Frozen Whole Mackerel Prices Hit Record High

Data released by the Norwegian Seafood Council shows a clear divergence in Norwegian deep-sea small fish exports in August. Herring exports were lower in both volume and value than the same period last year, but purchases in the Ukrainian market rebounded significantly. Mackerel exports, however, declined sharply due to reduced quotas and a delayed start to the fishing season, while the price of the main product, frozen whole mackerel, hit a record high.

Ukrainian Herring Purchases Rebound Significantly

In August, Norway exported 8,814 tons of herring, worth 228 million Norwegian kroner (approximately US$24.49 million). Compared to August last year, export value decreased by 23%, a reduction of approximately 70 million Norwegian kroner, while export volume decreased by 38%.

Poland, Denmark, and the Netherlands remain the main markets for Norwegian herring, but Ukraine became one of the markets with the most significant growth in August. Norwegian herring exports to Ukraine increased by 14 million Norwegian kroner year-on-year, a growth rate of 200%; export volume reached 787 tons, an increase of 121% year-on-year.

Paul T. Aandahl, market analyst at the Norwegian Seafood Council, stated that Norwegian herring exports to Ukraine have essentially recovered to pre-2022 levels following the Russia-Ukraine conflict. Frozen North Sea herring was the most in-demand product category in the Ukrainian market in August.

Mackerel exports decreased by 60% year-on-year.

The mackerel market performed quite differently. In August, Norway exported only 4,926 tons of mackerel, valued at NOK 236 million (approximately USD 25.35 million), a 49% year-on-year decrease in export value, representing a reduction of approximately NOK 230 million; export volume decreased by 60% year-on-year.

China, Vietnam, and Japan were the main buyers of Norwegian mackerel in August. Exports to China increased by NOK 15 million year-on-year, a growth of 60%. Exports to China reached 900 tons, a 42% year-on-year increase. Despite a significant decline in overall Norwegian mackerel exports, purchases from the Chinese market continued to grow.

Paul T. Aandahl stated that the decline in mackerel exports was mainly due to two factors: a significant reduction in mackerel quotas this year, and a later start to the fishing season compared to last year. The delayed start of the fishing season also reduced the supply available for export to the international market in August.

Frozen Whole Mackerel Prices Hit Record High

Decreased supply did not lead to weaker prices. In August, the average price of Norway's main mackerel product-frozen whole mackerel weighing less than 600 grams-reached a record high.

Norwegian mackerel exports in August decreased by 60% year-on-year, but Chinese purchases increased by 42% year-on-year, pushing export prices back to record highs. The simultaneous occurrence of supply contraction and changes in major market purchasing in August's export data has resulted in significant shifts in Norwegian mackerel market prices and trade flows this year.