The supply of codfish may not run out, but smaller sizes and reduced quantities might be necessary due to significantly high prices,” stated Pedro Silva.
The president of ADAPI was speaking at the CNN Portugal Summit themed “Sea of Opportunities,” held today in Ílhavo, Aveiro district, attended by the Minister of Infrastructure and Housing, Miguel Pinto Luz.
“We are aware of the market situation. Prices are exorbitant, and there is one cause: Russia and the war in Ukraine,” Pedro Silva remarked.
He noted that Russia is a major supplier of codfish to the European Union and specifically to Portugal. The ban on Russian ships entering Norwegian ports has reduced the availability of this staple.
“I admit the amount of codfish available at the moment is lower, which is why prices are skyrocketing,” Silva acknowledged.
According to Silva, the Portuguese consume around 60,000 tons of codfish, while they catch only four to five thousand tons.
For traditional commerce, codfish prices have been climbing consecutively over the years, primarily due to the European Union’s decision to impose economic sanctions on Russia because of the war in Ukraine.
Data from the Cod Industry Association (AIB) indicates that sales during the Christmas season account for about 30% of annual domestic market sales, with per capita consumption of all codfish products estimated at around 15 kilograms.
