Iceland cod exports look at US because of falling UK prices – Fishupdate.com

Iceland cod exports look at US because of falling UK prices Published:  24 August, 2009

ICELAND is stepping up exports of its cod to the United States, partly because of falling prices in Britain.

The website IcelandReview.com said the Icelandic fishing press was reporting that lower prices in the UK and also in some parts of Europe had resulted in a marked increase of cod and cod products to North America. The latest figures show that cod exports to the US for the first six months of this year are almost double on the same period in 2008.

Prices at leading UK coastal markets such as Grimsby have been on a roller coaster ride since the beginning of the year, but the overall trend has been decidely downwards. Shortly before Easter several Icelandic line trawlers landed at Grimsby for the first time in years and this, coupled with heavy container supplies resulted in deflated cod prices, much to the anger of Scottish fishermen who saw prices for their own catches collapse as a result.

Even local fish merchants said such low prices were not good for the health of the business. Large supplies of cod have also been coming across from Norway and the Baltic and even the North Sea.

The Icelandic cod quota for the new fishing year which starts in ten days time is down marginally by 12,500 tones, but it is unlikely to make much difference to the price of cod in Britain. The situation with haddock, where the quota has been slashed by a third, could be quite the opposite, however.