Fisheries

5. What is the amount of fishery products traded?

• 5.1 What are the general trends in trade?
• 5.2 In what form are fishery products traded?
• 5.3 How does this trade affect the economy of various countries?
• 5.4 What are the markets for specific types of fish products?

5.1 What are the general trends in trade?

World fish trade has grown considerably in terms of both value and quantity over the last decades.

Measured in terms of live weight, 38% of all fishery products in 2002 was traded internationally.

Many countries both import and export fish products. Trade tends to flow from less developed to more developed countries, but also between developed countries.

In terms of export value, the total world trade of fish and fish products reached US$58.2 billion in 2002. Compared to 1992, this represents a 45% increase in terms of value and a 41% increase in terms of quantity (Figure 27 ). Preliminary estimates for 2003 indicate a slight further increase in the value of worldwide fishery exports.

In 2002, China for the first time became the world’s main exporter of fish and fish products, with exports valued at an estimated US$4.5 billion. Since the early 1990s, China has experienced remarkable increases in its fishery exports. These increases are linked to growths in production and in the fish-processing industry. Thailand, the main exporter of fish and fish products from 1993 to 2001, reported export values of US$3.7 billion in 2002. About half of global exports for human consumption and two-thirds of non-food products, come from developing countries.

In terms of import value, the total world trade of fish and fish products reached a new record of more than US$61 billion in 2002. Developed countries (particularly those in the EU, as well as Japan and the US) imported about 82% of this total. Japan was the single largest importer, accounting for 22% of all imports.

In terms of quantity, developed countries imported over 32 million tonnes in 2002, of which 68% was fish for human consumption. In comparison, developing countries imported 19 million tonnes, of which 47% consisted of fish for food. More...

5.2 In what form are fishery products traded?

Because fish is highly perishable, more than 90% of internationally traded products are processed (frozen, canned, or cured). However, a growing network of facilities for handling, transport, distribution, display, and holding of live fish has been developed to support the live fish trade. Exports of frozen fish have increased during the last decade, rising from a share of 28% of the total quantity of fish exports in 1992 to 35% in 2002.

Global exports of non-food fisheries products represented 36% of total 2002 exports in terms of quantity and originated mainly from Latin American countries.

In value terms, shrimp continues to be the main fish commodity traded, accounting for about 18% of the total value of internationally traded fish products in 2002. The share of products derived from aquaculture is estimated to be 22% of quantities exported. More...

5.3 How does this trade affect the economy of various countries?

Trade in fishery products represents a significant source of foreign currency earnings for many economies. The sector also plays an important role in income generation, employment, and food security.

In some countries, fishery exports are crucial for the national economy and represent more than half of the total value of exported commodities. Examples of such economies are the Faeroe Islands, the Federal States of Micronesia, Greenland, Iceland, the Maldives, as well as Saint Pierre and Miquelon.

In developing countries, the net foreign exchange earnings derived from fish increased from US$11.6 billion in 1992 to US$17.4 billion in 2002. These earnings were significantly higher than those for other agricultural commodities such as rice, coffee, and tea. Low-Income Food-Deficit Countries (LIFDCs) accounted for more than 20% of the total value of fishery exports.

Fisheries exports from developing countries are gradually shifting from providing raw material for the processing industry in developed countries to selling high-value live fish or value-added processed products.

Major issues concerning international trade in fish products include:

• increased processing in developing countries,
• changes in quality and safety control measures in importing countries, as well as new labelling and traceability requirements,
• developing aquaculture sustainably and dealing with chemical residues in aquaculture products,
• overexploitation of certain fish stocks, and illegal, unreported, and unregulated fishing, and
• international trade agreements.

With the entry of China into the World Trade Organization in 2001, all major fishery countries, are now members of the organization (except for the Russian Federation and Viet Nam which have started membership negotiations). Parallel to the increase in the WTO’s membership, a number of bilateral trade agreements with strong relevance to fish trade have been signed. The full impact and long-term effects of these agreements remain to be seen. More...

5.4 What are the markets for specific types of fish products?

5.4.1 Salmon: The year 2003 was positive for salmon producers and traders. Higher prices benefited producers in Ireland and the United Kingdom. Chile, however, was to some extent hurt by a weaker dollar in the United States, its major market. More...

5.4.2 Tuna: Japan is the world’s top market for sashimi-grade tuna. In recent years, however, the demand has declined and shifted to cheaper species. The farming of bluefin tuna has lowered overall prices. EU import tariffs for canned tuna have been reduced. Canned tuna consumption is rising in Europe and declining in the United States, where the market for pouch packs is increasing (Figure 32 ). More...

5.4.3 Other finfish: For other finfish, prices have decreased because of relatively strong supplies of certain species, resumed exports from China to EU markets, and stable consumer demand (Figure 33 ). Continuous low prices, problems related to antibiotics, and allegations of dumping all have negative impacts on groundfish exports from Asia. For certain groundfish products, prices started to rise during the first quarter of 2004 due to somewhat reduced Alaska pollock supplies as well as to strong demand in Russia and China. More...

5.4.4 Shrimp: During 2003, shrimp imports into several key markets such as the United States reached new highs. In contrast, imports of shrimp into Japan declined by 6% that year as a consequence of the country’s difficult economic situation. In Europe, shrimp imports increased in 2003 as a result of the strong euro and competitive international prices. Certain countries are under investigation for dumping in the United States, which will affect their sales in the short term. Prices remained low during most of 2003, and there are no indications of a rise in 2004 (Figure 34 ). More...

5.4.5 Squid and octopus: Lower Illex squid catches were offset by higher production of Loligo squid in 2003 and 2004. Japan was the main market worldwide for cephalopods in 2003. However, the country’s imports were affected by low arrivals of octopus from the Central East Atlantic where the resource is under stress, with no prospects for improvement in the short term. The European squid market is lead by Spain with imports of almost 160 000 tonnes and Italy with 85 000 tonnes. Prices for all cephalopod products rose in 2004 (Figure 35 ). More...

5.4.6 In 2003, fishmeal production in the five major exporting countries amounted to 4.5 million tonnes, which signifies a 12% decrease from 2002. Catches of fish for reduction were low in all major fishmeal-producing countries. In the first six months of 2004, however, fishmeal production increased by 40% and it is likely that total production will return to normal levels. Fishmeal prices, which rose strongly in 2003, are expected to fall somewhat, but the strong demand will keep them at attractive levels for the producing countries (Figure 36 ). More...