In May 2025, the volume of Norwegian farmed cod grew by 24% year-on-year, while its value increased by 44%.
Photo: Norcod.
In May, after ten consecutive months of growth, the value of Norwegian seafood exports fell, dragged down by low salmon prices caused by oversupply. However, not all indicators for Norwegian aquaculture were negative last month. While that was the case for salmon, farmed cod increased to account for 40% of the value of Norwegian fresh cod exports.
Last month, fresh cod followed its own trends and performed as salmon usually does: although there was a drop in volume, the value increased. Specifically, Norway exported 2,917 tons - down 3% - of fresh cod worth NOK 212 million, 14% more than in May 2024.
Of these, 1,685 tons were fresh wild cod, 16% less year-on-year, which reached a value of NOK 126 million, 1% less than in May last year. The remaining 1,232 tons were farmed cod, the volume of which increased by 24%, while the export value increased by 44% to NOK 86 million.
Denmark, the Netherlands, and Latvia, all of which are passing through markets, were the largest markets for Norwegian fresh cod in May.
Latvia was also the country that recorded the highest growth in value in May, up 320% - NOK 24 million more - compared to the same month last year. Farmed cod accounted for 92% of the export volume to Latvia, where Norwegian cod is processed and then re-exported to other markets.
While this was the case for fresh cod, frozen cod followed a different trend. In May, 3,438 tons of frozen Norwegian cod worth NOK 279 million were exported, which translates into a volume drop of 25% and a value decrease of 5%, this is NOK 15 million less than in May 2024.
Last month, the UK, Vietnam, and China were the largest destination markets for frozen cod from Norway. The UK was also the country with the highest value growth, receiving products worth NOK 55 million, a 73% increase in year-on-year value.
Specifically, the export volume to the United Kingdom stood at 1,234 tons, 16% more than in the same month last year. By value, as much as 46% of Norwegian frozen cod exports went to the UK in May. You have to go back to 2006 to find a single month with a higher proportion of exports to this market, and the traditional Fish & Chips has had its share of the blame.
"So far this year, as much as 39 per cent of Norwegian exports of frozen cod have gone to the UK. This is the highest share since 2000. The relatively strong development of our largest market for frozen cod shows that the British will continue to have their Fish & Chips, even with higher cod prices and lower Norwegian landings," the seafood analyst of the Norwegian Seafood Council, Eivind Hestvik Brækkan, said.
However, while this was happening in the United Kingdom, in China, exports suffered a decline. A passing through market for Norwegian cod, which is processed there for export to the United States, Chinese exports are being affected by the U.S. tariffs imposed by the Trump administration.
As Brækkan explained, "So far this year, 22 per cent of Norwegian exports of frozen cod have gone to China. This is the lowest share since 2015. The same trend continued in May, with only 20 per cent of Norwegian exports of frozen cod going to China. The U.S tariff on imports from China thus continues to dampen Chinese demand for Norwegian cod for processing and re-export to the U.S. market"
But if we talk about Norwegian cod, we cannot forget its other varieties. In May, Norway exported 3,687 tonnes of clipfish worth NOK 340 million. Volume fell by 45% and the value fell by NOK 187 million, or 3%, compared with the same month last year. Portugal, Congo-Brazzaville, and Brazil were the largest destination markets, a trend we already saw at Easter.
As for salted fish, 3,460 tons were exported with a value of NOK 411 million. In this case, the value increased by NOK 44 million, or 12%, compared to May 2024, while the volume decreased by 8%. Portugal again, this time followed by Italy and Spain, were the largest markets for salted meats in May.
This means that in both clipfish and salted fish, Portugal consolidates its dominance as the main destination market for Norwegian exports. In the specific case of cod clipfish, although volumes fell by 34% in May, so far this year, as much as 78% of exports have gone to Portugal, the highest share ever recorded after the first five months of the year.
"Record tourism and stronger economic growth than in the rest of the EU are making a positive contribution to demand in Portugal. At the same time, there is some uncertainty about the extent to which the rise in the price of clipfish will affect consumption throughout the year," NSC seafood analyst Eivind Hestvik Brækkan commented.
The same happened with salted fish, which also recorded the highest quota ever for a single market between January and May. So far this year, 81% of Norwegian exports of salted fish have gone to Portugal, and in May alone, the figure was over 90%.
"This means that our traditionally largest market for salted fish has further strengthened its position," Brækkan said, adding that most of the salted fish Norway exports to Portugal is used to produce clipfish for the Portuguese market, and some is also re-exported to other clipfish markets.
