1、ISSUE2024with JanuaryDecember 2023 statistics2HIGHLIGHTSInternational markets for fisheries and aquaculture productsFood and Agriculture Organization of the United Nations Rome,2024HIGHLIGHTSInternational markets for fisheries and aquaculture productsSecond issue 2024,with JanuaryDecember 2023 stati

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9、and aquaculture products Second issue 2024,with JanuaryDecember 2023 statistics.GLOBEFISH Highlights,No.22024.Rome.https:/doi.org/10.4060/cd1265en.The designations employed and the presentation of material in this information product do not imply the expres-sion of any opinion whatsoever on the part

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12、FAO.ISBN 978-92-5-138888-4 FAO,2024iiiContentsAcknowledgementsivBivalves5Cephalopods11Crab 17Fishmeal and fish oil 23Groundfish 29Lobster 37Pangasius 43Salmon 49Seabass and seabream 59Shrimp 63Small pelagics 73Tilapia 79Tuna 83Global fish economy1ivEditor in ChiefShirlene Maria AnthonysamyCoordinato

13、rWilliam GriffinContributing EditorsFiroza BuranudeenHelga JosupeitWilliam GriffinAuthorsHelga JosupeitFatima FerdouseWilliam GriffinErik HempelRodrigo MisaYingkai FangShirlene Maria AnthonysamyLayoutLucia De CanioData and figuresWilliam GriffinAcknowledgements1Global fish economyGrowing uncertainty

14、 for global trade On 29 March 2024,the government of the United States of America(the United States)enacted additional trade-restrictive measures on goods from China,placing a slew of regulations and tariffs on various products.While these new restrictions are currently limited to aluminium,batterie

15、s,electric vehicles,medical equipment,solar panels and steel,there is widespread anxiety that the consequences will be far more wide-reaching and undermine the current global trade system.This action certainly marks the latest and one of the most significant escalations in the ongoing tit-for-tat co

16、ntest that has come to define the trade conflict between the United States and China.Starting in 2018,this has seen tariffs of up to 25 percent on fish and fisheries products in bilateral trade of both the United States of America and China.The disruption to global seafood trade has been marked and

17、continues to be keenly felt.Tariffs and retaliatory measures imposed by both countries have led to increased costs and reduced market access for seafood exporters and importers.US seafood producers,particularly those dealing in high-value products such as lobster and salmon,have faced steep declines

18、 in Chinese demand due to hefty tariffs,forcing them to seek alternative markets and absorb financial losses.Conversely,Chinas processing industry,which imports large volumes of US-caught fish for processing and re-export,has experienced supply chain disruptions.This geopolitical tension has prompte

19、d a realignment in global 0%5%10%15%010 00020 00030 000201520162017201820192020202120222023Value(USD millions)United States of America:Global imports of seafood and proportion from ChinaWorldChinaSource:Authors own elaboration based on the European Price Report.2024.GLOBEFISH.Cited 1 March 2024.www.

20、globefish.org2INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTStrade routes,with both countries looking to diversify their trading partners and reduce dependency on each other.Forecasts indicate global fish production will surpass 190 million tonnes in 2024,with aquaculture contributing o

21、ver 100 million tonnes for the first time and capture fisheries remaining under 90 million tonnes.Capture fisheries are projected to see a modest increase of 0.2 percent over 2023 levels,benefiting from easing El Nio conditions which have alleviated pressures on key fish stocks.Improved quotas for m

22、ajor species such as the Peruvian anchoveta,historically the largest fishery in the world,and Alaska pollock,the second largest by volume,are expected to add considerably to their supply.However,reduced quotas for other major fisheries,particularly cod and tuna,mean that global catches will remain l

23、argely flat.Meanwhile,aquaculture production is forecasted to grow by 3.3 percent to 100.8 million tonnes,driven by higher outputs of farmed shrimp and modest increases in oyster,carp and tilapia.Consumer sentiment remains poor despite improved economic prospects in both the United States and the Eu

24、ropean Union.The years 2021 to 2023 saw the highest inflation rates in decades,and although economic growth and employment have exceeded expectations,consumer confidence remains affected by concerns for diminished purchasing power.This cautious sentiment has particularly impacted the demand for fish

25、eries products,with many choosing other,often cheaper,protein sources.The FAO Fish Price Index(FPI)remained stable at 119 points in February 2024,indicating a balance between elevated prices for capture fisheries products and lower average prices for aquaculture products.Notably,farmed shrimp prices

26、 have dropped considerably,marking a 31 percent decrease over the past decade.The disparity between capture fisheries and aquaculture prices has led to varying impacts on global trade.Lower prices for aquaculture products have resulted in a predicted 1 percent decline in global trade values for 2024

27、,amounting to USD 183.3 billion,with trade volumes expected to see a slight 0.3 percent decrease compared to 2023.The aquaculture sector faces profitability challenges due to low product prices and high production costs,exacerbated by the continued high prices of fishmeal and fish oil,which are esse

28、ntial inputs.FAO/Giulio Napolitano3GLOBAL FISH ECONOMYGLOBEFISH HIGHLIGHTS|GLOBAL FISH ECONOMYGLOBAL FISH ECONOMY|overviewWILD CAPTUREFISHERIESAQUACULTUREOVERALL PRODUCTIONFISH PRICE INDEX185.4MILLION TONNES125.589.6MILLIONTONNES95.8MILLIONTONNES+0.6%GLOBAL TRADE63MILLION TONNES183.7BILLIONUSD 4.3%2

29、.6%+21%1.7%+2.8%CAPTUREFISHERIESAQUACULTUREAVERAGE GLOBAL CONSUMPTION20.6 KG11.8 KG+0.3%8.9 KG1.8%+1.9%4INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS FAO/Shirlene Anthonysamy5Bivalves Bivalve demand strongSupply of bivalves improved slightly in 2023 over 2022,but stayed far below the

30、2021 level.Further shortage of supplies may occur in 2024 due to sanitary problems in France and Peru,together with increased domestic demand in China.Prices may rise,depending on the season.Mussels To talk about mussels is probably to highlight one of the most popular foods in the world,as it lends

31、 itself to being cooked in about a thousand ways.In Spain,it is the most consumed seafood,with consumption per capita being an average of 1.13 kg of mussels per year,according to the Report on Food Consumption in Spain prepared by the Ministry of Agriculture.Comprising proteins,some 87 percent of wa

32、ter and only 1.9 percent fat,mussels are,like almost all seafood,a healthy food choice.They also provide iron(in higher proportions than even many meats per 100g serving),phosphorus and iodine.The mussel season in Spain is slow during the spawning season from May to August when the females lose weig

33、ht.Needless to say,therefore,that the months from September to April are ideal for tasting this type of mollusc,since it is meatier than at other times of the year.Spain is the main mussel producer in Europe with about 200 000 tonnes produced per year,mainly in the Galicia region.In 2022,global impo

34、rts of mussels were on the low side at about 300 000 tonnes.France and Italy were the main importing countries with 51 000 tonnes each,while the United States imported about 38 000 tonnes,substantially less compared with 2021.On the other hand,exports went up in 2022;Chile was the main mussel export

35、er,reporting a return to the 2021 export levels of about 100 000 tonnes.The Kingdom of the Netherlands also continued the positive trend started in 2021 with some 47 000 tonnes sold overseas,5 000 tonnes more than in 2021.QUARTERLY BIVALVES ANALYSIS6INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTUR

36、E PRODUCTSOysters Some 85 000 tonnes of oysters entered international trade in 2023,down by seven percent over 2022.The United States continued to be the biggest market,but was nevertheless the main reason for the decline.Shrimp and oysters suffered last year from the general reluctance of the US co

37、nsumer to spend on more expensive food items,a reaction to high inflation rates and general uncertainty in the market.Perceived abroad as a“luxury product”,French oysters have a steady market.Nearly 16 700 tonnes were exported last year,just 200 tonnes short of the 2022 volume.France is the fifth la

38、rgest global producer of oysters,but at the same time,it is the worlds largest exporter.The region of Charente-Maritime is clearly doing well among local oyster producers as more than 80 percent of the oysters exported from France come from the island of Olron and the Marennes basin.However,in early

39、 2024,several production areas were closed in France due to a health scare caused by the presence of norovirus in the oysters.ScallopsWorld scallop trade,which is mainly in the hands of Chinese producers,experienced a substantial decline last year;in 2022,China had imported some 100 000 tonnes of sc

40、allops which dropped to 54 600 tonnes in 2023.Chinese exports also declined(by 4 000 tonnes)from the 2022 level to 37 000 tonnes in 2023.Similarly,Peru,which had experienced a boom in scallop production in 2021,continued to experience some setbacks in 2023.Some 4 500 tonnes were exported last year,w

41、hich is less than half of the 2021 amount.The setback in Peruvian scallop production is linked to sanitary problems.Ministerio de la Produccin/The Ministry of Production(PRODUCE),through the Organismo Nacional de Sanidad Perquera/National Fisheries Health Agency(SANIPES),has issued an urgent call to

42、 the countrys aquaculture producers to comply with current regulations and maintain the sanitary classification of bivalve mollusc production areas.This measure is crucial in order for the sector to continue marketing its production in the domestic market and exporting to various destinations.Infrac

43、tions include non-compliance in the number of samplings,and unsatisfactory sampling and analysis for sanitary criteria;as well as incorrect or falsified information on the origin of bivalve molluscs.Likewise,the lack of availability of bivalve molluscs for sampling,and the prohibition or restriction

44、 of extraction in the production area for reasons unrelated to public health,are considered grounds for withdrawal of the sanitary classification.Oyster exports World-7%Scallop imports China -45.4%7QUARTERLY BIVALVES ANALYSISClamsChina is the worlds main producer and exporter of clams,but the countr

45、y experienced a significant decline in shipments in recent years;for instance,some 113 000 tonnes of clams were exported by China in 2023,22 percent less than in 2021.This was mainly caused by strong domestic demand,with local consumers willing to pay higher prices for clams than the main importing

46、countries,namely the Republic of Korea and Japan.As a result,Japanese imports of clams were almost halved between 2021 and 2023 to 38 000 tonnes.The Republic of Korea,on the other hand,reported stable imports at about 48 000 tonnes,becoming the top clam importing country in the world.Spain was in se

47、cond place,despite a 15 percent reduction in imports between 2022 and 2023.OutlookBivalve prices are rising in all major markets,both as a result of strong demand and declining production.The coming summer period is likely to be a period of high consumption,especially in North America and Europe,whi

48、ch should result in further price increases.As bivalve growing is subject to climate changes,reductions in supply are likely to emerge during the year,especially in Italy,one of the worlds major producing areas.8INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSWorld imports and exports of

49、 scallopsJanuaryDecember,20212023(1 000 tonnes)2021 2022 2023 Imports ImportsChina 99.89 107.09 54.60 France52.7354.9551.98United States of America 25.13 24.96 23.09 Italy41.5549.2251.42Republic of Korea 14.46 16.09 14.76 Other countries 82.83 96.37 83.59 Other countries179.70154.66153.28Total impor

50、ts 222.30 244.51 176.04 Total imports315.31297.30295.36Exports ExportsChina 38.56 41.17 37.28 Chile98.1792.4797.47France 9.44 11.66 11.38 Spain63.9767.6165.38Canada 6.40 7.51 7.75 Netherlands(Kingdom of the)42.5345.7247.39Other countries 40.70 34.34 31.64 Other countries147.66141.45160.68Total expor

51、ts 95.10 94.69 88.05 Total exports352.33347.25370.92 World imports and exports of oystersJanuaryDecember,20212023(1 000 tonnes)2021 2022 2023 Imports ImportsUnited States of America 15.59 19.25 14.78 Republic of Korea49.8349.3148.29Italy 9.01 9.57 9.62 Spain44.8049.6343.50Taiwan Province of China 3.

52、46 5.22 6.65 Japan62.6842.6037.92Other countries 45.30 47.20 44.09 Other countries132.86142.67136.83Total imports 73.36 81.24 75.14 Total imports290.17284.22266.54Exports ExportsFrance 15.73 16.97 16.77 China141.17122.16113.57Republic of Korea 10.13 9.85 10.31 Viet Nam43.1138.3044.29China 9.99 10.98

53、 9.78 Canada13.3113.7115.64Other countries 45.06 51.43 47.70 Other countries99.9496.2689.25Total exports 80.91 89.24 84.56 Total exports297.52270.43262.75World imports and exports of musselsJanuaryDecember,20212023(1 000 tonnes)2021 2022 2023 Imports France 52.73 54.95 51.98 Italy 41.55 49.22 51.42

54、United States of America 41.33 38.46 38.68 Other countries 179.70 154.66 153.28 Total imports 315.31 297.30 295.36 Exports Chile 98.17 92.47 97.47 Spain 63.97 67.61 65.38 Netherlands(Kingdom of the)42.53 45.72 47.39 Other countries 147.66 141.45 160.68 Total exports 352.33 347.25 370.92 World import

55、s and exports of scallops JanuaryDecember,20212023(1 000 tonnes)World imports and exports of mussels JanuaryDecember,20212023(1 000 tonnes)202120222023202120222023ImportsImportsChina99.89107.0954.60France52.7354.9551.98United States of America25.1324.9623.09Italy41.5549.2251.42Republic of Korea14.46

56、16.0914.76United States of America41.3338.4638.68Other countries82.8396.3783.59Other countries179.70154.66153.28Total imports222.30244.51176.04Total imports315.31297.30295.36ExportsExportsChina38.5641.1737.28Chile98.1792.4797.47France9.4411.6611.38Spain63.9767.6165.38Canada6.407.517.75Netherlands(Ki

57、ngdom of the)42.5345.7247.39Other countries40.7034.3431.64Other countries147.66141.45160.68Total exports95.1094.6988.05Total exports352.33347.25370.92World imports and exports of oysters JanuaryDecember,20212023(1 000 tonnes)World imports and exports of clamsJanuaryDecember,20212023(1 000 tonnes)202

58、1 2022 2023 Imports Republic of Korea 49.83 49.31 48.29 Spain 44.80 49.63 43.50 Japan 62.68 42.60 37.92 Other countries 132.86 142.67 136.83 Total imports 290.17 284.22 266.54 Exports China 141.17 122.16 113.57 Viet Nam 43.11 38.30 44.29 Canada 13.31 13.71 15.64 Other countries 99.94 96.26 89.25 Tot

59、al exports 297.52 270.43 262.75 Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors o

60、wn elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March 9QUARTERLY BIVALVES ANALYSIS Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration base

61、d on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March 10INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS 0 1 2 3 4 5 6 7EUR/kgPricesMussels:FranceMonthly average consumer prices in metropolitan France FAO/Ales

62、sandro PensoSource:Authors own elaboration based on the European Price Report.2024.GLOBEFISH.Cited 1 March 2024.www.globefish.org11Cephalopods Octopus supplies remain lowOctopus supplies are still low and likely to remain so through 2024,while supplies of squid are somewhat better.Octopus prices wil

63、l stay high and possibly even rise further during the summer holidays.There is great pressure on the squid resources off South America,where hundreds of foreign vessels are fishing in international waters just outside the national EEZs.Octopus Octopus landings have slowed down,particularly in southe

64、rn Morocco,which was hit by adverse weather conditions.Also,most catches consisted of smaller size octopuses,especially T7(500800 g).After the first two weeks of the month(January 2024),landings diminished,and there was a general shortage of supplies.In February 2024,Moroccan authorities announced t

65、hat they had increased the octopus quota to 25 200 tonnes for the year.This is 4 200 tonnes more than the original quota.The main reason for this increase was said to be the governments commitment to support the industry,as some vessels had already filled their quota for octopus and were not able to

66、 fish for other species.Then suddenly,at the very end of March,the Moroccan Ministry of Agriculture and Fisheries announced that all octopus fishing in Moroccan waters was to stop,effective 1 April.The reason given was to ensure sustainable fishing practices in the region,but the duration of this pa

67、use was not announced and fishermen are still left in the dark.However,they are allowed to fish for other cephalopods during this period,as long as they obtain a special authorization and refrain from targeting octopus.Demand for larger sizes is strong in Spain,and demand in Italy is also good,with

68、Italian cold storage holdings low.Consequently,prices have risen,and most observers expect them to stay high for some time.In Morocco,octopus prices started at a low level in January 2024 but jumped suddenly,mid-month.QUARTERLY CEPHALOPODS ANALYSIS12INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTUR

69、E PRODUCTSTrade Japanese imports of octopus fell by five percent in 2023 compared to 2022 and ended up at 40 340 tonnes.The largest suppliers were Mauritania(12 136 tonnes;+23 percent),China(9 671 tonnes;8 percent)and Viet Nam(7 957 tonnes;-12 percent).Morocco,which was a big supplier in 2022,reduce

70、d shipments to Japan by 32 percent to just 5 814 tonnes.The Republic of Korea also registered a drop in imports,from 72 295 tonnes in 2022 to 69 674 tonnes in 2023(-3.6 percent).China strengthened its position as the largest supplier to the Republic of Korea,shipping 32 430 tonnes(+6.2 percent)and a

71、ccounting for 46.5 percent of the total.Viet Nam registered a five percent fall in shipments to the Republic of Korea,while products from the third largest supplier,Thailand,dropped by 28.7 percent to just 4 529 tonnes.Squid Japanese squid supplies fell by about 20 percent in 2023 compared to the pr

72、evious year,to just 150 000 tonnes.Supplies from all sources(domestic landings,imports and inventory carry-over)went down.According to Japans National Federation of Fisheries Co-operative Associations,the decline was mostly because of record-low domestic catches of Japanese flying squid.Landings fel

73、l by 23 percent in 2023 to a 60-year low of only 3 348 tonnes.Fresh Japanese flying squid,which is mainly used for sashimi,fell by 35 percent to just 1 550 tonnes in 2023;the lowest level since 1984.At the same time,landings of frozen Japanese flying squid dropped even more:down 60 percent to 1 780

74、tonnes.Consequently,ex-vessel prices for fresh flying squid jumped by 22 percent in 2023 and prices for frozen flying squid soared by 51 percent.Peru had a record-breaking year for squid in 2023.Landings rose by 36 percent to 621 852 tonnes,up from 457 364 tonnes in 2022.As much as 92.5 percent of t

75、he catch was channelled into manufacturing of frozen products,while 7.5 percent went in fresh form to the domestic market.The production of frozen squid products for export markets rose by almost 65 percent to 453 100 tonnes.Thus,squid is now the second most important fishery in Peru,after anchovy.O

76、ctopus importsJapan -5%Republic of Korea -3.6%Squid production Japan -20%Peru +36%13 QUARTERLY CEPHALOPODS ANALYSISTrade Argentina was off to a good start in 2024:its seafood exports in January rose by 25 percent compared to January 2023,and squid was an important part of this growth.In that month,A

77、rgentina exported 2 183 tonnes of squid worth USD 5.3 million,up by 143 percent in volume and 194 percent in value compared to January 2023.Prices were noticeably higher than the previous year.The main markets were Spain,China and Brazil.Spanish imports fell by a modest 2.4 percent to 283 383 tonnes

78、 in 2023,as compared to 290 339 tonnes in 2022.The largest supplier,the Falkland Islands(Malvinas),saw a reduction of 9.2 percent,while the second and third biggest suppliers,Peru and Morocco,registered increases of 22.7 and 32.1 percent,respectively.Chinese imports of squid and cuttlefish,on the ot

79、her hand,increased by a healthy 32.7 percent.Peru increased its supplies to China by an incredible 532 percent to 154 262 tonnes,thus accounting for over one-third of the total.Meanwhile,Chinese exports of squid and cuttlefish fell by 12.4 percent in 2023 to 507 905 tonnes.Practically all markets re

80、gistered a fall in imports from China:Japan was down by 8.1 percent to 99 719 tonnes;Thailand-17.2 percent to 67 311 tonnes;the Republic of Korea-1 percent to 62 205 tonnes;Chinese overseas fishing fleet targeting squid in South AmericaFor a number of years,foreign vessels,primarily Asian(mostly Chi

81、nese),have been fishing for squid just outside the Argentine exclusive economic zone(EEZ).Some environmentalists have now voiced their concern about this activity,which they claim could pose a serious threat to the resource.About 600 foreign vessels are operating in these waters,and about 400 of the

82、m are Chinese,while the remaining 200 are from various other Asian destinations(the Republic of Korea and Taiwan Province of China)and Spain.One of the main problems with this kind of fishing is that it is largely unregulated and therefore poses huge international regulatory challenges.There is no R

83、egional Fisheries Management Organization(RFMO)existing in the area,that could regulate this fishing effort.The Chinese overseas fleet,which numbers about 1 600 vessels fishing in international waters all over the world,is a result of the countrys goal to increase fisheries production.In 2012,the Ch

84、inese Overseas Fisheries Association(COFA)was formed as a tool to develop Chinese overseas fishing operations.Chinas catch in distant-waters is estimated to be about 1.15 million tonnes,worth about USD 1.98 billion annually.The squid industry is certainly an important part of Chinas overseas fishing

85、 industry.Chinese squid catches have grown from 75 500 tonnes in 1998 to nearly 1.1 million tonnes in 2022.FAO/Massimo Berruti14INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS 05010015020015304560759010512020222023Japan|Imports|Squid and cuttlefishTop three origins-Unit:1 000 tonnes,Jan

86、uaryDecemberChinaPeruChileOther countriesTotal imports2021 Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March the United States-20 percent;the Philippines-21.7 percent;and Malaysia-25

87、.3 percent.Squid and cuttlefish imports into the Republic of Korea increased by 10 percent in 2023 to 169 843 tonnes.The largest suppliers were China(60 909 tonnes or 36 percent of the total);Peru(58 804 tonnes or 35 percent of the total);and Chile(18 837 tonnes or 11 percent of the total).OutlookSu

88、pplies of octopus are expected to continue to be tight through 2024;consequently,prices will remain high.Furthermore,during the summer holidays,prices are expected to go up even more as a result of higher demand from tourists,especially in the Mediterranean region.Supplies of squid may be better,as

89、the fishing in several regions was off to a good start.Squid prices are expected to decline somewhat.Although international trade weakened a little during 2023,the squid trade could pick up again,provided the expectation of better landings becomes a reality.15QUARTERLY CEPHALOPODS ANALYSIS 010020030

90、04005006007005010015020025030035020222023China|Exports|Squid and cuttlefishTop three destinations-Unit:1 000 tonnes,JanuaryDecemberJapanThailandRepublic of KoreaOther countriesTotal imports2021 0204060801000510152025303540202120222023United States of America|Imports Squid and cuttlefish|Top three or

91、iginsUnit:1 000 tonnes,January DecemberChinaArgentinaIndiaOther countriesTotal imports 0601201802403003603060901202023Spain|Imports|Squid and cuttlefishTop three originsUnit:1 000 tonnes,JanuaryDecemberFalkland Islands(Malvinas)PeruMoroccoOther countriesTotal imports2022 0 3 6 9 12 15EUR/kgPricesSqu

92、id:ItalyWhole,FAS,middle size,origin:South Africa2021 Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1

93、March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March 16INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS 0 3 6 9 12 15EUR/kgPricesSquid:ItalyWhole,FAS,middle size,origin:South Africa FAO/Pier Paolo CitoSource:Authors own elaboration based on the Europe

94、an Price Report.2024.GLOBEFISH.Cited 1 March 2024.www.globefish.org17Crab King crab supplies still low,snow crab supplies might tightenSupplies of king crab are low,and western markets(especially the United States)are struggling from not being able to import product from the Russian Federation due t

95、o the ongoing ban.Snow crab supplies from Canada are expected to be lower in 2024 than in 2023,which could push prices up.SuppliesThe North Pacific Fishery Management Council(NPFMC)in February 2024 considered conservation measures with regard to both red king crab(Paralithodes camtschaticus)and Tann

96、er crab(Chionoecetes bairdi)in Bristol Bay and the coast of Kodiak Island.Last October,the Bristol Bay red king crab fishery opened for the first time since the 2020/21 season,with a total allowable catch(TAC)of 2.2 million pounds(998 tonnes).However,biologists have warned that the stock is vulnerab

97、le,and recruitment has remained low.Even so,NPFMC did not expand the protection measures.The TAC for red king crab in Alaska has been set at 975 tonnes plus 2 508 tonnes of golden king crab(Lithodes aequispinus)in the Bering Sea.In Norway,the king crab quota has been reduced by 59 percent from 2 375

98、 tonnes in 2023 to just 1 026 tonnes in 2024(966 tonnes for male crabs and 60 tonnes for female crabs).In addition to these quotas,the Russian Federation quotas for 2024 have been set at 104 229 tonnes.Of this,some 38 000 tonnes are for king crab and about 66 000 tonnes snow crab.Canadas Department

99、of Fisheries and Oceans(DFO)announced at the end of March that the TAC for the snow crab fishery in Newfoundland and Labrador had been set at 57 568 tonnes,which is an increase of 5.2 percent compared to the 2023 TAC.However,the TAC for the Southern Gulf of St.Lawrence was earlier set at 26 127 tonn

100、es,a reduction of 27 percent compared to 2023.Thus,there will be less snow crab coming out of Eastern Canada in 2024.QUARTERLY CRAB ANALYSIS18INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSWhile the short-term outlook for the snow crab fishery around Newfoundland and Labrador is good,th

101、e longer-term prospects are less certain.Scientists are worried about the effects of warmer seawater temperatures and less sea ice.As cold water is important for the survival of juvenile crab,the cover provided by winter sea ice is essential for a good habitat.The outlook for the Tanner crab fishery

102、 in Kodiak,Alaska,is good.The guideline harvest level(GHL)for this years fishery is set at three million pounds(1 361 tonnes),which is the second highest level for decades.The Norwegian snow crab quota for 2024 on the Norwegian continental shelf is set at 10 300 tonnes.The supply situation for snow

103、crab tightened at the beginning of 2024.Canadian supplies were drying up,and the new season was still months away.With such low supplies,some buyers turned to Dungeness crab as a substitute.During the first three months of the winter season(November 2023January 2024),crab harvesters in California,Or

104、egon and Washington landed 10 202 tonnes of Dungeness crab.This was 11 percent more than what was landed during the same period in the previous season.Landings of Dungeness crab have fluctuated in recent years;but since 2021,catches have increased.Combined landings in the four States on the US west

105、coast(California,Oregon,Washington and Alaska)amounted to 17 235 tonnes in 2021,23 878 tonnes in 2022,and 35 982 tonnes in 2023.Expectations for 2024 are good.Market King crab supplies on the US market became scarce in 2023 and with the US ban on imports of seafood,new supplies have to be found else

106、-where.At the same time,king crab inventories are almost depleted,so established markets such as China and the Republic of Korea,will have to compete with other countries for supplies from other sources.Prices for Norwegian king crab soared in the beginning of 2024,for several reasons.First of all,t

107、he weather was bad,and consequently,landings were low.Second,the western countries ban on product tightened the supply situation on their markets;and third,demand leading up to Chinese New Year in February was very strong.19QUARTERLY CRAB ANALYSISInternational trade Global crab imports showed a mode

108、st increase from 431 052 tonnes in 2022 to 460 814 tonnes in 2023,up 6.9 percent.China surpassed the United States as the largest importer,and accounted for 119 171 tonnes,an increase of 28.4 percent over 2022.Japan also showed a notable rise in imports,up by 19 percent to 35 340 tonnes.In contrast,

109、US imports of crab(all types)rose by only 2.8 percent and amounted to 112 212 tonnes.There was a strong increase in US imports from Canada,by 27.2 percent to 64 067 tonnes in 2023 as compared to the previous year.Imports from Indonesia went down by 5.3 percent and imports from China showed only a sl

110、ight increase of 1.9 percent.There was a massive increase in Chinese imports from the Russian Federation:+73.9 percent to 41 135 tonnes,and from Canada:+31.5 percent to 15 089 tonnes.Meanwhile,Chinas crab exports went up by 7.6 percent to 46 809 tonnes.Of this,16 649 tonnes went to the Republic of K

111、orea(35.6 percent of the total),8 449 tonnes to Malaysia(18 percent of the total)and 6 930 tonnes to Japan(14.8 percent of the total).Russian exports of crab increased from 72 452 tonnes in 2022 to 90 675 tonnes in 2023,up 25.2 percent.Of this,45.4 percent went to China(41 135 tonnes,up 73.9 percent

112、),27.4 percent to the Republic of Korea(24 853 tonnes;up 33.1 percent),and 19.8 percent to Japan(17 933 tonnes;up 25.3 percent).US imports of swimming crabs(blue and red)fell by five percent from 27 615 tonnes in 2022 to 26 117 tonnes in 2023.As price levels also went down,the value of US imports we

113、nt from USD 775.2 million in 2022 to USD 600.8 million in 2023.The largest suppliers of this species were Indonesia(11 082 tonnes),Venezuela(3 287 tonnes)and Viet Nam(2 803 tonnes).Because of the US sanctions on imports of seafood from the Russian Federation,crab exporters have had to search for new

114、 markets,and prices for Russian king crab dropped by some 60 percent at the end of 2023.Japanese importers were quick to take advantage of this opportunity.While the US import ban on Russian products is practically total,Japans sanctions against the Russian Federation are much milder.Japan removed R

115、ussias“most favoured nation”status in April 2022,but did not ban imports from the country.Crab importsWorld+6.9%United States +2.8%China+28.4%Japan+19%20INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSOutlookGlobal supplies of king crab continue to be low,and prices high.This is not goin

116、g to change until late April,when the new season starts.Supplies of snow crab from North America will be slightly lower in 2024 than in 2023,but prices have dropped.The short-term outlook for the Canadian snow crab fishery is good,but the longer-term outlook is much more uncertain,mainly due to expe

117、cted environmental changes.Higher water temperatures and less sea ice may be detrimental to juvenile crabs.Russian crab supplies are expected to be very good in 2024 but exports will have to be directed towards Asian markets.Demand on the Chinese market is good and expected to continue to grow.Price

118、s for king crab will stay high.02004006000501001502002023W orld|Imports|Crab To p three impor ters of crabs U nit:1 000 tonne s,Ja nuaryD ecemberUnited States of AmericaRepublic of KoreaOther countriesTotal imports 2021 2022 Republic of KoreaChinaSource:Authors own elaboration based on GTT.2024.Glob

119、al Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March 21QUARTERLY CRAB ANALYSISSource:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited

120、1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March 22INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS FAO/Shirlene Anthonysamy23Fishmeal and fish oil Tight supplies set to ease with high Peruvian quotaPerus Institute of the Sea(IMARPE)announced a

121、quota of2 475 000 tonnes for the first 2024 fishing season in the north-centre region.The extremely tight market that persisted throughout 2023,particularly for fish oil,is set to ease somewhat with the return of Peruvian supply,although it will take time for the market to stabilize.Demand for both

122、fishmeal and fish oil remain firm,with fish oil continuing to exhibit extraordinarily inelastic demand,which has kept prices far above previous expectations.At the same time,limited production growth in the Chinese and Norwegian aquaculture sectors has cooled demand.ProductionThe vast quantities of

123、small pelagics harvested by Peru form the backbone of global supplies of fishmeal and fish oil.In a typical year,the country sees catches from reduction fisheries of 45 million tonnes or more,from which it may produce a little more than a million tonnes of fishmeal together with 150 000 tonnes of fi

124、sh oil.The El Nio weather event in 2023 led to severe difficulties for the industry,with low quotas limiting potential catches while warmer waters dispersed anchoveta shoals.Catches across the two 2023 seasons amounted to just 1 885 000 tonnes,from which approximately 450 000 tonnes of fishmeal and

125、14 000 tonnes of fish oil were derived.Production of fish oil was particularly hampered by high catches of juveniles,with oil yields averaging 12 percent throughout the year.Looking at the early months of 2024,things look far more positive.Perus Institute of the Sea(IMARPE)has set a quota of 2 475 0

126、00 tonnes for the first 2024 anchoveta season in the north-centre region.The season,which reopened on 16 April,has been followed by consistently high landings,with almost 50 percent of the anchovy quota being caught during the first 23 days of the 2024 season.Production of fishmeal amounted to 187 0

127、00 tonnes.Fish oil production stands at 20 500 tonnes,already exceeding cumulative QUARTERLY FISHMEAL AND FISH OIL ANALYSIS24INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSoutput from 2023.While these numbers are encouraging,rates of juvenile catches have been high,averaging 32 percent

128、of landings.This has prompted IMARPE to implement localized fishing bans,which have helped bring the proportion of juvenile catches down to around 20 percent of daily landings.Concerns remain as to whether the season may be closed early if further high rates of juvenile landings are reported.High oi

129、l yields have been especially encouraging,standing at around three percent of landings,fanning hopes of steadily increasing supplies in the coming months.The quota for the secondary south region remains at 251 000 tonnes,with just 78 tonnes landed since the season opened on 7 March.At least for now,

130、the entire focus of the industry is on fulfilling the quota in the north-centre region.Supplies from Chile in the first quarter of 2024 have lagged slightly behind 2023 levels,with catches and trimmings amounting to 774 000 tonnes of raw material.While the impact on fishmeal supply has been marginal

131、,fish oil production in the first four months of the year was down by 36 percent,a fall of some 31 500 tonnes.Catches in the North Atlantic,the third most important source of fishmeal and fish oil,remained high in 2023.Reduced quotas for several stocks,most notably blue whiting and sand eel,were com

132、plemented by increased quotas for capelin and herring.Fishmeal supply saw a marked improvement,rising to 530 000 tonnes over the course of 2023(+20 percent,year-on-year).However,changes in the composition have caused supplies of fish oil to slump,a trend which has continued into early 2024.Fish oil

133、production in the first quarter of the year totalled 36 000 tonnes,down by 27 percent from the same period in 2023.Trade Growth in the Norwegian salmon industry(the largest single consumer of fish oil)remains muted although demand for salmon remains strong.In 2023,harvests fell slightly,reflecting n

134、ot only rising prices for inputs,but also biological challenges such as high sea temperatures and sea lice numbers coupled with reduced investment following the announcement andsubsequent introduction of Norways new tax system for salmon profits.Fishoil imports amounted to 192 000 tonnes in 2023,dow

135、n from 205 000 tonnesin 2022.Of this volume,supplies from Peru came up to 8 900 tonnes,farbelow the 36 100 tonnes recorded in 2022 and the 67 600 tonnes recordedin 2021.This shortfall has been supplanted by supplies from Denmark andIceland,which totalled 45 000 tonnes and 30 000 tonnes,respectively.

136、Fish oil imports Peru -75%25QUARTERLY FISHMEAL AND FISH OIL ANALYSISChinese demand for fishmeal has been restrained,as low prices for the aquaculture and pig rearing sectors(both of which utilize fishmeal in their feeds)have led to stagnant growth and weakened demand for inputs.Imports of fishmeal i

137、n 2023 amounted to 1 650 000 tonnes,a nine percent decline from 2022.There has been no improvement in 2024 so far,while current stocks in major ports amount to around 270 000 tonnes equivalent to two whole months of imports.Meanwhile,domestic shrimp producers have continued to struggle in the face o

138、f low prices and increasing competition from imports.With further competition expected as Ecuadorian shrimp is soon to enjoy tariff-free entry into the Chinese market,Chinas demand for fishmeal is unlikely to return to previous levels in the near future.Ecuadorian imports of fishmeal for its rapidly

139、 expanding shrimp sector was 73 000 tonnes in 2022,but this volume declined to 50 000 tonnes in 2023 due to decreased availability of Peruvian supplies and higher domestic supply of fishmeal.Of this total,Peruvian supply comprised 38 500 tonnes,down from 71 000 tonnes in 2022.In contrast,imports fro

140、m Chile,the second largest supplier,increased from 1 100 tonnes in 2022 to 6 500 tonnes in 2023.PricesLimited supply continued to push up prices for fishmeal;on the other hand,fish oil prices plateaued towards the end of 2023 but remained far higher than many would have imagined possible.While progr

141、ess in feed optimization has greatly reduced the content of fishmeal and fish oil in many feed formulations,they remain a vital cornerstone of many agricultural activities,particularly specially for species such as poultry,salmon,shrimp and swine.Especially during the ongoing period of elevated infl

142、ationary pressure,it is worth noting the potential knock-on effects of these high prices for other food commodities.Fishmeal prices continued to rise across all grades,reaching USD 2 200 per tonne in October 2023(super prime,Peru FOB),up from USD 1 900 per tonne in October of the previous year.Fish

143、oil prices remain elevated,with the second half of 2023 seeing a marked divergence across different grades.Prices for feed-grade fractions plateaued in September,reaching USD 7 500 per tonne(Peru FOB).Meanwhile,the premium paid for high-content Omega-3 oil also rose,with prices recorded at USD 9 300

144、 per tonne in October 2023.Fishmeal imports China-9%Ecuador -31.5%26INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSOutlookThere is reason to be optimistic for a gradual softening of the market in the first half of 2024,followed by the possibility of a strong recovery in the second half

145、of the year.This would depend in large part on a continued weakening of El Nio weather conditions.It is worth noting that El Nio weather events are generally followed by good harvests for several years,and a considerable quota for the first 2024 season in Perus north-centre region would see greater

146、supply.However,the stock is currently under assessment,and quotas are unlikely to be announced before April 2024.Additionally,high catches of juveniles were already hampering production,with authorities keeping a close eye on stocks and imposing numerous mini-fishing bans.Continued high rates of juv

147、enile catches would slow supplies,and also keep fish oil supplies low by limiting yields.As of the time of writing,the outcome of negotiations on the pelagic fisheries in the North-East Atlantic are still ongoing;these will,to a certain extent,underpin supplies from Europe and the Atlantic North Ame

148、rica.Aggregate quotas for a number of these stocks have consistently exceeded recommendations from the International Council for the Exploration of the Sea(ICES).Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Globa

149、l Trade Tracker.Cited 1 March 27 QUARTERLY FISHMEAL AND FISH OIL ANALYSIS Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Tr

150、ade Tracker.Cited 1 March Source:Authors own elaboration based on the data from the IFFO.2023.International Fishmeal and Fish Oil Organisation.Cited 1 March Fish oil28INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS FAO/Shirlene Anthonysamy29QUARTERLY GROUNDFISH ANALYSISGroundfish Less c

151、od,more pollockThe outlook for 2024 indicates a considerable reduction in the availability of cod;and conversely,that more Alaska pollock will be landed.Thus,price developments for these species will take opposite directions:cod prices will rise while Alaska pollock prices will decline.Surimi produc

152、tion may increase,and prices are expected to slide.Supplies The Arctic region,and the Barents Sea in particular,is an area that has enormous resources of groundfish but it is also of importance for other reasons,such as mineral resources.Activities in the Arctic are governed by the UN Convention on

153、the Law of the Sea(UNCLOS),which came into being in the 1970s,and which was signed by the most important Arctic nations,including the Russian Federation.However,the Russian Federation is now reported to be contemplating withdrawing from UNCLOS,because“it is detrimental to Russian interests”and“Russi

154、a must prioritize its interests in the Arctic,particularly its vast territorial claims.”Currently,the regions resources are well-managed by a joint Russia-Norway committee;therefore,any Russian withdrawal from UNCLOS may jeopardize this cooperation and potentially be extremely detrimental to the fis

155、heries resources in the region.Meanwhile,global warming is affecting Arctic regions particularly strongly;according to researchers at the Norwegian Meteorological Institute,air and water temperatures in the Barents Sea are rising five to seven times faster than the global average.This is forcing the

156、 fish stocks to migrate farther north and east,where temperatures are still a bit colder.With regard to cod resources,data presented at the 2023 Groundfish Forum last autumn showed that landings of the species have continued to decline over the past eight years,and will continue to do so.A forecast

157、was also presented earlier that showed 2024 landings would fall from 1.3 million tonnes in 2023 to 1.1 million tonnes in 2024.30INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSWhile cod quotas are down for 2024,Russian scientists are recommending a 12 percent increase in the total allowa

158、ble catch(TAC)for Alaska pollock in the Far East.At the same time,the Pacific Fisheries Research Centre(TINRO)is proposing a TAC of 2.55 million tonnes for 2024,up 260 000 tonnes compared to the 2023 TAC.The Russian fleet usually does not take up the whole quota,however.In 2023,only 78 percent of th

159、e quota was landed,and before that,in 2022 and 2021,the volume landed represented 91 percent and 89 percent of the yearly quotas,respectively.The TAC for Alaska pollock in the West Bering Sea in 2024 is 700 000 tonnes,while the TAC in the Northern Sea of Okhotsk is 342 500 tonnes.According to the Ru

160、ssian Federal Fishery Agency(Rosrybolovstvo),from January to mid-March 2024,landings of Alaska pollock in the Russian Far East were up by about nine percent,amounting to 750 000 tonnes.The harvest for the whole year(2024)is projected to increase by 12 percent compared to 2023,and will reach 3.7 mill

161、ion tonnes,according to estimates presented at the Groundfish Forum last autumn.This is the highest level in 10 years.These increased landings have pushed domestic prices down by some 23 percent.Cod farming seems to be on the way up again.Norwegian production of farmed cod reached 12 000 tonnes in 2

162、023,and is expected to increase to 14 000 tonnes in 2024.Although these are still very modest volumes,they are an indication that in the future,farmed cod may replace some of the volumes lost by reduced quotas in the Barents Sea.However,some of the cod farmers are even more optimistic.One farmer sai

163、d he expects the 2024 volume to reach 20 000 tonnes,and by 2028,his company alone will produce 28 000 tonnes a year.There have been a lot of technological,biological and genetic improvements since Norway embarked on cod farming in the early 2000s.Production costs have been cut considerably,and produ

164、ction time is shorter.Farmed cod can now be grown to 4 kg in 18 months in the sea,and year-round production is possible.Thus,farmers would be able to supply fresh cod all through the year,while the wild catch in Norway peaks during the period from February through March.Most of the farmed cod would

165、go for exports as fresh fish destined for the high-end restaurant market.There are challenges,though.The Norwegian Food Safety Authority(NFSA)has stopped processing all new applications for cod farming licences while it assesses how cod farming might be affecting the wild populations.Investors have

166、been taken by surprise,and nobody knows when applications will be processed again.FAO/Ricardo Resende31QUARTERLY GROUNDFISH ANALYSISMarket The low landings of cod are creating problems for the processing industry in Europe,and things will get worse in 2024.The tight supplies have pushed prices up tr

167、emendously,and prices for Norwegian round-frozen cod are presently about USD 6 000 per tonne.This is some USD 2 000 higher than for Russian cod destined for processing.At the North Atlantic Seafood Forum(NASF),which was held in Bergen,Norway,in the beginning of March 2024,there was some focus on the

168、 development of whitefish prices,especially for cod.It was pointed out that the Barents Sea cod quota for 2024 is down by 20 percent compared to 2023,and expected to drop further in 2025,resulting in less cod on the market.Experts at NASF expressed expectations of cod prices peaking in 2025,and then

169、 perhaps weakening slightly in 2026,when the resource situation is expected to become somewhat better.This may also mean that less cod will be sold in Europe,for the European economies are currently not in great shape.In fact,European GDP growth is not expected to recover until 2025.The alternative

170、for European consumers could then be cheaper whitefish,like Alaska pollock or farmed tilapia and pangasius.As mentioned above,Alaska pollock supplies will be abundant,and prices tend to be well below cod prices.Trade The US ban on imports of Russian fish,which came into effect on 24 February 2022,wi

171、ll probably lead to a 90 000-tonne shortfall of cod(live weight equivalents)on the US market.The import ban now also includes products of Russian origin but processed in a third country.It should be noted that the United Statesimports large quantities of cod fillets from countries like China,Viet Na

172、m and Indonesia,and much of this is based on Russian raw material.These products are now banned.Norwegian exports of whole frozen cod declined by 23.5 percent in 2023 compared to 2022,amounting to 51 054 tonnes.The strongest decline was registered for China,which took almost 54 percent less cod from

173、 Norway;Norwegian exports to China dropped from 66 745 tonnes in 2022 to 51 054 tonnes in 2023.In contrast,exports to other main markets were up from 9 122 tonnes in 2022 to 10 099 tonnes in 2023 for the United Kingdom of Great Britain and Northern Ireland,and from 4 905 tonnes in 2022 to 6 066 tonn

174、es in 2023 for Poland.Barents Sea Cod quota -20%Whole frozen cod exports Norway -23.5%China -18.6%32INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSSpecific to China,total imports of whole frozen cod were 123 964 tonnes in 2023,a decline of 18.6 percent compared to the previous year.In a

175、ddition to a considerably reduced volume from Norway as mentioned above,imports from the Russian Federation fell by 18.1 percent to 82 011 tonnes,and from the United States by 42.9 percent to 18 060 tonnes.As expected,Chinese exports of frozen cod fillets also fell;in 2023,exports of the product amo

176、unted to 78 804 tonnes,23.3 percent less than in 2022.The largest drop was registered for exports to the United States,which fell by 38 percent to 27 022 tonnes.Chinese imports of whole frozen Alaska pollock were 615 706 tonnes in 2023,about the same level as in 2022.About 93.3 percent of this(574 6

177、18 tonnes)came from the Russian Federation,much of which was processed into fillets for re-export.In December 2023,the EU-27 countries imported record volumes of Alaska pollock fillets,mainly from China and the Russian Federation.Nevertheless,Chinese exports of frozen Alaska pollock fillets recorded

178、 a drop of 20 percent in that year to 191 175 tonnes.There were some shifts among the markets,too.Exports to Germany fell by 12.2 percent,while exports to France increased by 12.5 percent.Still,Germany accounted for as much as 45 percent of the total.Russian exports of whole frozen Alaska pollock in

179、 2023 were 868 406 tonnes,a fall of 16.6 percent over the previous year.The largest markets were China(66.2 percent of the total)and the Republic of Korea(19.2 percent of the total).SurimiWhile deals are being made for pollock surimi for the 2024 A season,Japanese buyers are showing reluctance to bu

180、y,possibly due to weaker consumer demand on the Japanese market.Moreover,in Japan,the inventory for surimi is the largest in seven years,and this of course pushes prices down.According to Japans Ministry of Agriculture,Forestry and Fisheries,the total inventory of surimi in Japan at the end of 2023

181、amounted to 55 008 tonnes,six percent more than at the same time in 2022.Chinese consumers have been used to buying surimi made from warm-water species.However,Russian surimi producers,who are increasing production from year to year,are now hoping to convert these consumers to adopt cold-water surim

182、i based on Alaska pollock.Russian production of Alaska pollock surimi is estimated to reach about 80 000 tonnes in 2024,up from 54 000 tonnes in 2023.In addition to expected higher demand for Alaska pollock surimi on the Chinese market,demand in the Russian Federation also seems to be on the way up.

183、Total consumption of surimi on the Russian market(including warm-water surimi imports)is estimated to be about 80 000 tonnes.Obviously,none of this currently comes from US production.33QUARTERLY GROUNDFISH ANALYSISOutlookThe changes on the groundfish market that we have seen over the past year are m

184、ost likely continuing through 2024 and beyond.Cod is becoming less available and continuously more expensive.There could be a shift in market orientation on the part of major producers like Norway,where the focus moves to high-end consumers,for example in Asia and North America.Alaska pollock will b

185、e abundant in 2024,and prices may sink deeper.Consequently,consumers may shift their preferences from cod to pollock,guided mainly by price considerations.In addition,there is growing competition from farmed freshwater whitefish.The impact caused by the conflict in Ukraine is not likely to disappear

186、 in 2024.Ever more serious restrictions on trade with the Russian Federation must be expected,particularly on the part of the United States.At the same time,other western nations are also likely to tighten their restrictions on Russian trade.1Groundfish GSH050100150200020406080100120202120222023Chin

187、a|Imports|Cod|Frozen wholeTop three originsUnit:1 000 tonnes,JanuaryDecemberRussian FederationUnited States of AmericaNorwayOther countriesTotal importsSource:Authors own elaboration based on China Customs data.2024.China Customs.Cited 1 March 2024.http:/ GSH050100150200020406080100120202120222023Ch

188、ina|Imports|Cod|Frozen wholeTop three originsUnit:1 000 tonnes,JanuaryDecemberRussian FederationUnited States of AmericaNorwayOther countriesTotal imports02040608010012007142128354249202120222023China|Exports|Cod|Frozen filletsTop three destinationsUnit:1 000 tonnes,JanuaryDecemberUnited States of A

189、mericaUnited KingdomGermanyOther countriesTotal importsSource:Authors own elaboration based on China Customs data.2024.China Customs.Cited 1 March 2024.http:/ MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS34020406080051015202530202120222023Norway|Exports|CodFrozen whole|Top three destinationsUnit:1

190、000 tonnes,JanuaryDecemberChinaUnited KingdomPolandOther countriesTotal imports2020406080051015202530202120222023Norway|Exports|CodFrozen whole|Top three destinationsUnit:1 000 tonnes,JanuaryDecemberChinathe United KingdomPolandOther countriesTotal imports0601201802400306090120202120222023China|Expo

191、rts|Alaska pollockFrozen fillets|Top three destinationsUnit:1 000 tonnes,JanuaryDecemberGermanyFranceRepublic of KoreaOther countriesTotal imports050100150200020406080100202120222023Germany|Imports|Alaska pollock|Frozen fillets|Top three originsUnit:1 000 tonnes,JanuaryDecemberChinaRussian Federatio

192、nUnited States of AmericaOther countriesTotal imports3 050100150200020406080100202120222023Germany|Imports|Alaska pollock|Frozen fillets|Top three originsUnit:1 000 tonnes,JanuaryDecemberChinaRussian FederationUnited States of AmericaOther countriesTotal imports02004006008001000120001002003004005006

193、00700202120222023Russian Federation|Exports Alaska pollock|Frozen wholeTop three destinationsUnit:1 000 tonnes,JanuaryDecemberChinaRepublic of KoreaGermanyOther countriesTotal importsSource:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March 2024.Source:Authors own elaborati

194、on based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on China Customs data.2024.China Customs.Cited 1 March 2024.http:/ own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March QUARTERLY GROUNDFISH ANALYSIS35Source:Authors own elaboration based on

195、NSC data.2024.Norwegian Seafood Council.Cited 1 March 2024.www.seafood.no FAO/Shirlene AnthonysamyFrozen cod filletsFresh cod fillets 0 20 40 60 80 100 120 140NOK/kgExport priceCod:NorwaySource:Norwegian Seafood Council37QUARTERLY LOBSTER ANALYSISLobsterSupply shortage and very high pricesPoor landi

196、ngs during the winter have led to tight supplies of North American lobsters this spring.Consequently,prices have risen very high,and are expected to stay at that level until the fishing gets underway again in mid-May.Market demand is strong both in Asia and the United States.Supplies A study by the

197、Canadian Centre for Marine Applied Research(CMAR)may have some good news for the Nova Scotia lobster industry.According to their findings,warmer waters should not pose a high risk for lobsters over the next 30 years.CMAR has projected how water temperatures could heat up in the lobster fishing areas

198、 around Nova Scotia but concluded that the average surface and bottom ocean temperatures during the warmest periods until 2055 will remain within optimal threshold levels.In other words,average water temperatures would still be within the ranges that lobsters in different life stages can withstand.H

199、owever,global warming will still affect the fishery.Due to storms and bad weather,lobster fishers are losing about one-third of their fishing days at sea,and this is expected to increase further.One way to meet this challenge would be to improve vessel safety,emergency response,vessel design and fis

200、hing dates,according to CMAR.Poor landings in Maine and Atlantic Canada during the past winter were blamed on unusually cold waters and bad weather,forcing the fishers to go further out from shore.The resultant lobster shortage in Canada affected the market and prices in late 2023 and in the first q

201、uarter of 2024.However,these problems are not expected to continue into the second and third quarters of 2024 as spring weather sets in and water temperatures rise.About 40 Canadian lobster vessels are participating in the fisheries on the Atlantic coast,and the various lobster grounds are expected

202、to open by mid-May.The combined annual production is expected to be around 100 000 tonnes.38INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSThe Maine lobster fishery the largest in the United States landed less lobsters in 2023 compared to 2022.According to estimates by the Maine Departm

203、ent of Marine Resources(DMR),lobster fishers landed 42 517 tonnes of lobster during 2023.This was five percent lower than in 2022 but prices were up as a consequence of tighter supplies,and the first-hand value increased from USD 392.5 million in 2022 to USD 464.4 million in 2023.One reason for the

204、lower landings could be that fewer lobster fishers were active in 2023.Only 5 372 lobster licenses were issued for 2023,compared to 5 643 in 2022 and 5 763 in 2021.Markets December and January are usually good catch months,while February is often cold and the bad weather affects landings.Inventory l

205、evels are estimated to be just ten percent of capacity and this is exacerbated by the fact that there is little stock carried over from the previous spring season.In addition,wharf prices in Canadian Nova Scotia were up by 31 percent in early 2024,and they are expected to further increase.Fishers go

206、t as much as CAD 17.00(USD 12.52)per pound,compared to CAD 13.00(USD 9.57)in February 2023.Most observers do not expect things to change for the better until mid-May,causing first-hand prices to go as high as CAD 20.00 per pound(USD 14.73).For processors,such price levels are just too prohibitive;th

207、ey need prices closer to CAD 10.00 per pound(USD 7.36).It is also feared that the high prices may scare consumers away from lobsters.Consequently,some lobster restaurants in the Republic of Korea are now reluctant to buy new stock,and may take North American lobster(Homarus americanus)off their menu

208、s.International trade World trade in lobsters continued to decline in the fourth quarter of 2023,bringing the total exports for the year to 185 350 tonnes,down by 8.6 percent compared to 2022.Among the leading exporters,none registered an increase,while the top importer,China,saw an increase of 9.8

209、percent in lobster imports,at 51 020 tonnes.In 2023,the lobster trade from North America to Asia was up by five percent in volume,back to pre-COVID levels.Exports to China,Hong Kong SAR and Viet Nam were good,but during 2018 and 2019,Chinese tariffs almost eliminated US exports to China.Lobster expo

210、rts World -8.6%China +9.8%39QUARTERLY LOBSTER ANALYSISCanada took over part of this trade and initiated direct cargo flights from Nova Scotia to China.Consequently,although total Canadian lobster exports fell by 11.7 percent to 77 554 tonnes,the only major market that registered growth was China,whi

211、ch absorbed 5.8 percent more in 2023 compared to 2022.In fact,in 2023,Canada surpassed the United States as the biggest supplier of lobster to China.Also,for the first time ever,China became the largest market for live Canadian lobster with imports of 24 480 tonnes worth USD 390 million,up by six pe

212、rcent and 14 percent by volume and value compared to 2022.Imports of lobster from the second largest supplier,the United States,rose by a massive 81 percent to 10 416 tonnes,while imports from other suppliers declined.In 2023,China accounted for 45 percent of Canadas total live exports of lobsters a

213、nd other species,amounting to 53 998 tonnes.The main reason for this development seems to be that Chinese consumers are eating more lobster.There is a growing middle class with good spending power in China,and lobster has always been high on the list of the most popular luxury seafoods.Canadian lobs

214、ter exports to the United States fell by 11.5 percent to 32 192 tonnes,of which live lobster amounted to 18 365 tonnes worth USD 621.5 million in 2023.US exports fell marginally in 2023 to 34 978 tonnes,down by 1.2 percent.The largest market was,as usual,Canada,which accounted for 45.7 percent of th

215、e total.The second largest market,China,accounted for 11 621 tonnes or 33.2 percent of the total.European imports fell by just over 20 percent in 2023 to 29 894 tonnes.The largest supplier was Canada,with 9 312 tonnes or 31.2 percent of the total.OutlookSupplies of North American lobsters(Homarus am

216、ericanus)will continue to be rather tight for the next few months but are expected to improve by the end of May.Thus,prices will rise during the first quarter of 2024,and they will most probably go even higher by the end of April.Market demand is good and improving after the COVID-19 pandemic;and sa

217、les in China,Hong Kong SAR and Viet Nam are on the way up.The US market is also recovering,but US domestic supplies are not up to previous levels.In Canada,supplies are expected to improve considerably by May.Prices for all lobster products are anticipated to remain high through April,and processors

218、 may face problems finding raw material at low enough prices to make their operations worthwhile.40INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSWorld imports and exports of lobstersJanuaryDecember,20212023(1 000 tonnes)2021 2022 2023 Imports China 42.89 46.46 51.02 United States of Am

219、erica 61.82 51.74 48.27 Canada 26.48 18.95 16.66 Other countries 60.03 71.30 59.13 Total imports 191.21 188.45 175.08 Exports Canada 98.45 96.98 87.24 United States of America 43.34 35.93 35.57 Egypt 5.99 11.49 11.02 Other countries 54.27 58.39 51.53 Total exports 202.06 202.78 185.35 01020304050600

220、51015202530202120222023China|Imports|LobsterTop three originsUnit:1 000 tonnes,JanuaryDecemberCanadaUnited States of AmericaNew ZealandOther countriesTotal importsCanada|Exports|LobsterTop three destinationsUnit:1 000 tonnes,JanuaryDecember01836547290108051015202530354045202120222023United States of

221、 AmericaChinaRepublic of KoreaOther countriesTotal importsLobster GSH 02 2024 Rev 2 World imports and exports of lobsters JanuaryDecember,20212023(1 000 tonnes)202120222023ImportsChina42.8946.4651.02United States of America61.8251.7448.27Canada26.4818.9516.66Other countries60.0371.3059.13Total impor

222、ts191.21188.45175.08ExportsCanada98.4596.9887.24United States of America43.3435.9335.57Egypt5.9911.4911.02Other countries54.2758.3951.53Total exports202.06202.78185.35 051015202530354002468101214161820202120222023European Union|Imports|LobsterTop three originsUnit:1 000 tonnes,JanuaryDecemberCanadaU

223、nited States of America Unite d KingdomOther countriesTotal importsCanada|Exports|LobsterTop three destinationsUnit:1 000 tonnes,JanuaryDecember01836547290108051015202530354045202120222023United States of AmericaChinaRepublic of KoreaOther countriesTotal importsSource:Authors own elaboration based o

224、n GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on China Customs data.2024 China Customs.Cited 1 March 2024.http:/ own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on Canada Statistics data.2024.Canada Statis

225、tics.Cited 1 March 2024.https:/www.statcan.gc.ca/en/start41QUARTERLY LOBSTER ANALYSIS FAO/Shirlene Anthonysamy 0 10 20 30 40 50 60EUR/kgPricesEuropean lobster:EuropeLive,origin:Ireland;400600,600800 g/pcSource:Authors own elaboration based on the European PriceReport.2024.GLOBEFISH.Cited 1 March 202

226、4.www.globefish.org43PangasiusFirm consumption trend in smaller marketsGrowth in pangasius production has been positive in Viet Nam and Indonesia.China remains the biggest global market but new import taxes are likely to affect future purchases.Domestic demand in Indonesia is strong.Production The w

227、orlds biggest producer of pangasius,Viet Nam,announced a total output of 1.6 million tonnes in 2023,according to figures from the Ministry of Agriculture and Rural Development.The Ministry envisages a further increase to 1.7 million tonnes in 2024.Meanwhile,some partnerships are being fostered betwe

228、en pangasius producers and manufacturers of insect-based ingredients in a move towards creating feeds with low environmental impacts.Industry sources also cite a looming competition with Alaska pollock,which costs less compared with pangasius.Elsewhere,Indonesian pangasius production reached its hig

229、hest level in 2023,with 431 381 tonnes valued at around IDR 8 289 billion(USD 518 063),according to the Ministry of Marine Affairs and Fisheries(MMAF,2024).Comparatively,the production in 2021 and 2022 was far lower,at 332 023 tonnes and 340 444 tonnes,respectively.This positive trend was realized d

230、espite the challenges faced by the industry such as increasing production costs,and a weakening market in 2022 up to the beginning of 2023.Most of the Indonesian production is sold in the domestic markets through traditional outlets.Sales to the hotels,restaurants and catering(HORECA)sector are main

231、ly in live form while those to the retail sector are in the form of frozen fillets.Demand from the HORECA sector in particular has been growing rapidly;and in almost all wedding receptions and functions,breaded pangasius fillets are served.In order to maintain quality control,the government has issu

232、ed a national standard for pangasius fillets with a maximum 20 percent glaze level.In addition,in a move to safeguard consumers against misleading practices,the MMAF has urged pangasius fillet producers to include the net weight on product labels.QUARTERLY PANGASIUS ANALYSISPangasius production Viet

233、nam 1.6 million tonnesIndonesia 431 381tonnes44INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSTrade and markets GeneralThe global trade figures for pangasius in 2023 reflected a depressed market overall.In that year,approximately 563 000 tonnes of frozen pangasius entered the internatio

234、nal trade,down by 25 percent from 2022.Frozen fillets continued to represent the lions share of trade,with an 84 percent share of total imports despite experiencing a 29 percent decline from 2022.Whole frozen fish which makes up 15 percent of the trade,was up by three percent year-on-year.These incr

235、eased imports of whole frozen whole fish were seen in China (+9 percent;56 340 tonnes),Colombia(+10 percent;15 340 tonnes),Uzbekistan(+82 percent;2 900 tonnes),Saudi Arabia(+89 percent;1 300 tonnes),Qatar(+54 percent;1 140 tonnes),Republic of Korea(+5 percent;1 120 tonnes)and the United Kingdom of G

236、reat Britain and Northern Ireland(+48 percent;1 020 tonnes).Frozen fillet imports increased in Brazil(+15 percent;32 620 tonnes),the Philippines(+10 percent;23 180 tonnes),Singapore(+10 percent;16 280 tonnes),the United Kingdom(+10 percent;14 680 tonnes)and Germany (+45 percent;9 290 tonnes).China r

237、emains the biggest market for both whole frozen fish and fillets,taking a 29 percent share of the total frozen pangasius import volume,followed by the United States with 15 percent and Brazil with six percent.Increased imports of both forms into smaller markets were noted.China Imports into China ar

238、e expected to continue upwards,triggered by the uptick in the Lunar New Year demand which saw stockpiling of products towards the end of 2023.In December 2023,China imported a total of 15 599 tonnes of frozen pangasius from Viet Nam,87 percent more than the month of September 2023.Average import pri

239、ces strengthened by seven percent in December 2023 to USD 2.01 per kg.However,taking the whole year into account,the total imports of frozen pangasius into China added up to 162 630 tonnes,down by 35 percent from 2022.Furthermore,new Chinese tariffs on pangasius imports from Viet Nam will likely see

240、 some slowdown in imports in the period ahead.United States of AmericaImports into the United States increased by 18 percent from September to November 2023 but then declined in December,representing an overall drop of 13 percent at 6 512 tonnes in the last four months of the year.In the whole year,

241、US imports of frozen pangasius were 91 523 tonnes,with Viet Nam accounting for 91 percent of this volume and the remaining nine percent from Thailand and China.45QUARTERLY PANGASIUS ANALYSISViet NamThe Vietnam Association of Seafood Exporters and Processors(VASEP)announced that total exports in 2023

242、 reached USD 1.8 billion,25 percent lower than the year before.This decline was attributed to the prevailing depressed demand in the major markets.Accordingly,the recent 1 August 202131 July 2022 review by the US Department of Commerce(DOC)for frozen tra fish(pangasius)fillet exports from Viet Nam w

243、as greeted with relief,with some companies being entitled to zero taxes and others being subject to a lower anti-dumping tax rate of USD 0.18 per kg.This development is expected to encourage higher exports in the coming months.Europe The European Union imported 65 776 tonnes of frozen pangasius comp

244、rising 91 percent frozen fillets and nine percent whole fish.Approximately 85 percent of the imports originated from Viet Nam.The United Kingdom,on the other hand,is the largest single importer in Europe for frozen pangasius,recording steady imports and increases.In 2023,a total of 15 697 tonnes of

245、frozen pangasius from Viet Nam was imported into the United Kingdom,8.76 percent more than the year before.Average import prices declined by 6.06 percent to USD 3.88 per kg in 2023 from the level in 2022.Asia In Asia,China took a 56 percent share of global frozen pangasius imports with 162 630 tonne

246、s,followed by Thailand(11 percent;31 300 tonnes),the Philippines(10 percent;23 810 tonnes)and Singapore(six percent;16 650 tonnes).Consumption of pangasius fillets in this region has increased significantly since the product was introduced nearly a decade ago.The species is popularly marketed as“dor

247、y”in most Southeast Asian countries.In Malaysia,it is locally known as“ikan patin”and is popularly consumed as whole fish,steamed or cooked with fermented durian(a tropical fruit)in a spicy broth.Of interest to note also is that a total 2 952 tonnes of frozen pangasius was imported by Uzbekistan in

248、2023,representing a 76 percent increase as compared to 2022.Latin AmericaA total of 89 813 tonnes of frozen pangasius was imported into Latin America in 2023,of which Brazil,Mexico and Colombia together accounted for 58 percent.Brazil,Honduras and Argentina are the only countries in the region that

249、experienced positive growth in 2023,rising by 14.88 percent to 32 633 tonnes,17.85 percent to 1 085 tonnes and 4.17 percent to 250 tonnes,respectively.With its strong domestic demand,Brazil remains the biggest importer of pangasius in Latin America;and is also the third largest market for frozen Vie

250、tnamese pangasius in terms of volume,behind China and the United States.46INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSPrices In the fourth quarter of 2023,ex-farm prices of pangasius in Viet Nam weakened further from VND 26 770 per kg(USD 1.06)to VND 25 055 per kg(USD 0.99)in Decembe

251、r.However,prices spiked to VND 28 660 per kg(USD 1.13)from January 2024 due to the Lunar New Year demand.Elsewhere,in Bangladesh,fresh pangasius in Dhaka(at the Kawran intermediary wholesale market for small retailers)is being sold at USD 1.80-2.30.Supplies come from the northern city of Mymensingh

252、while supermarkets get their supplies from contract producers.During the cooler season(November to February),live pangasius which is guaranteed to be chemical-free,is also supplied from Mymensingh to retail buyers in Barisal.In Indonesia,ex-farm prices have been stable at around IDR 16 00017 000 per

253、 kg(USD 0.981.04 per kg)since the end of 2023.While traditional markets for live pangasius are mainly close to the main production centers in Sumatra and Kalimantan,new outlets in the HORECA and retail sectors which are absorbing mainly frozen fillets,are concentrated in Java.OutlookDespite signs of

254、 improved demand in early 2024 from China(the largest market for Vietnamese pangasius),there may be some slowdown in imports due to the recently imposed import tariffs by the Chinese authorities.Nevertheless,demand will continue to remain firm in other smaller global markets,including Indonesia and

255、Bangladesh,where a significant amount of production is being consumed domestically.47QUARTERLY PANGASIUS ANALYSIS FAO/Shirlene AnthonysamySource:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March 49Salmon Salmon industry projected to be the most profitable aquaculture secto

256、r in the first half of 2024Global supply of Atlantic salmon fell slightly during 2023 compared to the previous year.Discussions continue in Norway about the farmed salmon tax plan,added to the update of the“traffic light”system;while the Chilean industry is monitoring biological challenges due to El

257、 Nio and algae blooms.In Scotland,the impact of Brexit continues to affect the economy.Nevertheless,the salmon industry is projected to be the most profitable aquaculture sector in the first half of 2024,with firm prices and sustained demand.Global production Year 2023 closed with a slight drop in f

258、armed salmon production compared to 2022,although some of the main producers registered increases.Extenuating circumstances in these countries and government decisions impacted upon figures;as did biological challenges related to climate change,exceptionally high sea temperatures,and rising sea lice

259、 levels,among others.In Norway,the imposition of the new tax system slowed down investments in the industry,impacting production.It was also a challenging year for main salmon farms in Scotland,exacerbated by exceptionally high water temperatures which affected the average harvest size.The situation

260、 improved as the year progressed,especially in the last quarter,due to mitigation measures taken by the farmers.Chile increased its harvest volume compared to 2022 but according to analysts,the industry is expanding at very moderate levels as it grapples with low international prices and higher cost

261、 of inputs.Nevertheless,global farmed salmon supply is projected to grow in the first two quarters of 2024 after two years of almost uninterrupted decline.Production in Norway could follow this same trend.QUARTERLY SALMON ANALYSIS50INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSAtlantic

262、 salmonGlobal supply of Atlantic salmon during 2023 reached 2 817 200 tonnes,a slight reduction of 1.6 percent compared to the previous year.The main producer,Norway,harvested 1 499 100 tonnes,a slight decrease of-0.8 percent;while Chile registered a production of 776 600 tonnes,which represented an

263、 increase of 2.7 percent compared to 2022.Other salmonidsThe accumulated production of coho salmon in Chile in 2023 reached 253 900 tonnes,+17.7 percent compared to 2022.On the contrary,50 400 tonnes of rainbow trout harvested implied a sharp decrease of 30.4 percent compared to the previous year.Is

264、sues NorwaySalmon-producing companies continue to discuss with the authorities and decision-makers to readjust the sectors tax plan to a level that they consider would be more appropriate for Norwegian aquaculture.Some companies are studying the possibility of taking legal steps if necessary.Boostin

265、g wild salmon stocks in the Yukon River The Alaska Department of Fish and Game(ADF&G)and Fisheries and Oceans Canada(DFO)have signed an agreement regarding the recovery of chinook salmon in the Yukon River drainage.The agreement is focused on rebuilding these stocks to a level that can once again pr

266、ovide for subsistence;as well as sport,commercial,and personal use fishing opportunities.According to ADF&G,while recognizing the importance of chinook salmon for ceremonial use and the transmission of cultural knowledge,the agreement allows Alaska and Canada,at their discretion,to provide limited h

267、arvest opportunity for these purposes during the rebuilding period.The agreement also calls for Alaska to minimize incidental harvest of chinook salmon in all other mainstem Yukon River fisheries over a seven-year period.Priority is placed on traditional and local ecological knowledge research on th

268、e health of Yukon River chinook salmon to better understand the causes of low run abundances and to identify possible solutions.FAO/Shirlene AnthonysamyAtlantic salmon production Global -1.6%Norway -0.8%Chile +2.7%51QUARTERLY SALMON ANALYSISMeanwhile,a new controversy arose after the Government anno

269、unced updates to the“traffic light”system,which had been introduced in 2017 aiming for predictable and sustainable growth in the salmon aquaculture industry.Every two years,the 13 salmonid farming regions are assigned a colour through scientific assessments based on the environmental impact of their

270、 operations.This year,six regions received the green light and can increase production capacity by up to six percent;five areas were accorded yellow and have to maintain their current production capacity;the remaining two areas are in red and will have to reduce their capacity by six percent.The ann

271、ouncement generated discontent among producers on the basis that the system will have significant negative impacts on their entire operations,including the possibility of reducing activity and business,as well as altering production planning.United Kingdom of Great Britain and Northern IrelandThe Sc

272、ottish salmon industry continues to undergo some difficulties after Brexit,citing bureaucratic aspects such as administrative and sanitary procedures,which continue to entail additional costs,longer shipping times and logistic alterations.The CEO of Salmon Scotland,an organization which gathers prod

273、ucers and companies from across the Scottish salmon supply chain,said that the upcoming general election is an opportunity to reset the UKs relationship with the European Union and smooth the trade flow,as the party that forms the next UK government will have the opportunity to review the existing T

274、rade and Cooperation Agreement(TCA)between the European Union and the United Kingdom.A group made up of producers and supply chain companies have provided their contributions and suggestions for improvement.ChileVarious forecasts released for the Chilean salmon farming industry indicate a stable yea

275、r for the sector in 2024,in a context where demand will continue to be affected globally.Volumes of coho and Atlantic salmon will stabilize compared to 2023 but remain stagnant;and a significant shortage for the first and second quarters is estimated,causing prices to rise.Meanwhile,different actors

276、 from the private and public sectors are working together to increase the use of vaccines that prevent diseases and reduce the use of antibiotics,a goal pursued by the industry for a long time.This is the“Yelcho Project”,an alliance between a group of salmon farms that represent almost 90 percent of

277、 the countrys Atlantic salmon production;the Agricultural and Livestock Service(SAG);and the National Fisheries and Aquaculture Service(SERNAPESCA).Salmon exports United Kingdom +3.2%52INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSCanadaCanada continued its sharp decline in farmed salm

278、on production,from 148 000 tonnes in 2016 to 90 000 tonnes in 2023.According to the Canadian Aquaculture Industry Alliance(CAIA),this is the lowest figure recorded in the 21st century;losses are mainly due to government closures in British Columbia.The organization has urged the Federal Government t

279、o make science-based decisions about ocean aquaculture in order to enable salmon farmers to regain lost production.ExportsNorwayThe Norwegian Seafood Council(NSC)announced that salmon achieved an all-time high in 2023 in terms of export value after shipping 1.2 million tonnes worth NOK 122.5 billion

280、(USD 11.15 billion).Although there was a decline of two percent in terms of volume,the value increased by NOK 16.9 billion(USD 1.5 billion),up 16 percent compared to 2022,which was the previous record year.This achievement is in line with similar record values reached for all Norwegian seafood expor

281、ted in 2023.The NSC explained that the devaluation of the Norwegian krone and the general price increases in the markets had contributed to this growth when measured in NOK,but the growth in USD terms was significantly less(-7 percent).The three most important markets were Poland,France,and the Unit

282、ed States.The NSC noted several positive trends in European home consumption,which impacts on the processing of finished products in Poland.In addition,in 2023,there was an increase in exports from Poland to countries outside the European Union,including the US market.Meanwhile,the NSC classified 20

283、23 as a good year for trout,considering that Norway had exported 56 900 tonnes worth NOK 5.5 billion(USD 500 million),which meant increases of four percent in volume and 10 percent in value compared to the previous year.In addition,the Council reported that a record high export value for trout was r

284、eached,up by NOK 485 million(USD 44 million)from the previous record year,which was 2022.The largest markets for the species during the year were the United States of America,Ukraine and Thailand.Ukraine in particular,registered the biggest value increase in 2023(up 92 percent)while in terms of volu

285、me,the 8 000 tonnes exported meant a growth of 76 percent compared to 2022 and almost the same as 2021,previous to the war.Salmon exportsNorway -2.0%(volume)+16%(value)53QUARTERLY SALMON ANALYSISScotlandHis Majestys Revenue and Customs(HMRC)figures released by Salmon Scotland confirmed that Scottish

286、 salmon consolidated as the British top food export in 2023,after accumulating a value of GBP 581 million(USD 723 million),up 0.5 percent compared to the previous year.However,in terms of volume,there was a drop of 11 percent under the same comparison.France remained the main market,but the products

287、 popularity continued to grow in the Asian and US markets.Further,the organization revealed that the 44 000 tonnes of Scottish salmon exported to the European Union in 2023 represented a 17 percent reduction compared to 2019 while export value fell by only three percent to EUR 356 million because of

288、 strong global demand.Salmon Scotland projected that if the sector had maintained volumes at 2019 levels,then sales would have been above EUR 430 million.For this reason,the group interprets that there was a net“loss”of GBP 75GBP 100 million(USD 380 million)due to Brexit.However,Salmon Scotland also

289、 recognized that while the European Union remains its biggest market,absorbing more than 60 percent of international sales,the perceived loss of profit could have been somewhat mitigated by growth in other markets,particularly Asia(+22 percent)and the United States of America(+7 percent).ChileThe Ch

290、ilean Salmon Council(which represents companies that contribute more than half of Chilean salmon production)reported based on Customs data,that the exported volume of salmonids in 2023 totalled 774 531 tonnes,+3.1 percent compared to the previous year.In terms of value,the USD 6 462million received

291、meant a drop of 2.1 percent.The Council pointed out that thedrop in international prices compared to 2022(a year with particularly highprices)could partially explain the decrease in terms of value.An averageannual drop of five percent in Chilean salmon prices was estimated during2023,particularly in

292、 the second half of the year.Fresh salmon exports grew by 8.6 percent compared to 2022,while frozen salmon fell by one percent.According to the organization,these figures reflect the expansion of new markets which demand specific requirements.The main buyers of Chilean salmon in volume were the Unit

293、ed States of America(32.7 percent),Japan(17.7 percent),Brazil(17.6 percent),Russia(6.1 percent)and China(5.6 percent).Japan registered a drop of 14.6 percent due to the prioritization of other markets,while Brazilian imports increased by 10.9 percent due to the strong demand for coho salmon.Salmon e

294、xports United Kingdom +0.5%Chile +3.1%(volume)-2.1%(value)54INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSImportsThe European UnionEU salmonid imports continue their downward trend.The 1 792 800 tonnes accumulated during 2023 meant a drop of 2.5 percent compared to the previous year an

295、d 4.8 percent over the volume in 2021.The top source of salmon imported into the EU,by far,Norway with 60.5 percent of the share,followed well behind by Sweden with 12 percent and Poland with 5.3 percent.Norway supplied 1 086 070 tonnes,down 0.5 percent compared to 2022 and 5.4 percent compared to 2

296、021.In terms of importers,Sweden represented 31 percent of the share,followed by Poland with 13.6 percent and France with 10 percent.The most important product was fresh/chilled Atlantic salmon with an import volume of 1 299 587 tonnes,down by 0.6 percent compared to the previous year.Southeast Asia

297、 and the Far EastThe share of the Southeast Asia and the Far East market region in international salmon trade was 20 percent,with 588 135 tonnes in 2023,consisting of 172 168 tonnes of whole fresh salmon,387 013 tonnes of whole frozen salmon and 27 306 tonnes of fresh salmon fillets.With strong and

298、steady growth in imports,China was the top market for fresh and frozen salmon in the Asia Far East(+26.3 percent at 250 448 tonnes).However,imports declined in Japan(141 856 tonnes;10.2 percent);Thailand(55 184 tonnes;9.8 percent);the Republic of Korea(41 320 tonnes;45 percent)and Viet Nam(34 628 to

299、nnes;-0.1 percent),in comparison with 2022.Farmed salmon has gained much popularity in the retail and catering trade in South East Asia and the Far East.Its consumer base has expanded from the traditional market Japan,to the large Chinese market and also created niches in South Asian markets,with No

300、rway and Chile being the leading suppliers.Since the COVID-19 pandemic,inter-regional trade for air-flown fresh salmon has increased due to the existence of smaller supply bases,namely Japan,Australia and New Zealand,due to their proximity to the main markets.Usage of salmon is wide among the region

301、al sushi and sashimi restaurants.Supermarkets have established dedicated sections for salmon,offering steaks,fillets,heads and trims;the latter being very popular for home cooking.Salmon imports European Union -2.5%(volume)55QUARTERLY SALMON ANALYSISThe United States of AmericaSalmon was an exceptio

302、n among the major seafood species that saw a drop in sales in 2023 due to inflationary pressure that impacted demand and caused US consumers to look for other alternatives.In other words,salmon was hardly affected by high prices.In 2023,expenditure on frozen salmon grew 3.3 percent year-on-year to m

303、ore than USD 672 million;while fresh salmon remained stable at USD 2.69 billion,which otherwise would have meant a bad year for seafood as a whole.US salmon imports during 2023 were practically unchanged compared to the previous year,since the 500 753 tonnes worth USD 6 264 million represented a sma

304、ll increase of 0.3 percent in volume and a marginal drop of 0.1 percent in value,according to the National Oceanic and Atmospheric Administration(NOAA).The main supplier was Chile,with 245 006 tonnes worth USD 2 994 million,comprising almost half of the share in terms of volume(49 percent).In year-o

305、n-year terms,there was a growth of 6.8 percent in volume and a slight decline of 0.9 percent in value.Norway was in second place,with 73 172 tonnes(up seven percent)worth USD 1 122 million(10.3 percent);while Canada continues the downward trend reported in previous issues with 72 628 tonnes worth US

306、D 717 million,-14.5 percent and-17 percent,respectively.The main imported product was farmed Atlantic salmon fresh fillet with 214 618 tonnes(up 8.8 percent)worth USD 2 765 million(up 1.6 percent).PricesThe latest Rabobank report points out that the price of salmon remains competitive compared to ot

307、her proteins,although the peaks observed in the previous two years are not expected this year.Prices could be slightly lower in the first half of 2024 compared to the first half of 2023.According to the Nasdaq Salmon Index,the average price of Norwegian Atlantic salmon(fresh,head-on gutted)reached N

308、OK 108.96(USD 10.04/EUR 9.30)in week 12 of 2024,up one percent compared to the previous week.Since the beginning of the year,the average per kg price has increased by 9.24 percent.Meanwhile,Fish Pool predicts that average prices per kg for Norwegian salmon will remain stable in March at NOK 113(USD

309、10.48/EUR 9.68);in April at NOK 116.50(USD 10.92/EUR 10.07)and in May at NOK 117(USD 11.04/EUR 10.19).Salmon importsUnited States +0.3%(volume)-0.1%(value)56INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTS 010020030005010015020020222023United States of America|Imports|Salmon|Fresh fillet

310、Top three originsUnit:1 000 tonnes,JanuaryDecemberChileNorwayNetherlands(Kingdom of the)Other countriesTotal importsRetail prices of fresh salmon fillets and steaks in South East Asia were steady during JulyDecember 2023,ranging from USD 4060 per kg,while frozen thawed steaks were relatively cheaper

311、 at USD 1015 per kg.Salmon heads and trims were being sold at USD 34 per tray.OutlookExpectations for the salmon market during 2024 appear to be improving,as Rabobank predicts that salmon prices will stabilize for a long period of time under a“new normal”.According to the report,the salmon industry

312、will again be the most profitable aquaculture sector in the first half of the year,as high prices(albeit slightly lower than in the first semester of 2023)will combine with marginally lower feed and biological costs to boost farmers profitability.The report also indicated that the supply of salmon c

313、ould increase slightly in the first half of 2024,compared to the same period of the previous year.Norways harvest could grow by two percent;the Faroe Islands by 34 percent;Scotland by five percent and Canada by four percent.On the contrary,Chile could suffer biological challenges due to El Nio,and i

314、ts supply could fall seven percent year-on-year due to losses caused by algae blooms and adjustments by companies that have exceeded the legal limit of total production per concession.Source:Authors own elaboration based on GTT.2024.GlobalTrade Tracker.Cited 1 March Source:Authors own elaboration ba

315、sed on GTT.2024.GlobalTrade Tracker.Cited 1 March 202157QUARTERLY SALMON ANALYSIS FAO/Shirlene AnthonysamySource:Authors own elaboration based on GTT.2024.GlobalTrade Tracker.Cited 1 March Source:Authors own elaboration based on the European PriceReport.2024.GLOBEFISH.Cited 1 March 2024.www.globefis

316、h.org59Seabass and seabreamTrade and prices are stable;supplies anticipated to increaseIn 2023,the global European seabass harvest experienced a slight decline,whereas gilthead seabream witnessed an increase of nearly three percent.Italy and Spain continued to be significant markets for both seabass

317、 and seabream,while the position of Trkiye as a top exporter of these two species was further reinforced.Global production and consumption The global harvest of seabass declined marginally by 0.3 percent to 253 100 tonnes in 2023.On the other hand,seabream supply rose by about 2.9 percent to 311 600

318、 tonnes.Overall,the global consumption of seabass and seabream increased by two percent,with the Russian market reporting rises of 20 percent and 41 percent for seabass and seabream respectively,year-on-year.However,consumption in the United Kingdom of Great Britain and Northern Irelandexperienced d

319、eclines of eight percent for seabass and 10 percent for seabream in 2023 as compared to 2022.Market and trade Trkiye and Greece are the biggest exporters of seabass and seabream,primarily supplying the EU markets and the United Kingdom,among others.During January to October 2023,Trkiye earned USD 35

320、3 million in foreign currency income from seabream exports;and USD 435 million for seabass(some 73 percent as fresh fillets).Italy remains a strong destination market for seabass and seabream.In 2023,seabass consumption in this market is estimated at 38 300 tonnes in total,down by six percent from t

321、he previous year.Greece and Trkiye were the QUARTERLY SEABASS AND SEABREAM ANALYSISGlobal production Seabass-0.3%Seabream+2.9%60INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSbiggest suppliers of seabass to the Italian market in 2023,both accounting for 31 percent respectively,followed

322、by domestic supply ranking third at 23 percent.In the seabream market,Italy experienced a two percent increase in the overall supply in 2023 compared to the previous year.Greece and domestic producers led the list of suppliers,albeit with some slight decreases.Spain,which had previously held a two p

323、ercent seabream share in the Italian market in 2022,showed a notable supply increase of 12 percent in 2023.The second biggest market,Spain,is estimated to have absorbed 33 700 tonnes of seabass and 43 700 tonnes of seabream in 2023.In the same year,Spanish demand for seabass showed a drop of eight p

324、ercent from 2022 levels,with supplies mainly from domestic sources(38 percent),followed by Greece(33 percent)and Trkiye(27 percent).However,in December 2023,Spain experienced a substantial 21 percent year-on-year increase in seabass supply;this was driven by a 57 percent domestic supply surge follow

325、ing recovery from the storm Gloria,thereby indicating a positive supply trend for 2024.Meanwhile,the domestic seabream supply to the Spanish market dropped by 19 percent in 2023 over the previous year.Frances supply to Spain represented an increase of 64 percent year-on-year though the amount was a

326、modest 280 tonnes.Prices In the Spanish seabream market,the price of fresh whole seabream(300400g)has risen from EUR 4.6 per kg in October 2023 to EUR 6.2 per kg in March 2024.Bigger sizes(400600g)were priced at EUR 6.5 per kg in March 2024,up from EUR 4.5 per kg in November 2023.However,prices for

327、600g seabream have remained stable at around EUR 6.8 per kg since January 2023 till March 2024.In the seabass market,prices for large fresh whole fish(farmed)in Spain dipped below EUR 13 per kg in December 2023,then stabilized at EUR 13.8 per kg in the first quarter of 2024.Meantime,medium-sized sea

328、bass prices plummeted from a summer peak in 2023 of EUR 9.7 per kg to a record low of EUR 6.4 per kg in early 2024.In contrast,the prices for small sizes remained stable,increasing from EUR 5 per kg in November 2023 to EUR 5.7 per kg in early 2024.OutlookA rise in market activity for European seabas

329、s and gilthead seabream is anticipated in 2024,with expected positive supply growth.Trkiye,already a robust seabream exporter within Europe,is expected to be expanding its shipments to other global markets in 2024.61QUARTERLY SEABASS AND SEABREAM ANALYSISSource:Authors own elaboration based on GTT.2

330、024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March Source:Authors own elaboration based on the European Price Report.2024.GLOBEFISH.Cited 1 Marc

331、h 2024.www.globefish.org62INTERNATIONAL MARKETS FOR FISHERIES AND AQUACULTURE PRODUCTSSource:Authors own elaboration based on GTT.2024.Global Trade Tracker.Cited 1 March FAO/Cristiano Minichiello63Shrimp Global imports fall to three-year low in 2023 International shrimp export prices throughout 2023

332、 were weak due to inflation,causing farmers in Asia to reduce stocking densities in ponds.Ecuador and China retained their positions as top exporter and importer,respectively,in terms of volume.SupplyRevised data on the 2023 global production of farmed marine shrimp indicate an output of six million

333、 tonnes worth USD 60 billion in 2023,according to the ASIA PACIFIC Aquaculture magazine.Of this,1.8 million tonnes were from China;and a similar volume from Latin America,with about 80 percent supplied by Ecuador(1.5 million tonnes).Black tiger shrimp had a 10 percent share in Asias farmed shrimp production,reaching over 500 000 tonnes in 2023.China produced 180 000200 000 tonnes,followed by Viet