The president of the Association of Industrial Fisheries Shipowners (ADAPI) admitted this Friday that the shortage of cod due to Ukraine war is leading to an increase in prices, but it guaranteed that the product will not be missing at Christmas.
“Cod, in my opinion, will not be in short supply. Eventually we will have to buy smaller sizes and less quantity, because the prices are really pornographic”, said Pedro Silva.
The president of ADAPI spoke during an edition of CNN Portugal Summit with the theme “Sea of Opportunities”, which took place this Friday in Ílhavo, in the district of Aveiro, and was attended by the Minister of Infrastructure and Housing, Miguel Pinto Luz.
“We know what is happening in the market. Prices are exorbitant. This has a name. It is the Russia and the war in Ukraine”, said Pedro Silva.
The president of ADAPI recalled that Russia is the major supplier of cod to the European Union and for Portugal, specifically, adding that the prohibition of Russian ships from entering Norwegian ports reduced the offer from the “faithful friend”.
“I admit that the quantity of cod offered at the moment is lower and that is why prices are skyrocketing”, observed Pedro Silva.
According to the president of ADAPI, the Portuguese consume around 60 thousand tons of cod, but they only catch four or five thousand tons.
The price of cod for commerce, especially traditional, has been rising consecutively for several years due to factors such as the decision of the European Union (EU) to impose economic sanctions on Russia due to the war in Ukraine.
According to data from the Cod Industry Association (AIB), cod sales during the Christmas season represent around 30% of annual sales in the domestic market. The ‘per capita’ consumption of all cod products is around 15 kilograms (kg).