Greenland’s cod prices were up by 16% in the first quarter of 2014, the first increase since early 2012, reveals a price index compiled by the Greenlandic government.
In contrast, halibut prices fell by some 6% in the quarter, while coldwater shrimp prices were down 1%.
The hike in cod prices marks a significant recovery from a continuing drop that started in late 2011, and which was prolonged after news of the huge increase in the Barents Sea cod quota.
Using export statistics complemented by figures from some of the biggest producers, the government has compiled a price index for its three main seafood commodities, cod, halibut and coldwater shrimp.
The index reflects the products’ price level when they exit Greenland, and is calculated by using 2010 as a basis year, according to the Laspeyres price index formula.
The resulting index shows that cod prices fell sharply during the last quarter of 2011, with just a small rebound in Q2 of the following year and continuing drops into 2013. The first quarter of this year showed the first sign of recovery, with prices back to almost 2010′s levels.
In contrast, shrimp and halibut prices are well above 2010′s levels.