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Total sales turnover for Íslenska
Total sales turnover for Íslenska, in the year 2003 tallied to ISK 5.5 billions. This is very close to the turnover in of 2002. However if we look at tonnage the picture differs – there the export growth is about 12,5%. This clearly shows the effects of a strong Icelandic currency and price deductions on our main markets.

The export of frozen products is slightly down, especially of land-frozen produce. The markets of Northern Europe were very difficult this past year. More competition from China, South America and other countries dealing mostly in currency USD related have been the cause of most havoc. Devaluation of the USD, especially towards the European currency EUR has caused lower prices of these counties production. As a result we have seen a price-fall on Haddock of 40%, Saithe/Pollock 30% and demand for some species i.e. Catfish, Ling has greatly contracted.

On the positive side – sales of saltfish and saltfishproducts have grown 32% between 2002 and 2003. The buying markets of Spain and Portugal were strong last year and Islenska was able to strengthen it’s position on those markets.

The US market is not as strong as before. The devaluation of the dollar and some price decreases result in sales onto this market are not as pressing as earlier. The contraction in sales to USA is 30% in dollar but much more if looked at in Icelandic kronas.

Overall the business of Íslenska was good in the year of 2003 though great fluctuation in currency values did some harm. The strength of the Icelandic krona has had similar effect on Islenska as on other Icelandic export – mostly though the fishindustry.
Much fluctuation is always bad for companies dealing in a complex currency environment.

Further down the road – in the year 2004 – we picture a similar year to the year of 2003, though because of the strength of IKR – fluctuation in USD and EUR will likely be less than this past year. The time ahead does not look to bad and we remain hopeful that the fish markets of the world will regain their strength as the currency fluctuation stabilizes.

News list

Total sales turnover for Íslenska

Total catch of the Icelandic Fleet in 2003

Larger Cod-quotas in the Barnets Sea

Chinese competition

Delegation to Norway

The new year - 2003

The Icelandic Fisheries Exhibition.

European Seafood Exposition

Boston seafood show March 12-14th 2002

An article on the Icelandic Sales Agency in Iceland BUSINESS

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