Wednesday, February 24, 2016

24/02/2016: Weaker euro and yen overshadow world fish market

Global fish production in 2015 is estimated to have increased by 2.6 percent, with the aquaculture sector continuing to drive supply growth, according to Globefish, the FAO's Fisheries and Aquaculture analysis unit.  
As of 2014, more than half of the fish we consume is farmed rather than wild caught, and this proportion can be expected to increase steadily in the future.
Image: Jope
In terms of overall fish prices, the FAO fish price index fell significantly in 2015, as several key traded species saw price declines and weakening demand, especially for aquaculture species. As a result, total trade value for 2015 is forecasted to fall by some 9-10 percent. Strong USD gains, which translates into lower USD prices for species traded in other currencies, also contributed to the value decline.

Economic trends and exchange rate developments were key in shaping global seafood markets in 2015, with the traditional large markets such as the USA leading the way as developing markets faltered after long periods of strong seafood market growth.

China has entered a period of serious uncertainty, Russian seafood consumption is suffering from the effects of its continuing trade embargo on fish from certain countries and the Brazilian economy shrunk in 2015. In euro, EU imports (including intra-EU trade) grew marginally in 2015, and this was similar for Japanese imports in yen.
Image: Chris Gladis
Prices of wild species diverged significantly from those of farmed seafood in 2015, as measured by the FAO fish price index focusing on the major traded species. High-volume wild whitefish species such as Alaska pollock, cod and hake exhibited strong upward price trends in 2015, while other wild species such as scallops and cephalopods also saw good price rises.

Yet there were some exceptions in the capture sector. In particular, low raw material prices for tuna – based on good catches and low fuel costs – continued in 2015 despite somewhat of a recovery in the latter half of the year. Meanwhile, plentiful supply of farmed shrimp saw prices fall for exporters in the important US market while the salmon price development was characterised by steep declines in Chile and record high levels in Norway.

Read the full article HERE.

The Aquaculturists
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