Mintec cod prices in Norway continued to trend at historic highs in the last three months, driven by lower availability following disruption to fishing activities due to severe weather conditions at the end of 2019, coupled with strong demand for cod. As a result, the three-month average price (November-January) is significantly higher by 16% compared to the previous quarter (August-October).
According to the Norwegian Seafood Council (NSC), Norway experienced an exceptional year in 2019, with exports reaching a record value of NOK 107.3 billion, up 8% y-o-y, although a 3% decrease in volume compared to 2018. The high-value exports reflect the exceptionally strong prices due to increased demand and limited supplies.
A weak Norwegian krone (NOK) has also supported the demand for Norwegian cod as the currency tracked at lower levels against the Euro in 2019 compared to 2018. As a result, Norway’s cod exports increased by 7% y-o-y to a total of NOK 10.1 billion in 2019.
From economical to political, all the factors impacting the cod market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions.