figures for the listed Icelandic seafood companies