Iceland's frozen fish products remained the top fisheries export category in 2024, while cod was the most valuable species.
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Iceland’s export of wild-caught seafood products declined for the second year in a row, according to recently-released figures from Statistics Iceland. Just over 624,000 tonnes were exported in 2024, marking a decrease of approximately 60,000 tonnes compared to 2023.
Officials attribute the drop primarily to a reduction in capelin catches, which reduced by 83% compared with last year, according to the figures.
The total wild-caught fisheries export value also saw a decline in 2024, falling by 1.8% from nearly 353 billion Icelandic króna (€2.48bn / $2.92bn) in 2023 to around ISK 347 billion (€2.44bn / $2.87bn) in 2024. This follows a smaller decrease in 2023, when export value slipped from ISK 359 billion (€2.52bn / $2.97bn) the previous year.
Frozen fish products remained the top export category in 2024, accounting for roughly ISK 150 billion (€1.05bn / $1.24bn) of total value.
Meanwhile, fresh‑chilled fish products generated nearly ISK 94 billion (€660m / $778m), while cod maintained its status as the most valuable species, with total export earnings of ISK 143 billion (€1.00bn / $1.18bn), and showing a 5% growth in both volume and value compared with the previous year.
The fish species showing the most growth in terms of both volume and value of exports in 2024 were blue whiting and haddock. Iceland's blue whiting export value surged from ISK 40 billion (€281m / $331m) to ISK 87 billion (€611m / $720m), marking a 120% increase in volume and 118% in value. Meanwhile, haddock exports increased from ISK 29 billion (€204m / $240m) to ISK 38 billion (€267m / $314m), reflecting a 32% rise in volume and 25% in value.
Norway and the UK were the most significant export markets for Iceland's fisheries in 2024, the figures show.
Norway received the highest volume of Icelandic wild-caught fisheries exports in 2024, importing close to 131,000 tonnes valued at ISK 36 billion (€253m / $298m). The United Kingdom followed with nearly 92,000 tonnes, although the value of those exports was significantly higher at ISK 60 billion (€422m / $497m).
This marks a shift from 2023, when Norway accounted for 20% of total export volume but only 11% of value, while the UK made up 13% of volume and 16% of export value.