In the UK, pricing on average for Norwegian Atlantic Cod has increased from NOK $53/kg in February to $62/kg by the end of June - equivalent to about $5300/MT to $6200/MT USD.

On the other hand in China, pricing on average for Norwegian Atlantic Cod has decreased from $6200/MT USD in February to between $3100 to $4400/MT by the end of June - equivalent to about NOK $62/kg to $31 to $44/kg.

Exports of fresh and frozen Cod from Norway to major EU countries such as Germany, United Kingdom and France have been strong - and particularly in the UK, exports have continued to increase.

So far this year, 10,000 tonnes of frozen Cod have been exported to the UK and you would have to go back to 2002 to find a higher export volume.

Imports of Norwegian Salted Cod products into the EU have also increased due to high energy cost of production.



Although Norway has generated a higher value than previous years for its exports, this is large in part due to a weak Krone.

For comparison Russian Atlantic Cod can be seen around $4100/MT USD CFR China, down from almost $5000/MT seen in April - equivalent to about NOK $41/kg to $50/kg.

Our Chinese sources say prices could drop even further due to weak demand for raw materials purchases.

In summary, a weak Norwegian Krone, higher demand for Norwegian Cod, less orders and less processing for Plants in China, and trade sanctions on Russia are all contributing factors to the huge price disparity on Atlantic Cod between EU countries and China.

On the harvest side, we should see about 550 thousand metric tonnes of Atlantic Cod globally from the Icelandic, Norwegian, and Russian fisheries.

Our recommendation is to take advantage of good pricing we are seeing for certain products.



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