The Atlantic cod trade isn’t the golden goose it once was, but five nations still dominate what’s left of the export game. Below is a straight‑talk look at who’s shipping the most, how they’re doing it, and why their positions could shift faster than you can say “quota cut.”

Norway

Norway is still top dog, exporting 40,370 tonnes of fresh cod in 2024 and another 62,300 tonnes of frozen product the previous year—together worth roughly NOK 6.1 billion (about €530 million). But volumes keep sliding: 18 percent down for fresh, 23 percent down for frozen, thanks to tighter Barents Sea quotas and a policy pivot toward preserving biomass. Denmark, the Netherlands and Spain mop up most of the fresh fish, while China and the UK hoover up frozen blocks. In other words, Norway’s cod “empire” now leans on two wildly different appetites: European wet‑fish counters and Asian re‑processors. If quotas tighten again—as scientists warn they will—expect the crown to feel even heavier.

Russia

Russia matches Norway on raw catch (about 265,000 MT in 2023) but sells into a much narrower set of doors. EU sanctions rerouted cod flows toward China, which now absorbs 58 percent of all Russian seafood and a growing share of value‑added fillets. Moscow’s own processors can’t keep up with modern quality specs, so the fish makes a round‑trip to Qingdao for skinning, pin‑boning and re‑export. It works—for now. But if China’s whitefish processors keep complaining about razor‑thin margins and weak demand, Russia could find itself long on cod and short on buyers. A geopolitical supply chain is only as strong as the least‑sanctioned link.

Iceland

Iceland doesn’t chase bulk; it chases margin. The nation landed 211,000 MT of Atlantic cod in 2023 and converted the lion’s share into premium IQF or line‑caught fresh loins. Frozen cod alone earned roughly ISK 50 billion, with fresh adding another ISK 38 billion. Even after a 57,000‑tonne dip in total seafood exports, cod remains Iceland’s cash cow because quality grades consistently beat Norwegian and Russian averages. That said, the island’s processing plants run on pricey geothermal electricity and imported labour—costs that erode profit when EU demand softens. Watch for more automation and even stricter zero‑waste policies to keep Iceland in the black while the biomass stays flat.

Denmark & Faroe Islands

Technically Denmark’s cod boats are minor league, but bolt on the semi‑autonomous Faroe Islands and you get a tidy 78,000‑tonne catch that funnels straight into Denmark’s logistics grid. Total Faroese fish exports hovered around DKK 12.5 billion this past year despite a broader groundfish slump. Copenhagen’s value lies in location: refrigerated trucks can reach every major EU market within 24 hours, and its cold‑storage network handles Norwegian re‑exports as easily as home‑caught fish. The risk? Being stuck between shrinking Nordic quotas and a consumer base that’s flirting with cheaper pollock. Denmark will keep moving volume, but growth requires either a processing upgrade or a pivot to farmed cod—neither of which is cheap.

Canada

After a 32‑year moratorium, Ottawa finally reopened the Northern cod fishery in 2024 with an 18,000‑tonne quota. So far, only about 1,100 tonnes have been earmarked for export, but the symbolism is huge: a fishery written off in the ’90s is tiptoeing back onto world menus. Stakeholders in the fishery‑improvement project are bullish, yet harvesters report needing more gear for the same catch—a red flag for stock resilience. If Canada sticks the landing—meaning disciplined quotas, MSC certification and real‑time data sharing—it could edge out Portugal or even Denmark in the export rankings. Blow it, and history repeats itself. For now, Canada is fifth by default, but the jury is very much out.

Global Atlantic cod landings are on a downward glide path—below one million tonnes in 2024 and still falling. Norway and Russia are trimming quotas; Iceland has maxed out efficiency; the Faroes are tethered to Nordic biology; and Canada is trying not to trip on its own enthusiasm. No amount of marketing gloss hides the hard math: fewer fish, higher costs, and a marketplace already pivoting to pollock, hoki and farm‑raised options.

The next five years will reward whoever masters two things: stock stewardship and supply‑chain agility. Miss one, and you’re exporting excuses instead of cod.

If you’re ready to source high-quality frozen atlantic cod or want a custom quote, visit our atlantic cod product page to get started today. You can also check out our full guide on atlantic cod sourcing and market dynamics.

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