HS Code:
Cod, classified under HS Code 0302 (fresh or chilled) and 0304 (frozen fillets), refers to various species of fish from the Gadidae family, primarily Atlantic cod (Gadus morhua). It is a staple in global seafood markets, widely consumed in forms such as fresh, frozen, salted, or dried. Cod is a critical commodity in international trade, particularly in North Atlantic regions, and is used in products like fish sticks, fish and chips, and bacalhau. The trade of cod is influenced by sustainable fishing practices, overfishing concerns, and aquaculture developments.
Total Trade Volume
Approximately $5.2 billion USD
Data from 2022
Source
United Nations Comtrade Database and FAO Fisheries Statistics
$1.1 billion USD
21% of total trade of total trade
Increasing
$800 million USD
15% of total trade of total trade
Stable
$600 million USD
12% of total trade of total trade
Increasing
$500 million USD
10% of total trade of total trade
Stable
$400 million USD
8% of total trade of total trade
Increasing
Average Rate
7.5% ad valorem
Highest Rate
20% (applied by certain developing countries to protect local fisheries)
Lowest Rate
0% (under free trade agreements like EU-Norway fisheries agreements)
Increased demand for sustainably sourced cod
Growth in certified fisheries and higher prices for eco-labeled products
2021-2022
Rise in cod aquaculture
Reduction in pressure on wild stocks and stabilization of supply
2020-2022
Shift towards processed cod products
Increased exports of frozen fillets and ready-to-eat meals
2019-2022
The EU and Norway renewed their bilateral fisheries agreement, ensuring quota stability for cod in the North Sea and Barents Sea.
March 2023
Secures market access for EU importers and stabilizes prices for Norwegian exporters.
Several cod fisheries in the Barents Sea achieved Marine Stewardship Council (MSC) certification, boosting consumer confidence.
September 2022
Increases export potential to sustainability-conscious markets like the EU and US.
Russia imposed temporary export restrictions on cod to prioritize domestic supply amid geopolitical tensions.
January 2023
Tightens global supply, potentially increasing prices for cod in key importing regions.