Norway's total cod export value fell to NOK 10.3 billion (€1.4 billion/$1.8 billion) in 2012, a drop of NOK 1.5 billion (€203.2 million/$268.9 million) from 2011, according to figures from the Norwegian Seafood Export Council.
Export volumes of cod, particularly to the EU, were hit hard in the third quarter. When exports picked up in the fourth quarter, the price of frozen whole cod around 30 percent lower than last year, says market analyst Ove Johansen.
Export values of frozen cod dropped to NOK 3.4 billion (€460.6 million/$609.6 million) in 2012, a fall of NOK 276.2 million (€37.4 million/$49.5 million) from 2011. Exports to China, Norway's the biggest importer of frozen groundfish, was reduced by NOK 144 million (€19.5 million/$25.8 million) to NOK 1.1 billion (€149 million/$197.2 million) in 2012.
Value of cod falls
Export value of fresh cod fell to NOK 1.54 billion (€208.6 million/$276.1 million) in 2012, a decrease of NOK 147.5 million (€20 million/$26.4 million) from 2011.
Fresh whole cod volume inched up by 2,388 metric tons to 24,032 metric tons, but fresh whole cod value dropped by 11 percent to NOK 536.5 million (€72.7 million/$96.2 million).
Exports of fresh fillets reached NOK 421 million (€57 million/$75.5 million) in 2012, a fall of 12 percent from 2011.
Total salted cod exports fell by 20 percent year-on-year to NOK 824 million (€111.6 million/$147.7 million). Salted cod export volume dropped by 3,857 metric tons to reach 22 399 metric tons, and prices fell by 9 percent compared with 2011.
Portugal was the largest market for salted fish with NOK 472.8 million (€64.1 million/$84.8 million) in export value, down 147 million from 2011.
Large reduction of cod aquaculture
Total exports of farmed whitefish products from aquaculture was NOK 196.2 million (€26.6 million/$35.2 million), a fall of NOK135.7 million from 2011. Farmed cod accounted for most of the decrease, and fell by NOK 111.5 million (€15.1 million/$20 million) to reach NOK 122.3 million (€16.6 million/$21.9 million).