The reductions in fishing quotas were offset by the increase in prices, but, as Radarinn warned, this price increase in turn has a challenging effect on the onshore processing industry.
Photo: Radarinn.
In 2025, the value of seafood exports—referring to fisheries products—from Iceland was around ISK 359 billion (EUR 2.48 billion / USD 2.87 billion). According to Radarinn, the Icelandic fisheries and aquaculture industry directory, this represented an increase of just under 4% in krona terms compared to the previous year. However, since the krona was on average about 4.5% stronger in 2025 than in 2024, Radarinn pointed out that, in foreign currency terms, this increase was somewhat larger, at over 8%.
While noting that "countless factors affect the export value of seafood products from one year to another," the Icelandic fisheries and aquaculture industry directory explained that one of the most notable factors in last year's increase was a considerable rise in product prices in foreign markets.
Although export volume fell by 6%, overall prices for Icelandic seafood exports—excluding aquaculture—rose by 15%, measured in foreign currency, offsetting not only the drop in volume but also the effects of the krona's appreciation. In other words, the interaction of three factors—product prices, volume, and the krona exchange rate—ultimately influenced the total value of Icelandic seafood exports.
Nevertheless, Radarinn also noted that reductions in catches in the Barents Sea and their effects also played a role, being particularly evident in the prices of cod and haddock products.
Also contributing to the decline was the considerable reduction in mackerel catch quotas in recent years, along with the particularly large reduction planned for 2026—as the spawning stock had fallen below precautionary limits, the advice of the International Council for the Exploration of the Sea (ICES) for this year involved about a 70% reduction in the total mackerel catch.
"Such a contraction in supply, both due to previous reductions and the announced cut for 2026, contributed to significant price increases," the Icelandic fisheries and aquaculture industry directory noted.
However, Radarinn also pointed out that the evolution of export value is not a universal indicator of the situation of the fishing sector and its impact on the domestic market. As its Norwegian neighbours explained in their 2025 export report, although in terms of value, reductions in fishing quotas are generally offset by price increases, these price increases in turn have a negative effect on the onshore processing industry.
"This year's price increases are largely based on reductions in catch quotas, which at the same time make it more difficult for companies to secure sufficient raw material to keep processing running and maintain year-round employment. In this case, higher prices primarily reflect a contraction in supply rather than increased strength or growth in the industry. The real benefits of the fishing industry lie in stable value creation, employment, and investment within the country," Radarinn said.
In a more detailed breakdown by category and species, the Icelandic fisheries and aquaculture industry directory reported that, in 2025, the export value of demersal and flatfish products amounted to just over ISK 253 billion (EUR 1.74 billion / USD 2.02 billion) and increased by just over 13% at constant exchange rates year-on-year. "The increase can largely be attributed to the two most prominent fish species, cod and haddock," Radarinn explained.
Specifically, the value of cod product exports reached approximately ISK 155 billion (EUR 1.07 billion / USD 1.23 billion), representing a 13% year-on-year increase at constant exchange rates. Regarding product type, the largest increases were recorded in frozen-at-sea fillets (38%), land-frozen fillets (19%), and salted products (17%). At the same time, the export volume decreased by 2%, which, as mentioned, indicates that price increases were the driving factor behind the growth.
Regarding haddock, the value of exports reached almost ISK 42 billion (EUR 290.2 million / USD 335.6 million), increasing by 27% year-on-year at constant exchange rates. The largest increases were in frozen-at-sea fillets (59%), land-frozen fillets (16%), and fresh fillets (9%). As with cod, price increases also played the main role in the growth of haddock exports, as the volume exported decreased by 4%.
Among other species, the Icelandic fisheries and aquaculture industry directory said that the value of saithe increased by just over 12% at constant exchange rates and redfish by 10%. In contrast, the export value of Greenland halibut declined by just over 5%.
Regarding the export value of pelagic products from Iceland in 2025, according to Radarinn, it amounted to just over ISK 89 billion (EUR 614.9 million / USD 711.3 million) and remained almost unchanged year-on-year, with mackerel products showing the most notable development.
The value of mackerel exports grew by 47% year-on-year at constant exchange rates, while the export volume increased by one-fifth, which, as with cod and haddock, confirms that price increases also played a significant role.
Meanwhile, exports of capelin products also saw a considerable increase in value, around 28% at constant year-on-year exchange rates. In this context, Radarinn noted that it should be taken into account that there was a collapse in the capelin stock in 2024 and that the catch quota in 2025 was limited, so the increase partly reflects a low base of comparison.
As for other species, the Icelandic fisheries and aquaculture industry directory said that the export value of herring products declined by 11% and blue whiting by 12%.
In a final point, Radarinn noted that the species classification of pelagic products in export data is not entirely accurate, as a considerable portion of these catches is used for fishmeal and fish oil production. "Such production is often based on a mixture of pelagic species, and exports are then recorded either under specific pelagic species or under more general tariff categories," it explained.
