31/01/2015 Issue 1/2015
1
HIGHLIGHTS A QUARTERLY UPDATE ON WORLD SEAFOOD MARKETS
JANUARY-SEPTEMBER 2014
S T A T I S T I C S
Tel.: (+39) 06 57054163 - Fax: (+39) 06 57053020 - Email: globefish@fao.org - Website: www.globefish.org
About GLOBEFISH GLOBEFISH forms part of the Products, Trade and Marketing Branch of the FAO Fisheries and Aquaculture Department and is part of the FISH INFOnetwork (see below). It collects information from the main market areas in developed countries for the benefit of the world’s producers and exporters. Part of its services is an electronic databank and the distribution of information through the GLOBEFISH European Fish Price Report, the GLOBEFISH Highlights, the GLOBEFISH Research Programme and the GLOBEFISH Commodity Updates.
This issue of GLOBEFISH Highlights has been prepared by Audun Lem, Paola Sabatini and Karine Boisset with contributions from Shirlene M. Anthonysamy, Felix Dent, Eloisa Espinoza, Fatima Ferdouse, Erik Hempel, Marie Christine Monfort, Rodrigo Misa, Ferit Rad, Nianjun Shen and Stefania Vannuccini. Hilary Cochrane and Anna Child provided editing services and José Luis Castilla Civit was responsible for the layout with the assistance of Turan Rahimzadeh. The Norwegian Seafood Council provided data support for the FAO Fish Price Index.
The GLOBEFISH Highlights is based on information available in the databank, supplemented by market information from industry correspondents and from six regional services which form the FISH INFOnetwork: INFOFISH (Asia and the Pacific), INFOPESCA (Latin America and the Caribbean), INFOPECHE (Africa), INFOSAMAK (Arab countries), EUROFISH (Central and Eastern Europe) and INFOYU (China).
GLOBEFISH Highlights is distributed to the subscribers of: INFOFISH Trade News, INFOPESCA Noticias Comerciales, INFOPECHE Nouvelles Commerciales, through EUROFISH and INFOYU. GLOBEFISH Highlights are also available in electronic form.
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Bibliographic reference: GLOBEFISH Highlights 2015 FAO/GLOBEFISH Highlights (1/2015): p. 62
1995-2015
A quarterly update based on the GLOBEFISH databank
20TH ANNIVERSARY OF THE CODE OF CONDUCT FOR RESPONSIBLE FISHERIEs
CEPHALOPDS
GROUNDFISH
Export revenue from canned tuna declined in producing countries, while record low raw material price persisted in 2014
Despite the declining price of raw material, Southeast Asian canned tuna producers exported less to the traditional large markets of the USA and the EU where consumer demand did not improve much during the first nine months of 2014. However, exports to the Middle East and West African markets were better while the number of small but new markets also increased worldwide. p. 12
Cod prices rising in spite of record supplies
The Groundfish Forum expects slightly tighter supplies of groundfish in 2015, with about 100 000 tonnes less cod, but almost 130 000 tonnes more Alaska pollock. The main impact on the groundfish market may be caused by the Russian import ban on western seafood, which is already creating a difficult situation. Prices for cod are expected to rise. p. 19
Good demand and high octopus prices in Japan
In spite of high prices, demand for octopus in Japan is good. Supplies have been tight, and during the first nine months of 2014, Japan imported 36.6% less octopus than in 2013. The squid and cuttlefish markets are still slow. p. 23
TILAPIA
Tilapia producers continue to enjoy steady demandy
As China supplies more to its domestic market, other producers try to fill the supply gaps in markets where China has been the main supplier. The upcoming Chinese Lunar Year celebration will see increased consumption of tilapia, especially live tilapia, in Southeast Asia, particularly in Malaysia, Singapore and Thailand. p. 27
Turkish expansion strategy set to pay off as sea bass and seabream production growth throttled back
The Turkish seabass and seabream industry has been steadily increasing production volumes for the last decade or so, to the point where Turkey is now the world’s major producer of seabass and also closing the gap on the Greek seabream sector. At the beginning of 2015, it now appears that the production growth stage of the Turkish expansion is winding down and the focus is instead switching to turning production into profit. p. 32
Eventful year ends on positive note with reduction in supply growth of salmon predicted
Continuing a trend that began in late 2012, salmon prices in 2014 have been largely sustained at exceptionally high levels. European producers in particular have been smashing export revenue records month after month while bottom lines in Chile have turned from red back into black. p. 37
Lower mackerel supplies likely, prices of frozen mackerel, herring rising
After a significant increase in mackerel supplies in 2014, a modest reduction must be expected in 2015. Quotas are slightly lower but demand seems to be growing in the main markets. Prices for whole frozen mackerel are up again, and for frozen herring, prices appear to be rising well ahead of the seasonal norm. p. 43
Ever-growing demands and extreme supply constraints pushed fishmeal and fish oil prices to a record high in late 2014
Peruvian anchovy fishing and thus fishmeal and fish oil production have been affected by a moderate El Niño phenomenon for all of 2014. However, until June 2014 prices for fishmeal in international markets did not respond significantly to the anticipated supply shortage likely to be the result of the low anchovy catches in Peru. Nevertheless, ever-growing demands and extreme supply constraints pushed fishmeal and oil prices up again from August, when the actual reduction in catches was apparent. p. 48
PANGASIUS SEABASS & SEABREAM
Shrimp imports to the top ten markets were 8% more compared with the corresponding period a year ago. Shrimp prices in general were firm during the third quarter of 2014, but remained below the extremely high rates recorded in 2013. Export prices, however, weakened during the October-December 2014 period, when the large traditional markets carried out yearend purchases. The trend persisted into January this year. p. 4
During the period January to September 2014 approximately 340 000 tonnes of frozen pangasius fillet entered markets in more than 70 countries, a marginal decline from the same period in 2013. However, imports increased into selected markets in the European Union, Latin America and Asia. The world’s largest producer, Viet Nam, reported a steady production in 2014 at 1.1 to 1.2 million tonnes. Production continues to rise in other producing countries where a substantial amount enters the domestic markets. p. 30
SALMON
TUNA
SHRIMP
Top ten import markets buy nearly 1.3 million tonnes of shrimp in first three quarters of 2014
Pangasius production in Viet Nam steady but rising in other producing countries on domestic demand
SMALL PELAGICS
The growth of the global seafood industry continued in 2014, only slightly affected by events such as the Russian import ban and the El Niño phenomenon. More fish than ever was produced during the year, thanks entirely to the increasingly dominant aquaculture sector. More fish was traded, by both volume and value and more fish was eaten – in absolute terms and per capita - than ever before. In another historic first, 2014 represents the first year in which more farmed fish than wild fish was consumed, a fact that underlines the enormous transformation of the seafood sector over just the last few decades. p. 2
FISHMEAL & FISH OIL
Global fish economy
Vigorous demand for Chilean mussels and Peruvian scallops
Since 2008 the toxic herpes virus has devastated oysters banks around the world and is now under serious and intense scrutiny in countries such as France, Australia and the USA. In spite of production turbulences, worldwide demand for this sought after bivalve continues to stimulate international oyster trade. Chile, the world’s number one exporter of mussels, is still an active and commercially aggressive player on new markets, especially China. p. 52
SPECIAL FEATURE Potential of ornamental fish trade in Africa Fish and fishery products statistics
p. 58 p. 62
BIVALVES
GLOBAL FISH ECONOMY
INSIDE THIS ISSUE...
GLOBAL FISH ECONOMY
T
he growth of the global seafood industry continued in 2014, only slightly affected by events such as the Russian import ban and the El Niño phenomenon. More fish than ever was produced during the year, thanks entirely to the increasingly dominant aquaculture sector. More fish was traded, by both volume and value and more fish was eaten – in absolute terms and per capita than ever before. In another historic first, 2014 represents the first year in which more farmed fish than wild fish was consumed, a fact that underlines the enormous transformation of the seafood sector over just the last few decades. Meanwhile, prices have also reached record heights. This upward trend has been driven primarily by farmed species, and in particular shrimp and salmon, for which supply has been tight and demand strong. However, prices are also rising for other species, including those from capture fisheries. Prices for cod have been pushed up despite abundant supplies as Russian catches are directed to supply a market now cut off from important suppliers such as Norway. Prices for cephalopods, seabass and seabream, and some key small pelagic species are also reported to be rising on many markets as we enter 2015, while a delayed market response to the supply effects of El Niño sent fishmeal prices soaring upwards once again. Amongst the major commodities, only canned tuna prices are holding steady at low levels. These price increases point to strong demand growth, as has become the norm, but what is noticeable about 2014 is the relatively faster growth in trade in developed countries compared with developing regions. This is counter to the long-term trend, which has seen developing countries, particularly in South America and South and East Asia, steadily increase their proportion of world trade in fishery products. The major factors behind the reversal in 2014 were booming growth in the large United States of America market and a record-breaking year for key producer Norway. In value terms, the US imported an estimated 15% more seafood in 2014 compared with the previous year, spending substantially more on shrimp in particular. Continuing improvement in economic conditions is the major contributing factor. Of the other major markets, the European Union also registered higher imports in 2014, although to a lesser extent, while Japan saw a significant drop of some 5%. On the supply side, Norway was the standout performer in 2014, posting all-time record export figures for salmon, cod and mackerel. As might be expected, the record revenues were primarily the result of good prices and improved supply, although the Russian import ban has also created a slightly more complex picture. Norway and other producers have been both helped and hindered by the Russian ban on seafood imports from 2
certain Western nations. For species produced in large quantities by the Russian fleet, such as cod, the need for domestic production to supply the Russian domestic market has pushed up prices, while for other species traditionally imported into Russia, such as herring and salmon, excluded exporters have had to find alternative markets. However, the situation is further complicated by the negative effect of the ban on the Russian economy as a whole, hurting importers, impacting consumer spending and in turn affecting consumption behaviour in terms of species and quality. This situation continues to be a major source of uncertainty for the seafood market, although overall the outlook remains positive.
FAO HAS REASON TO CELEBRATE “The right to fish carries with it the obligation to do so in a responsible manner so as to ensure effective conservation and management of the living aquatic resources.” (Article 6.1 – General Principles) This year (2015) marks the 20 year anniversary of the adoption by the FAO Conference of the FAO Code of Conduct for Responsible Fisheries. The Code is voluntary but it is a point of reference for individual countries and states to aid in the development of national policies
WORLD FISH MARKET AT A GLANCE 2012
2013
2014
estim.
estim.
million tonnes
Change: 2014 over 2013 %
WORLD BALANCE Production
158.0
162.9
165.9
1.9
Capture fisheries
91.3
92.4
92.0
-0.4
Aquaculture
66.6
70.5
73.9
4.9
129.5
136.4
144.5
6.0
58.1
58.8
59.5
1.2
Total utilization
158.0
162.9
165.9
1.9
Food
136.2
141.1
144.6
2.5
Feed
16.3
16.8
16.6
-1.2
5.4
5.0
4.7
-6.0
19.2
19.7
20.0
1.4
From capture fisheries (kg/ year)
9.8
9.9
9.8
-1.0
From aquaculture (kg/year)
9.4
9.8
10.2
3.7
Trade value (exports USD billion) Trade volume (live weight)
Other uses
SUPPLY AND DEMAND INDICATORS Per caput food consumption Food fish (kg/year)
Totals may not match due to rounding.
GLOBEFISH Highlights January 2015
GLOBAL FISH ECONOMY and governance to enable them to practice responsible fisheries management. It can also be used in guiding the formulation and implementation of international agreements. The Code has become a highly influential benchmark for fisheries globally and has been translated into many different languages including Albanian, Arabic, Chinese, Croatian, German, Estonian, Spanish, French, Icelandic, Italian, Polish, Sinhalese, Slovenian, Tamil and Thai.
FAO also marks an important milestone this year as it celebrates its 70th birthday and a number of events will commemorate this anniversary during the course of the year, including at World Food Day. It is now 70 years since FAO was established in Quebec City, Canada, in wake of World War II. From the original 44 government representatives present at its founding and the establishment of its constitution, FAO has grown to include 194 member states.
The Code has been complemented by a number of technical guidelines and International Plans of Action such as the IPOA for the Conservation and Management of Sharks and the important IPOA to Prevent, Deter, and Eliminate Illegal, Unreported and Unregulated Fishing, which was adopted in 2001.
The FAO Fish Price Index (100=2002-2004) 180 160 140 120 100 80 60
TOTAL AQUACULTURE
40
CAPTURE
20 0
Source: Norwegian Seafood Council GLOBEFISH Highlights January 2015
3
SHRIMP Top ten import markets buy nearly 1.3 million tonnes of shrimp in first three quarters of 2014
S
hrimp imports to the top ten markets were 8% more compared with the corresponding period a year ago. Shrimp prices in general were firm during the third quarter of 2014, but remained below the extremely high rates recorded in 2013. Export prices, however, weakened during the October-December 2014 period, when the large traditional markets carried out year-end purchases. The trend persisted into January this year. Shrimp production by species (2012) Others 32%
Penaeus vannamei 42%
The annual data for Viet Nam is not available yet but production of vannamei is likely to be higher than in 2013 according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Akiami paste shrimp 8%
Northern prawn 4%
Supply
shrimp production in 2014, compared with the volumes of 250 000 tonnes and 30 000 tonnes respectively a year ago. Increased exports to most of the markets also confirm this trend.
Giant tiger prawn 14%
Source: FAO
The peak farming season in the Asian producing countries ended by early November and supplies have slowed down since then. However, unlike 2013, prices declined by 10-15% during November and December compared with September as a result of poor demand from the United States of America, the European Union and Japan. Direct imports into China were also lower from India and Ecuador among others, while indirect imports into China are taking place through Viet Nam. The Chinese New Year celebration in mid-February will keep demand strong in the oriental markets in Asia.
Ecuador possibly had the highest growth rate at between 15 and 25% depending on the full year estimates; the National Chamber of Aquaculture indicated about 245 000 tonnes of production in 2014 compared with 214 000 tonnes in 2013. Farmed shrimp production in Nicaragua was also reached 28 500 tonnes, which is 23% more than 2013.
Import and export trends The top ten shrimp importing markets in order of ranking were the EU, the USA, Japan, Viet Nam, the Republic of Korea, China, Hong Kong SAR, Mexico, Canada and Australia. These markets bought 1.3 million tonnes of shrimp during the first nine months of 2014, which is 8% or 100 000 tonnes more than in the same period a year ago. However, there were negative trends in Japan (-19%), Hong Kong SAR (-10%) and Canada (-5%).
Meanwhile, the reports on production in 2014 are available for some countries. Supply in the largest producing country, China, is likely to be lower than in 2013; aquaculture production of vannamei shrimp in the four southern provinces was affected by typhoons during the main farming season and the domestic price remained firm during the second half of 2014 with rising imports.
In export trade, India, Ecuador, China, Indonesia, Viet Nam and Thailand were the top suppliers. Shrimp exports from India increased by 47% in quantity and 71% in value during the reporting period, whereas the growth rates for Ecuador were 35% in quantity and 57% in value. Exports from China and Thailand declined by 15% and 31% respectively.
In Thailand, shrimp aquaculture is yet to recover from early mortality syndrome (EMS) and production is likely to decline by 25% in 2014 compared with 2013. Preliminary estimates suggest 180 000 to 200 000 tonnes of production in 2014.
Japan
Production increased moderately in India by 14 or 15% compared with 2013. The unofficial data indicated 300 000 tonnes of vannamei and 20 000 tonnes of black tiger 4
Domestic sales of shrimp were good during the year-end festive season and the product groups in demand were the high value sea-caught tropical shrimp and processed shrimp such as raw nobashi and tempura shrimp. Sales of headless shell-on farmed vannamei were at a record low while promotional campaigns during December 2013 were mainly for the cheaper Atlantic seabob shrimp. GLOBEFISH Highlights January 2015
SHRIMP
Imports
Marketers are very much concerned about further rises in local prices, as these will not be acceptable by the retail or catering trade.
Shrimp (by product): Japan Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Live
0.1
0.1
0.1
0.1
0.1
0.1
Fresh/chilled
0.0
0.0
0.0
**
**
**
139.8
144.5
139.7
137.0
131.4
109.2
Frozen, raw Dried/salted/in brine
2.3
2.1
2.1
1.8
1.3
1.2
14.4
15.4
16.5
17.5
18.1
14.4
Cooked & smoked
0.2
0.2
0.4
0.3
0.2
0.2
Frozen ebi
0.5
0.4
0.3
0.3
0.3
0.3
30.3
33.5
35.4
35.7
34.1
25.7
1.4
1.4
2.4
1.7
1.8
1.3
189.1
197.6
196.9
194.5
187.4
152.4
Cooked, frozen
Prepared/preserved* Sushi (with rice) Total *(incl. tempura shrimp );
** (included under others)
Imports Shrimp - Raw Frozen: Japan Jan-Sep 2010
2011
2012
2013
2014
(1 000 tonnes) Viet Nam
26.1
29.0
22.3
22.9
24.8
21.3
India
17.1
19.7
19.6
18.1
21.7
19.1
Indonesia
25.8
23.6
22.4
22.7
23.7
17.6
Argentina
1.8
1.5
3.1
6.6
7.3
9.6
China
9.6
9.0
11.2
10.4
9.1
8.0
Thailand
With these trends, total imports of shrimp in 2014 could reach about half of the 320Â 000 tonnes imported in 1994.
USA Despite some price weakening import demand from US buyers remained quite low. Supplies seem to exceed demand, while wholesale prices remained steady at levels that are still quite high compared with historical patterns. Imports in 2014 were much higher than a year ago and the domestic distribution chain is holding large inventories bought at high prices.
Source: Japan Customs/INFOFISH
2009
During the January-September 2014 period, total shrimp imports, raw and prepared, were nearly 35 000 tonnes lower than in the same period in 2013. With the exception of frozen ebi (largely supplied by New Zealand), imports fell for every product group. The top three suppliers in the market were Viet Nam (34 477 tonnes), Thailand (25Â 857 tonnes) and Indonesia (21 929 tonnes). Demand for coldwater shrimp was better and supplies increased from Argentina and Russia.
On the macroeconomic level, conditions are favourable. The USA economy overall is growing, with GDP increasing 3.5% in the third quarter of 2014. On a microeconomic level, favourable signs can also be seen. Gasoline prices have been declining, which gives consumers more disposable income and spending at all levels seems to be strong. Compared with the previous year, consumer demand in the retail and catering sectors was better
23.4
28.1
26.8
25.7
16.0
8.0
Russian Fed.
5.2
5.5
5.7
4.9
4.8
5.0
Canada
6.1
5.6
4.8
4.5
3.6
4.0
Imports
Myanmar
5.1
4.2
4.2
4.2
4.1
3.8
Shrimp: USA
Malaysia
3.7
5.0
7.1
5.3
3.5
2.4
Greenland
5.2
3.6
3.0
2.4
2.9
2.2
Bangladesh
1.8
1.8
1.6
1.5
2.5
1.6
Philippines
2.7
2.2
2.1
1.9
1.5
1.6
Sri Lanka
0.9
0.8
0.8
0.8
1.1
1.3
Others
5.1
4.8
4.9
5.0
5.0
3.7
139.8
144.5
139.7
137.0
131.4
109.2
Total
Source: Japan Customs
Jan-Sep 2009
2010
2011
India
15.3
18.4
33.2
Indonesia
55.6
46.6
Ecuador
47.1
51.3
Viet Nam
29.9
Thailand
2012
2013
2014
41.7
66.9
75.7
53.8
54.4
56.8
72.9
56.0
63.9
61.1
72.7
30.2
32.0
28.5
38.8
56.8
(1 000 tonnes)
130.5
137.3
130.4
97.9
59.4
42.6
Despite lower imports, wholesale prices of raw shell-on vannamei were 20% lower in December 2014 compared with the same month a year ago. Even then, there was very little improvement in demand from supermarkets and other intermediary users.
China
30.1
32.6
29.8
25.3
23.9
24.5
Malaysia
12.2
17.6
18.6
16.5
8.6
11.8
6.9
5.4
6.9
6.5
7.3
9.7
Mexico
21.2
12.4
14.7
17.3
10.7
7.7
Guyana
7.7
7.1
5.2
7.9
7.7
6.1
The yen depreciation has made the import business extremely difficult in Japan throughout the year. Landing costs for imported seafood increased and domestic prices also went up, causing resistance from end consumers.
Honduras
GLOBEFISH Highlights January 2015
Peru
Others Total
4.5
6.2
6.8
5.5
5.3
5.7
28.5
24.1
18.1
16.9
16.9
20.7
389.3
389.2
405.6
382.5
363.4
407.0
Source: NMFS 5
SHRIMP Shrimp prices Japan, Black tiger origin Indonesia 30
are 5Â 148 tonnes more from the same period last year. Ecuador also supplied more peeled shrimp (+4Â 813 tonnes ) and so did Indonesia (+9 811 tonnes).
USD/kg
25
Imports were higher for larger sized shrimp as well while the cheaper small to medium sizes did not show significant increases during the period under review, indicating growing demand for larger and more expensive shrimp. Breaded shrimp imports also increased by 12%; supplies increased from China and Ecuador.
16/20
20
15
31/40
Source: INFOFISH
Meanwhile, the US Food and Drug Administration (US FDA) intensified its inspection of imported shrimp. Reportedly, the FDA rejected 35 containers of shrimp in October 2014, because of the detection of higher than acceptable levels of antibiotic residue in farmed shrimp imported from Viet Nam, Malaysia, India and China.
Imports
Europe
10
5 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 D ec-12 Dec-13 Dec-14
Shrimp: USA Jan-Sep 2011 Product
2012
2013
2014
1 000 million 1 000 million 1 000 million 1 000 million tonnes USD tonnes USD tonnes USD tonnes USD
Peeled frozen
84.5
808.3
90.5
821.2 143.3 1 374.0 165.9 2 034.3
Other frozen
36.7
343.6
33.8
330.8
46.5
501.6
53.5
741.4
Breaded
20.5
134.1
18.4
125.1
26.5
184.9
29.6
255.3
2.0
11.2
1.3
7.3
1.8
10.4
1.6
9.6
Other prep.
Headless shell-on frozen All sizes
Spain and Italy in particular increased imports by 3.7% and 10.5% respectively; but imports declined in France, Denmark and the UK. With enhanced production of farmed shrimp, Ecuador, India, Viet Nam and Indonesia were able to export more, compared with 2013. Imports from India, however, slowed down during the last quarter of the year following several
86.9
754.6
94.7
< 15
6.4
98.8
8.4
123.1
10.4
162.0
11.8
205.2
15/20
6.6
79.6
8.7
87.3
13.6
154.7
14.0
196.0
21/25
12.4
127.5
11.9
104.2
21.6
226.9
21.3
266.1
Imports
26/30
12.9
112.5
14.8
123.6
21.4
207.2
22.2
261.7
31/40
17.4
133.2
17.7
128.8
27.9
254.0
27.8
292.2
Shrimp: Spain
41/50
10.8
73.3
11.8
79.7
20.0
167.5
20.4
194.9
51/60
11.0
74.1
10.2
65.0
15.3
117.3
17.7
160.0
61/70
5.4
33.3
6.3
39.0
7.4
52.9
10.5
88.4
> 70
3.9
22.3
4.7
26.6
5.1
31.7
7.8
58.9
Other products
1.8
17.6
1.2
7.8
2.6
33.3
2.7
35.2
Total
777.1 142.7 1 374.2 153.6 1 723.4
There has been little improvement in consumer demand throughout 2014 and shrimp imports into the EU increased only marginally (+4.3%) during the January-September 2014 time period compared with 2013.
232.4 2 069.0 239.8 2 069.3 363.4 3 478.4 407.0 4 799.3
Source: NMFS
during the Christmas and New Year season, benefiting supermarkets and restaurants. The market imported a significantly large quantity of shrimp during the first nine months of 2014. Cumulative imports till September 2014 were by 44 000 tonnes or 12% more than the same period last year; the import value was 38% higher reaching USD 4 8 billion. India, again, was the leading supplier with an 18.6% share in the total supply of imported shrimp. About 46% of shrimp imported from India were peeled products, which 6
Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) IMPORTS Argentina
22.8
26.6
30.3
24.2
26.7
26.7
Ecuador
14.3
15.0
22.8
22.1
17.0
21.6
China
18.0
15.2
16.4
13.5
13.0
9.3
4.1
3.6
4.7
5.0
3.9
6.7
Nicaragua Morocco Others Total
4.1
3.1
3.5
3.0
2.7
3.2
44.8
45.8
45.2
35.3
34.2
33.5
108.1
109.2
123.0
103.1
97.4
101.0
7.8
8.5
12.4
10.4
11.1
9.1
EXPORTS Italy Portugal
5.8
6.5
5.9
5.9
6.0
7.6
France
5.3
4.2
5.1
6.4
4.5
3.7
Others Total
3.2
2.2
4.0
3.8
3.9
4.4
22.2
21.3
27.3
26.5
25.6
24.9
Source: Agencia Tributaria GLOBEFISH Highlights January 2015
SHRIMP Shrimp prices (16-20 count) in main wholesale markets, USA and Japan 10
INTERNATIONAL TRADE DEVELOPMENTS
USD/lb
9
Commerce keeps higher rates for Vietnamese shrimp exporters: Minh Phu gets 4.98%, 30 others at 6.37%
Gulf brown, New York
8
T
7
he Department of Commerce went three-forthree in confirming higher duty rates for shrimp exporters in its eighth review after the Department confirmed that it will uphold its preliminary determinations for Vietnamese shrimp exporters.
6 5 4 3 Dec-04
Indian white, Tokyo Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11 D ec-12
Dec-13
Dec-14
Source: INFOFISH
rejections of farmed shrimp by the EU Food and Veterinary Office because of the presence of unauthorized antibiotics in some shipments. Despite the overall weakening in price during the last quarter of the year, lack of import demand made for slow Christmas sales. For the wild caught shrimp, catches of Argentine red shrimp reached a record high in 2014, but prices remain firm because of increasing demand from East Asian markets. In the Spanish market imports increased substantially from Latin America and also from India (+7%), Viet Nam (61%) and Iran (+30%), which were farmed white shrimp.
As with the Indian and Thai decisions issued last month, the DOC did not make any changes to the preliminary rates announced last March. Thus, the final rates are 4.98% for the Minh Phu Group, 9.75% for Soc Trang Seafood Joint Stock Company (a/k/a Stapimex), and 6.37% for 30 non-selected Vietnamese exporters that qualified for separate rate status. The rates are retroactive and apply to shipments made between 1 February, 2012 through 31 January 2013. Meanwhile Thai exporters had their duties raised from zero percent in 2013 to 1.1% industry-wide, including Pakfood. Marine Gold was left out of the 2014 preliminary review. Source: Seafood.com
Belgium was India’s largest market in the EU. Imports also increased from Bangladesh and Viet Nam into Belgium during the reporting period.
The rise in Italian imports can also be attributed to increased supplies from South America as well as from India and Viet Nam and some intra-EU imports.
The import growth in Germany was marginal during the reporting period.
Imports
Imports
Shrimp: Italy
Shrimp: France Jan-Sep
Jan-Sep 2009
2010
16.3
15.1
2011
2012
2013
2014
14.2
16.7
2009
2010
12.2
17.8
16.8
15.8
19.4
8.7
8.6
8.7
2012
2013
2014
21.5
24.4
22.5
8.8
9.8
11.3
(1 000 tonnes)
(1 000 tonnes) Ecuador
2011
Ecuador India
Argentina
4.1
7.6
6.8
5.7
6.8
7.0
India
3.5
3.9
4.7
3.7
3.8
5.4
Viet Nam
2.9
4.6
4.6
3.3
4.1
5.9
Netherlands
4.7
4.4
4.6
5.3
5.3
4.3
Spain
4.3
4.4
5.1
5.2
5.8
4.9
Denmark
3.6
3.8
3.3
2.4
2.9
3.3
Venezuela
3.0
2.9
2.6
4.5
4.4
4.2
Netherlands
2.6
3.3
3.8
3.2
1.8
2.9
Madagascar
5.7
5.3
5.2
5.0
4.5
4.1
Viet Nam
1.8
1.9
2.5
1.5
1.8
2.2
Bangladesh
2.4
3.2
4.4
3.3
4.6
2.8
Belgium
1.2
0.9
1.0
0.6
1.7
1.3
Spain
2.5
4.4
3.0
4.2
2.9
2.8
Others
10.9
10.2
9.8
6.5
5.7
5.7
Total
48.5
51.0
53.9
44.6
44.6
49.3
Source: ISTAT
GLOBEFISH Highlights January 2015
Others
32.3
31.6
26.6
22.5
17.2
16.9
Total
74.6
82.7
79.0
78.3
77.3
74.8
Source: Direction Nationale des Statistiques du Commerce Extérieur – DNSCE 7
SHRIMP
Imports
Imports/Exports
Shrimp: Denmark
Shrimp: Netherlands Jan-Sep
Jan-Sep 2009
2010
2011
2012
2013
2009
2014
2010
2011
2012
2013
2014
(1 000 tonnes)
(1 000 tonnes) IMPORTS
IMPORTS Greenland
53.5
52.3
49.6
44.7
45.3
39.4
India
8.2
7.2
5.0
4.0
4.2
9.1
Canada
14.2
11.8
10.6
13.7
11.0
12.8
Morocco
5.4
6.0
6.4
6.2
5.2
5.8
USA
0.1
0.4
1.0
1.5
1.3
1.9
Bangladesh
5.5
4.7
5.2
5.6
5.3
5.8
Viet Nam
1.2
1.0
1.2
1.5
1.2
1.9
Belgium
3.2
3.7
6.7
5.8
4.9
5.6
Faroe Islands
2.0
1.8
0.3
0.7
0.6
1.7
Germany
6.3
7.0
8.1
7.3
6.4
5.0
1.2
Indonesia
4.4
3.9
3.1
2.2
2.2
4.2
India
0.4
Others Total
0.3
0.5
0.3
0.8
9.2
9.1
8.2
7.1
8.5
8.4
Others
19.3
17.4
19.4
19.9
14.9
18.5
80.6
76.7
71.3
69.6
68.7
67.3
Total
52.3
50.0
53.8
50.9
43.1
54.1
14.4
14.2
15.7
16.3
17.3
16.1
Morocco
17.7
19.3
20.5
17.3
16.6
17.0
7.3
Germany
8.2
9.4
10.7
9.9
9.1
10.6
12.7
12.9
13.5
10.9
7.9
8.4
EXPORTS
EXPORTS Sweden UK
9.4
9.3
7.9
7.2
7.2
14.5
9.4
7.1
5.0
4.4
5.9
Belgium
China
7.8
7.5
5.4
5.4
8.0
5.9
France
10.1
10.9
9.9
9.3
6.8
5.4
Italy
4.3
4.4
4.1
4.1
5.5
5.7
Spain
3.4
1.5
1.3
1.6
1.6
2.5
Norway
5.6
5.7
5.8
4.9
5.4
5.0
Italy
1.7
2.3
2.8
2.4
1.5
1.7
Germany
5.3
5.0
5.4
4.9
4.6
4.8
Morocco
2.7
3.3
2.1
2.5
3.6
3.6
Netherlands
3.9
3.8
3.0
2.5
2.4
3.3
Greenland
3.4
2.1
2.1
1.8
2.4
2.8
Others
13.5
15.9
16.2
13.5
12.7
12.0
Total
84.6
80.5
74.7
68.0
73.6
72.5
Russian Fed.
Others Total
6.9
3.6
2.4
2.5
2.4
2.1
60.7
60.0
61.1
53.8
46.0
47.5
2012
2013
2014
14.3
Source: EUROSTAT
Imports/Exports Shrimp: Belgium Jan-Sep
Source: EUROSTAT
2009
2010
BLACK TIGER - in Europe, origin: Bangladesh
(1 000 tonnes) IMPORTS
USD/kg 16.0 14.25
13.0 10.0 7.0
India
7.5
6.8
10.1
9.1
11.2
Netherlands
8.8
9.7
13.0
12.3
8.4
8.1
Bangladesh
8.6
9.1
9.8
6.8
6.3
7.6
Viet Nam
3.3
3.5
3.3
2.3
3.2
4.3
Ecuador
Bangladesh BT, HL 16/20, c&f
Source: European Price Report
Asia and other markets Shrimp demand was relatively strong in the non-traditional markets. China imported nearly 20% more shrimp during the first nine months of 2014, compared with the same period in 2013 and so did Republic of Korea (+6.6%), Malaysia (+7%), Mexico (+30%). In these markets shrimp imports generally entered the domestic trade. Industry sources indicated that the actual imports in China, particularly from Viet Nam and Myanmar are much higher than the official figures, resulting from unrecorded border trade. 8
2011
5.2
3.9
7.3
4.6
1.9
1.9
Others
14.0
15.9
12.8
9.0
7.6
5.4
Total
47.5
48.8
56.3
44.1
38.6
41.6
14.4
14.2
18.3
12.0
9.4
8.3
5.1
5.2
7.9
7.1
6.5
7.3
EXPORTS France Netherlands Germany
4.1
4.5
4.0
3.7
3.9
3.9
Spain
4.2
4.3
4.0
3.7
4.0
3.8
UK
3.6
2.5
1.3
0.7
1.2
1.4
Italy
1.4
0.9
1.2
0.8
1.7
1.4
Others
4.3
4.3
4.9
4.8
4.6
4.1
37.1
35.9
41.7
32.8
31.5
30.1
Total
Source: EUROSTAT
Viet Nam also replaced China as the primary shrimp supplier to the market in the Republic of Korea. GLOBEFISH Highlights January 2015
SHRIMP Imports
Imports/Export
Shrimp: UK
Shrimp: EU-28 Jan-Sep 2009
2010
2011
Canada
6.0
8.1
7.7
India
6.5
5.9
Denmark
7.3
Bangladesh
Jan-Sep 2012
2013
2014
8.7
8.5
10.5
5.9
5.9
7.0
8.9
6.9
6.2
5.1
5.9
5.6
5.2
4.8
5.6
4.5
5.7
5.2
Thailand
8.9
11.6
14.1
15.0
11.0
5.1
Viet Nam
3.3
3.8
4.8
4.0
4.5
4.8
Iceland
5.8
5.5
4.4
4.4
3.2
3.6
2009
2010
(1 000 tonnes)
Indonesia Others Total
2011
2012
2013
2014
(1 000 tonnes) IMPORTS Ecuador
54.1
56.8
72.2
70.3
62.5
68.8
India
45.6
41.5
42.6
40.2
46.0
61.4
Greenland
55.3
53.8
51.2
46.1
46.5
40.6
Argentina
28.4
34.9
38.3
30.9
35.3
36.9
Viet Nam
23.6
27.8
32.9
25.6
25.2
33.9
Denmark
34.7
36.9
33.1
31.3
34.7
33.3
5.7
5.9
5.1
2.4
2.8
3.1
12.4
10.7
12.3
12.9
11.4
11.7
Bangladesh
29.0
28.8
32.5
29.6
30.3
29.7
58.4
Canada
24.9
26.9
24.4
26.6
22.7
27.5
61.0
63.1
66.0
62.9
60.0
Source: Her Majesty’s Revenue & Customs
Imports Shrimp: Germany Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes)
Netherlands
26.2
28.4
32.3
30.3
25.1
25.8
China
27.1
27.7
28.8
26.2
24.7
17.7
Spain
14.8
17.4
15.7
19.8
16.9
17.6
Belgium
17.3
17.0
20.8
16.6
16.6
17.0
Thailand
34.8
48.4
45.4
39.9
24.0
12.2
Germany
14.2
15.9
16.5
13.5
13.8
12.0
Indonesia
19.4
17.2
15.1
8.4
8.2
11.5
Morocco
10.5
10.5
10.9
10.2
9.4
11.0
120.1
108.1
103.6
97.8
92.5
100.8
Viet Nam
6.5
6.8
9.2
7.1
5.8
7.8
Bangladesh
5.2
4.2
5.4
6.6
5.9
5.9
Netherlands
3.8
4.4
5.2
4.8
4.8
5.0
Grand Total
580.2
598.1
616.2
563.4
534.5
557.7
134.8
144.7
146.3
136.3
134.3
133.1
445.3
453.5
469.9
427.1
400.2
424.6
Grand Total
261.4
265.0
273.0
243.3
238.1
228.8
Total Intra Exports
187.9
193.7
207.9
186.7
182.2
176.1
Total Extra Exports
73.4
71.4
65.1
56.6
55.9
52.7
Others
Thailand
8.6
9.2
7.6
7.9
5.9
4.2
Total Intra Imports
India
4.6
3.8
3.2
3.2
3.6
3.7
Total Extra Imports
Belgium
2.9
3.5
3.3
2.6
2.6
2.6
UK
1.5
2.2
1.9
1.7
2.0
2.3
Others
10.4
10.2
9.9
10.1
8.6
9.7
Total
43.6
44.2
45.8
44.0
39.1
41.0
Source: Germany Customs
Viet Nam, on the contrary, remained a strong importer of shrimp for reprocessing and re-exports. Compared with 2013, frozen shrimp imports into Viet Nam increased by 131% from Ecuador and by 166% from India during the period from January to September 2014 with a combined total of about 90 000 tonnes . Direct imports of shrimp from India to China were lower than the previous year but indirect imports increased through Viet Nam, particularly for the shipments taking place through Hiphong port in northern Viet Nam. Indian shrimp exports to Viet Nam were also recorded higher at nearly 79 000 tonnes during the January-September 2014 period.
Latin America Mexico is now importing more frozen shrimp than it exports as a result of EMS disease; imports increased by 30% from January to September 2014 against the same period in 2013 when a 48% decrease in production from GLOBEFISH Highlights January 2015
EXPORTS
Source: EUROSTAT
100 000 tonnes in 2012 to 52 000 tonnes in 2013 was reported. From Latin America, exports increased from Ecuador, Honduras, Guatemala, Nicaragua and Belize to Mexico; imports also took place from India, Iran, Viet Nam and Indonesia. In Honduras, from January to October 2014 shrimp exports reached 11 236 tonnes, with a total value of USD 191.7 million. The volume predicted for the whole year is 14 436 tonnes, reaching USD 230 million in value, which would mean a 6% increase compared with 2013. Mexico is the major importer of shrimp from Honduras (34%), followed by Europe (32%) and the USA (22%). According to Ricardo Gomez, Executive Director of the National Aquaculture Association of Honduras (ANDAH), the quality of the shrimp produced in the country has made access to new markets like China, Hong Kong and Thailand possible. This is the reason why producers 9
SHRIMP
Imports/Exports
WHITELEG SHRIMP - origin: Ecuador
Shrimp: China
USD/kg
Jan-Sep
11.0 9.5 8.0
2009
7.75
6.5 5.0
2010
2011
2012
2013
2014
(1 000 tonnes) IMPORTS
3.5
Ecuador
0.2
1.0
3.7
3.6
5.1
13.9
Canada
7.1
9.3
9.1
10.1
10.7
11.6
Thailand
3.1
8.2
4.6
7.1
6.6
5.2
China
0.0
0.0
0.0
0.0
1.4
4.4
Greenland
5.2
6.5
4.2
2.9
4.6
3.4
WHITELEG SHRIMP - origin: Central America
Argentina
0.3
0.1
0.6
1.4
3.2
3.1
EUR/kg
India
1.4
1.7
1.7
1.8
5.3
3.1
Others
13.0
12.2
13.0
8.7
8.1
9.3
Total
30.3
39.1
36.9
35.6
45.0
54.0
USA
32.5
30.6
29.3
27.0
23.6
24.7
Japan
26.0
26.3
46.3
30.4
23.6
23.9
40-50 pc/kg
Source: European Price Report
10.8 9.3
8.90 8.10 7.10 5.90
7.8 6.3 4.8 3.3
30-40 pc/lb
40-50
60-70
100-120
Malaysia
12.7
17.7
23.0
22.9
24.2
19.6
Hong Kong SAR
10.1
13.8
13.6
13.2
18.7
16.4
Taiwan PC
Source: European Price Report
Spain Australia
ARGENTINA RED SHRIMP - origin: Argentina 10.5 8.80 7.80 7.50 7.10
9.0 7.5 6.0 4.5
7.4
8.7
8.9
9.4
9.6
15.2
13.0
11.5
12.3
9.5
4.6
5.9
5.9
8.4
7.3
8.9
15.6
23.0
22.7
14.1
8.4
Russian Fed.
4.8
8.0
7.1
8.0
9.9
7.2
Canada
7.3
10.0
6.8
9.1
6.8
4.9
Mexico
4.0
8.4
7.8
5.4
8.7
4.9
Others Total
3.0
6.3 16.7 19.5
Republic of Korea
EUR/kg
21.9
24.3
24.5
24.8
28.7
21.6
166.5
183.3
209.0
192.3
187.4
159.5
Source: China Customs > 10-20 pc/kg
> 20-30
> 30-40
> 40-60
> 60-80
Source: European Price Report
have planned an increase in production to meet the first shipments to be made in 2015. The accompanying graph shows that from December 2012 to December 2014 prices of all sizes of shrimp fluctuated because of EMS disease. Buyers feared shortages in supply, which resulted in an increase in demand, causing prices to rise. Later, prices fell as a result of an increase in production in Latin America and because buyers had already filled their inventories and stopped buying. Between January and October 2014 Nicaraguan shrimp exports to France totaled more than USD 18 million in value, a 92% increase compared with the same period in 2013, when total exports reached USD 9.5 million, according to a report in la prensa.com.ni
10
EXPORTS
Outlook Farmed shrimp production is seasonally low in Asia from November until March and generally prices remain firm during this period. However, since October, shrimp prices on the global market have not improved much and the prices are showing signs of softening further because demand is poor, particularly from the USA, which is holding large stocks. However, raw material supply is low as it is the off season. Hence trade direction remains uncertain in the short term. Industry sources indicate that supplies of large sized shrimp, in particular, will be low during the first quarter of 2015. In the USA market procurement for Lent in March and April will depend on the available stocks in the market, which will again set the price trend until the next season begins in April. The market will also monitor the supply and demand pattern in East Asia during the Lunar New Year celebrations in February.
GLOBEFISH Highlights January 2015
SHRIMP
SHRIMP IMPORTS IN VOLUME BY EU COUNTRIES, USA AND JAPAN - JAN-SEP (IN TONNES)
Tonnes
Comparison to 2013, in %
1 300 000 1 200 000 1 100 000 1 000 000
JAPAN
JAPAN
JAPAN JAPAN
JAPAN
-19%
JAPAN
900 000 800 000
USA
USA
USA
EU 28 (intra)
EU 28 (intra)
EU 28 (intra)
EU 28 (extra)
EU 28 (extra)
EU 28 (extra)
EU 28 (extra)
EU 28 (extra)
EU 28 (extra)
2009
2010
2011
2012
2013
2014
700 000 600 000 500 000
USA
EU 28 (intra)
400 000 300 000 200 000
USA
EU 28 (intra)
USA
12%
EU 28 (intra)
4%
100 000
SHRIMP IMPORTS IN VALUE BY EU COUNTRIES, USA AND JAPAN - JAN-SEP (IN '000 USD)
'000 USD
Comparison to 2013, in %
13 000 000 12 000 000 JAPAN
11 000 000 10 000 000
JAPAN
9 000 000
JAPAN
8 000 000 7 000 000
JAPAN
6 000 000 5 000 000 4 000 000 3 000 000 2 000 000 1 000 000
USA
USA USA
USA
EU 28 (intra)
EU 28 (intra)
EU 28 (extra)
EU 28 (extra)
EU 28 (extra)
2011
2012
2013
USA
EU 28 (intra)
EU 28 (intra)
EU 28 (extra)
EU 28 (extra)
2009
2010
GLOBEFISH Highlights January 2015
JAPAN
JAPAN USA
EU 28 (intra)
-7%
EU 28 (intra)
+38%
+23%
EU 28 (extra)
2014
11
TUNA Export revenue from canned tuna declined in producing countries, while record low raw material price persisted in 2014
D
uring the first half of 2014, there were mixed trends in the global market for canned and non-canned tuna products. While the large traditional markets imported less compared with last year, import demand improved in both large and small emerging markets. Overall, exports of canned tuna from Asia and Latin America increased either marginally or showed negative growth during this period. at EUR 1 950/tonne. The market price for cooked, doublecleaned yellowfin loins is firm at USD 8 500/tonne DDP Italy.
Tuna production by species (2012) Pacific bluefin tuna 1% Atlantic bluefin tuna 0%
Others 12%
Skipjack tuna 50%
Albacore 5%
Bigeye tuna 8% Yellowfin tuna 24%
Source: FAO
Supply
T
he 4-month FAD fishing ban ended in October 2104 in the Western and Central Pacific and catches have been mode moderate since then. The delivery price of skipjack to Thailand declined to USD 1 150/tonne in December 2014, which is 41% below the price canners paid a year ago. Thai canneries reported higher activity, while frozen inventory declined to some extent. Catches in the Eastern Pacific are also moderate while canneries are holding healthy inventories. Skipjack prices have decreased to USD 1 100 - 1 200/tonne ex vessel Manta and yellowfin prices to USD 1 900/tonne. The second IATTC veda closure is in force from 18 November 2014 until 18Â January 2015 when nearly 60% of the fleet will stop fishing. Fishing in the Indian Ocean has been poor, but inventories at local canneries are good for the time being. As a result skipjack prices have decreased to EUR 750/tonne FOB Mahe. In contrast, yellowfin prices have increased to EUR 1Â 775/tonne. In December skipjack and yellowfin prices weakened to EUR 750/tonne and EUR 1 750/tonne ex vessel Abidjan, respectively. The ICCAT FAD closure is in force from 1Â January to 28 February 2015. The European market skipjack prices are stable at EUR 900/tonne CFR Spain but weakened slightly for yellowfin 12
Tuna landings in Japan during the first nine months of 2014 were mixed overall. Landings of frozen tuna mainly came from distant water fishing and declined marginally. However, fresh fish landings from the Japanese coastal waters were much lower than the same period last year. The main reasons were the implementation of national regulations for sustainable fisheries and the aging fishing community in the country. Lower supplies of local tuna, however, did not increase prices as consumer demand for sashimi tuna among the younger Japanese is shrinking. The market preference has also been moving towards frozen tuna products such as loins.
Non-canned tuna market (fresh and frozen) Japan Restaurant business was somewhat disrupted in early autumn when a number of sightseeing tours were cancelled because of the eruption of Mount Ontake where 54 mountain climbers died.
Imports Japanese imports of tuna (all categories) were 2.75% higher during January-September 2014, at 168 204 tonnes because of higher imports of frozen tuna compared with the same period a year ago. However, the weak yen negatively impacted imports of high-priced fresh tuna, irrespective of species. Supplies of air-flown fresh/chilled tuna into Japan were at a 10-year low during the first nine months of 2014. Demand for red meat quality tuna (mainly bigeye), loins has increased among the fast food kaiten sushi restaurants; sales in general has been 3-7% higher during the reporting period compared with the same period in 2013. As a result imports of red meat quality frozen tuna loins increased to 19 087 tonnes in the January-September 2014 period from 18 470 tonnes imported in the same period a year ago.
GLOBEFISH Highlights January 2015
TUNA
Sashimi tuna sales were also brisk during December’s festive period, when consumer demand was doubled for high value bluefin as well as bigeye tuna.
Landings Tuna: Japan Jan-Sep
Imports Frozen tuna: Japan
2009
2011
2012
2013
2014
(1 000 tonnes) Jan-Sep
2009
2010
2010
2011
Bluefin 2012
2013
2014
(1 000 tonnes)
Fresh
0.4
1.0
2.5
1.0
1.9
2.2
Frozen
2.2
1.0
0.6
0.9
0.8
1.3
Bigeye
57.8
56.7
47.5
62.7
52.3
53.8
Albacore
Yellowfin
34.7
35.5
38.8
38.1
27.8
33.4
Fresh
14.6
25.6
28.4
37.3
32.4
31.5
Skipjack
40.7
40.1
27
22.7
13.6
17.8
Frozen
33.5
15.8
15.4
21.0
19.5
15.6
Albacore
4.8
13.3
12.1
8.1
13.1
10.0
Bigeye
S. bluefin
30.2
35.4
6.9
5.2
6.1
8.2
Fresh
13.2
2.9
2.8
2.9
2.2
2.5
Frozen
4.3
12.8
11.3
14.9
17.4
18.1
Bluefin Total
3.9
1.2
1.7
0.7
0.4
0.4
172.1
182.2
134.0
137.7
116.2
123.5
Source: INFOFISH
Imports Jan-Sep 2010
Fresh
5.7
8.0
7.3
6.9
6.0
4.1
Frozen
6.8
4.6
4.6
27.4
17.4
21.4
Skipjack
Fresh/chilled tuna: Japan 2009
Yellowfin
2011
2012
2013
2014
(1 000 tonnes)
Fresh
154.4
57.7
39.6
39.1
57.8
43.7
Frozen
39.7
163.6
148.6
165.2
157.6
154.5
188.4
85.2
80.8
87.1
100.3
84.0
Total Fresh
Bigeye
11.4
8.5
8.6
9.6
8.2
7.1
Yellowfin
11.2
11.6
10.4
9.3
7.4
6.0
Grand Total
3.7
2.8
1.9
2.4
2.9
2.8
Source: INFOFISH
Bluefin S. bluefin
3.3
2.0
1.1
1.3
1.7
1.4
Skipjack
0.0
0.0
0.0
0.0
0.0
0.1
Albacore
0.3
0.2
0.2
0.1
0.1
0.0
29.9
25.1
22.2
22.8
20.3
17.4
Total
Source: INFOFISH
RECENT
NEWS
Taiwan Province of China sets up USD 2 million fund at WCPFC
T
aiwan PC announced that it has set up a USD 2 million trust fund, which would be utilized for a period of five years for the development of small island nations (SMN) in the Central and Western Pacific region to expand and upgrade their fisheries industries. Especially targeted are means to improve government oversight of the industry and help fishermen boost their catches. Based on individual members’ needs, funds may be earmarked for technical and other forms of training, with an eye to bolster monitoring, control and surveillance capabilities said Tom Chou, director-general of the Ministry of Foreign Affairs’ Department of International Organizations.
Frozen
86.4
208.9
180.5
229.5
212.7
210.8
274.8
294.1
261.3
316.6
313.0
294.8
USA The positive demand trend for non-canned tuna continued in the USA market. Imports of both fresh and frozen tuna (whole/dressed and loins/fillets) were higher during the first nine months of 2014 compared with the same period in 2013. Whole/dressed air-flown tuna imports went up by 3.2%, with supplies of premium priced bluefin 24% higher than last year. Fresh bluefin imports from Mexico were 35% more at 228 tonnes compared with the corresponding period in 2013.
Imports Tuna pouches: USA Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Thailand
17.1
16.7
14.2
16.1
15.5
13.4
Ecuador
8.1
10.8
9.2
9.1
11.3
10.5
Others Total
4.8
5.4
4.8
2.9
3.1
7.1
30.0
32.9
28.2
28.1
29.9
31.0
Source: NFMS GLOBEFISH Highlights January 2015
13
TUNA
demand was also strong in the Middle East, in countries such as,Saudi Arabia, United Arab Emirates (UAE), Libya, Kuwait, Jordan, as well as in West Africa.
Imports Tuna loins: USA Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Thailand
7.0
22.2
20.7
14.7
18.3
19.9
China
4.8
4.8
4.5
9.3
10.7
17.1
Fiji
9.3
10.4
4.2
7.3
8.5
7.9
Mauritius
6.4
3.2
5.5
3.6
5.5
5.7
Ecuador
0.0
0.1
0.7
2.3
0.7
0.7
Others
6.8
10.2
12.8
12.3
9.7
6.2
34.3
50.9
48.4
49.5
53.4
57.5
2012
2013
2014
Total Source: NFMS
Imports Fresh Tuna: USA Jan-Sep 2009
2010
2011
(1 000 tonnes) Yellowfin
10.0
12.2
12.1
12.3
12.1
12.6
3.4
3.4
2.4
3.0
3.1
3.0
Bigeye Albacore
0.6
0.4
0.5
0.6
0.6
0.6
Bluefin
0.3
0.4
0.3
0.4
0.5
0.6
Skipjack
0.0
0.0
0.0
0.0
0.0
0.0
Others
0.1
0.2
0.4
0.2
0.3
0.3
14.4
16.6
15.7
16.5
16.6
17.1
Total Source: NMFS
Imports of frozen bluefin also increased by nearly 18% to 414 tonnes, primarily consisting of Atlantic bluefin. Import demand for frozen tuna fillet and loins also increased during this period. US imports of cooked loins, used for processing canned and pouched tuna increased by 7.7% during the reporting period; almost 65% of the supply came from Thailand and China. Imports from China and Thailand went up by 60% and 8.7% respectively.
Canned tuna The international market for canned tuna followed the pattern observed during the first half of 2014. Demand was lukewarm in the traditional western markets despite the declining prices of tuna raw material. However, the demand pattern was positive in emerging markets. Among the top five importing markets of the EU, the USA, Japan, Australia and Egypt, imports declined by 3.10% and 1% respectively in the EU and Japan during the first nine months of 2014 against the same period in 2013. USA and Australian imports were slightly higher by 4.7% and 5.5% respectively. In the Egyptian market, there was a 20% rise in imports during this period. Import 14
It is also interesting to note the rise in imports of canned tuna in the new but small markets in Asia, Africa and Latin America. Overall import value was lower worldwide as a result of the declining price of tuna raw material.
USA Consumer demand for canned tuna did not improve much in the US market, which was reflected by consistently falling imports since 2011. In contrast, demand for higher value products, such as pouched tuna, improved during the review period. Imports of semi-processed cooked loins, used mainly to produce various kinds of value added products domestically, have also increased, for which supplies increased significantly from China.
EU The extra- EU trade for canned/processed tuna There were mixed trends in the EU imports of processed tuna (HS 160414) during the first nine months of 2014. Under this category, canned tuna imports declined from third countries, but there was a marginal rise in cooked loin imports. However, intra-EU imports of higher value canned and pouched tuna produced in Spain, Italy, France and Portugal increased during January-September 2014, against the corresponding period in 2013.
MARKET
NEWS
AND
TRENDS
The important union of US canned tuna giants Bumble Bee and Chicken of the Sea
T
he world’s largest canned tuna producer, Thai Union Frozen Products, acquired Bumble Bee Foods for USD 1.5 billion in mid-December 2014. In a statement, the chief executive of Thai Union, Thiraphong Chansiri, said that “Bumble Bee Seafoods is a leading player in North American shelfstable seafood; combining the business with Thai Union Group will lower costs, improve efficiency, and create the global leader in the shelf-stable seafood space”. Chris Lischewski, chief executive of Bumble Bee Seafoods highlighted this merger as “a natural combination given the synergies that exist”. Bumble Bee boasts annual sales of around USD 1 billion. Thai Union also owns Chicken of the Sea , which is the third largest canned tuna brand in the US market . Thai Union expects the transaction to be finalized by the second half of 2015. It is also subject to approval by the US antitrust authorities.
GLOBEFISH Highlights January 2015
TUNA
Imports
Imports
Tuna loins: Spain
Canned tuna (excl. pouches): USA
Jan-Sep
Jan-Sep 2009
2010
2011
2012
2013
2009
2010
55.0
Ecuador
23.9
20.0
17.2
2014
56.6
80.7
70.5
49.0
2012
2013
2014
17.6
17.2
13.4
(1 000 tonnes)
(1 000 tonnes) Thailand
2011
53.8
Viet Nam
10.7
15.2
15.9
16.1
14.3
13.3
Thailand
6.6
5.3
11.1
2.5
4.5
7.3
Philippines
22.3
15.2
19.4
16.6
12.0
12.0
China
1.8
2.5
3.6
1.8
5.0
6.7
12.0
6.6
4.7
4.8
4.9
5.1
4.4
5.3
8.3
7.4
3.7
4.5
Indonesia China
11.0
11.8
8.6
7.4
6.5
6.8
El Salvador
5.1
5.2
5.5
5.9
7.6
5.3
Mauritius Papua New Guinea
0.3
1.4
2.8
4.0
6.3
4.0
Guatemala
4.8
6.6
5.6
6.6
5.5
4.0
Indonesia
0.0
0.0
1.2
2.4
1.7
0.9
Others
5.6
4.5
4.0
3.1
2.5
6.4
59.4
52.2
58.5
50.2
51.3
52.3
2012
2013
2014
Ecuador
1.2
3.2
5.9
2.1
1.0
0.5
Others
3.3
3.3
3.6
4.8
4.7
5.8
110.2
134.6
129.4
101.9
99.9
98.7
Total Source: NFMS
Imports
Total
Source: Agencia Tributaria
Canned tuna: Italy
Imports
Jan-Sep 2009
2010
2011
2012
2013
2014
Canned tuna: France Jan-Sep
(1 000 tonnes) 31.3
34.1
37.1
33.8
30.0
40.9
Colombia
Spain
7.6
6.7
8.2
7.0
6.2
6.6
Seychelles
4.5
5.3
3.7
4.9
6.4
6.5
Ecuador
3.0
3.6
3.7
4.1
5.4
6.3
Côte d’Ivoire
8.2
5.6
4.7
6.9
6.0
6.1
Mauritius
3.4
3.6
4.2
4.2
4.4
4.3
Portugal
1.3
1.3
1.5
1.3
1.7
1.5
Thailand
2.0
2.2
2.3
1.4
1.5
0.9
France
4.8
0.5
1.2
0.6
0.1
0.0
Others
2.2
1.9
2.5
2.3
4.3
4.8
68.3
64.8
69.1
66.5
66.0
77.9
Total Source: ISTAT
Tuna loins: Italy Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) 11.0
7.3
9.8
8.1
9.7
4.7
Solomon Islands
1.0
1.8
3.1
3.2
3.1
4.1
Thailand
8.4
4.7
3.7
4.8
2.7
3.7
Kenya
1.2
1.8
1.9
2.4
1.6
3.1
Mauritius
3.6
3.5
1.0
2.2
2.2
1.4
Colombia
1.2
0.7
2.3
1.0
0.6
1.1
China
2.4
2.2
2.3
1.5
1.6
1.0
Madagascar
0.0
1.8
0.9
0.7
1.2
0.8
Others
1.4
2.9
2.0
1.6
4.3
7.3
30.2
26.7
27.0
25.5
27.0
27.2
Total
2010
2011
(1 000 tonnes) Spain
15.0
17.2
22.3
13.4
15.1
21.3
9.4
10.7
14.2
17.6
17.5
15.3
Ecuador
10.4
10.0
12.0
9.3
11.3
10.0
Côte d’Ivoire
17.0
15.9
12.7
16.7
18.2
9.7
Mauritius
1.4
1.2
2.3
3.7
4.9
6.3
Ghana
4.6
6.0
7.0
4.9
4.0
5.4
Thailand
7.0
6.8
8.2
4.3
4.9
4.5
Madagascar
6.6
4.8
6.9
5.2
5.4
4.1
Others
11.1
6.5
5.1
4.3
6.0
7.1
Total
82.5
79.1
90.7
79.4
87.3
83.7
Seychelles
Source: Direction Nationale des Statistiques du Commerce Extérieur – DNSCE
Imports
Ecuador
2009
Overall imports into the EU from third countries were 3% lower in quantity and 13% in value against the same period last year, although import prices of canned tuna were lower because falling raw material prices worldwide. The preferential tariffs on imports from the ACP countries did not stimulate imports either; supplies increased only from Mauritius (+8.3%) but declined from the number one source Ecuador (-2.1%) and also from Seychelles (-11.7%), Papua New Guinea( -9.6%), Ghana (-1.8%) and Cote d Ivoire (-41.2% ). Among the ASEAN producers, imports increased by 16.3% from the Philippines, 6% from Indonesia and 11% from Viet Nam, but declined from Thailand by 2.1%, the second largest non-EU supplier in this market.
Source: ISTAT GLOBEFISH Highlights January 2015
15
TUNA
Imports BUSINESS
FOCUS
Canned tuna: Germany Jan-Sep
The EU issues Solomon Islands and Tuvalu “yellow cards”
T
he European Commission handed IUU yellow cards to four more countries, adding the Solomon Islands and Tuvalu in the Pacific region. Papua New Guinea received the same warning during early 2014. The European Commission identified several areas where improvement needed to be made to demonstrate the nation’s fight against IUU fishing. According to PNG, the EU and the PNA region have consensus that the VDS (Vessel Day Scheme) needs to be adapted. There are four or five key elements that they have already worked on changing, including adaptations to these licensing policies. In a press release DG MARE says the move is part of the EU’s drive for a sustainable use of the sea and its resources. The newly appointed European Commissioner for Environment, Maritime Affairs and Fisheries, Karmenu Vella, says that the “decision is about the four countries needing to step up their efforts in fishing illegal fishing. I am convinced that they will all commit to this cooperative approach, since sustainable development in Small Island States relies on sustainable fishing. We will work with them to make that happen and we will continue to prioritize sustainability in waters at home and abroad.” The countries now have six months to respond and take measures to rectify the situation. An action plan has been given to each nation to address their shortcomings. The decision does not currently entail any measures affecting trade, however if nothing improves in the half-year time limit, a red card sanction could be implemented, cutting the trade of all fisheries products with the EU, including tuna. Source: ATUNA
Among the individual EU markets, canned tuna imports were slightly higher in Italy, the Netherlands, Belgium and also in the Czech Republic, Romania, Slovenia and Malta; but declined in France, the UK, Germany, Poland, Ireland, Sweden and Denmark. Overall imports of cooked tuna loins for reprocessing were nearly 88 000 tonnes, 2% higher against the same period a year ago. Spain was the largest buyer.
Imports Other Markets The impact of the weak yen against US dollar was less pronounced on canned tuna imports into Japan, where the product is popular among younger Japanese. Imports were stable at 41 000 tonnes during January-September 2014, which is almost the same volume imported during the same period in 2013. Supply, however, declined 16
2009
2010
2011
Ecuador
12.4
6.8
12.3
Philippines
15.7
13.2
Netherlands
3.0
4.6
Viet Nam
3.2
Papua New Guinea Thailand
2012
2013
2014
6.5
10.8
10.3
12.2
10.2
9.7
10.3
5.9
4.2
4.0
6.7
2.4
3.9
4.2
6.6
6.5
4.6
8.2
6.4
9.1
7.8
6.0
2.9
3.0
2.5
2.3
4.0
3.5
Indonesia
6.1
5.0
6.0
4.5
3.1
2.7
Spain
0.3
0.5
0.5
3.5
4.1
2.7
(1 000 tonnes)
Others Total
3.9
5.1
7.5
4.2
5.5
6.2
52.1
48.8
57.2
48.7
55.6
54.9
Source: Germany Customs
Imports Canned tuna: UK Jan-Sep 2009
2010
15.1
22.3
2011
2012
2013
2014
18.1
15.6
(1 000 tonnes) Mauritius
16.7
18.7
Philippines
13.6
11.5
8.5
8.9
8.9
9.4
Seychelles
14.0
10.7
10.7
8.9
10.8
9.3
Thailand
13.8
10.5
19.2
8.4
14.2
8.6
Ecuador
5.7
3.4
8.8
9.2
8.2
8.4
13.8
14.7
11.2
11.7
9.5
7.7
Ghana Indonesia
0.5
1.2
1.8
4.1
6.0
5.9
Spain
1.6
2.2
4.7
5.1
5.9
4.1
Papua New Guinea
1.9
1.1
1.8
2.3
2.7
3.9
France
2.1
1.9
1.1
1.1
2.1
1.5
Others
4.4
3.5
4.5
3.2
4.7
4.6
86.5
83.0
89.0
81.6
91.1
79.0
Total
Source: Her Majesty’s Revenue & Customs
slightly from Thailand but increased from Indonesia, the Philippines and China. The other important markets, such as Australia, Egypt and Canada, also imported more during the review period compared with the same period in 2013. There were strong import growths in Brazil, Mexico and Morocco.
Exports Despite lower imports by the USA and EU markets, exports of processed tuna (cooked loins and canned/pouched tuna) increased from the producers in Asia and Latin America during the period January-September 2014. Exports increased in quantity by 9% from Thailand and Ecuador, GLOBEFISH Highlights January 2015
TUNA
Exports
CFR Prices Frozen Skipjack: Thailand and Africa
Canned tuna: Thailand
2500
Jan-Sep 2009
2010
2011
USA
77.0
86.3
75.8
Australia
23.5
30.4
Egypt
25.9
36.6
Libya
24.9
Japan Canada Saudi Arabia
USD/tonne
2012
2013
2014
2000
58.4
50.4
60.4
1500
31.6
24.3
23.9
24.9
31.9
31.9
16.4
23.8
14.2
6.3
24.3
20.5
23.4
18.6
18.7
22.8
20.8
22.6
21.2
24.1
21.8
23.9
18.5
19.2
20.4
11.7
15.3
15.9
16.8
13.6
12.3
3.2
5.1
8.0
5.0
6.8
9.3
Thailand
(1 000 tonnes)
Chile South Africa
7.4
8.6
6.6
8.4
7.4
8.7
13.8
10.1
19.9
3.2
9.3
6.3
Tunisia
na
4.2
10.3
7.1
6.1
6.1
UAE
4.2
5.8
7.4
5.8
6.1
6.1
France
7.3
6.2
6.9
3.3
4.2
3.6
Argentina
5.5
10.1
8.5
4.9
4.5
NA
Others
131.6
111.1
121.0
78.8
86.9
103.1
Total
378.7
384.5
396.8
311.5
297.9
329.6
UK
Source: Thai Customs * inlcuded under “others”
CFR Prices Canned tuna*: USA, Europe
1000
Africa 500
0 Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
50.00
120
Dec-11 D ec-12
Dec-13
Dec-14
1000 tonnes
100
Others 80
60
Skipjack
40
Albacore Bigeye
20
Yellowfin
Europe
0 2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Source: INFOFISH
40.00
USA
30.00
Outlook
20.00
Nov-14
Jul-14
Sep-14
Jan-14
Mar-14
May-14
Jul-13
Nov-13
Sep-13
Jan-13
Mar-13
May-13
Jul-12
Nov-12
Sep-12
Jan-12
Mar-12
May-12
Jul-11
Nov-11
Sep-11
Jan-11
Mar-11
May-11
Jul-10
Nov-10
Sep-10
Jan-10
Mar-10
May-10
Jul-09
Nov-09
Sep-09
Jan-09
Mar-09
May-09
10.00 0.00
Dec-10
Coldstorage holdings Tuna: Japan
60.00
USD/carton
Dec-09
Source: INFOFISH
* 48x6.5 oz Europe, 48x6 oz USA, chunk, origin Thailand Source: INFOFISH
2.5% from Spain and 13.3% from China compared with the same period in 2013. However, the declining tuna raw material price has taken a toll on the export value of canned tuna for all countries. Export quantity also declined from the Philippines and Indonesia. Canned tuna exports also increased from the European producers/exporters Spain, Italy and Portugal, which are higher value products, but declined from France. Exports from Italy to some Middle Eastern markets increased during the reporting period. GLOBEFISH Highlights January 2015
Demand for sashimi tuna is expected to be good in the main market, Japan, throughout this winter season, except for the cheaper red meat quality bigeye tuna, while demand for the more expensive bluefin is likely to be low until the Spring festival season in April. Global production of farmed tuna is forecast to reach 35 000 tonnes in 2014, which is about 500 tonnes more than 2013. This increase may lead to some price weakening in the bluefin tuna market in Japan. Prices of the red meat varieties, bigeye and yellowfin tuna, might be affected by this trend. The stable and low price of tuna material, meanwhile, is likely to stimulate better demand in the canned tuna market worldwide.
17
TUNA
TUNA - Spanish canneries
RECENT NEWS
EUR/kg 3.0
EU Ministers set 2015 Atlantic Tuna catch limits
2.5 2.0
1.95
1.5 1.0
0.90
0.5
Yellowfin > 10 kg, Spain CFR
Source: European Price Report
TUNA - Indian/Atlantic Oceans EUR/kg 3.0 2.5 1.77 1.75
2.0 1.5 1.0
0.75 0.75
0.5
Skipjack, Seychelles, FOB
Yellowfin, Seychelles, FOB
Skipjack, Abidjan ex-vessel
Yellowfin, Abidjan, > 10 kg, ex-vessel
Source: European Price Report
TUNA - Pacific Ocean USD/kg 3.0 2.5 2.0 1.5
1.15 1.19
1.0 0.5
F
ollowing lengthy discussions, EU Ministers have reached an agreement on 2015 tuna fishing opportunities in the Atlantic for EU-flagged vessels. The presented proposals are based, for the first time, on the new Common Fisheries Policy (CFP), which aims to have all stocks fished at sustainable levels. Looking to the report, for Atlantic IATTC tuna catches, the Agriculture and Fisheries Council has agreed with the Commission proposals, with the exception of catch limits for southern albacore. For 2014, this species quota stood at 1 470 tonnes, and while the Commission proposed for it to stay the same, the Council has increased the figure by 17% to 1 719 tonnes. For bluefin tuna, the Commission’s suggested 18% rise in limit was adopted by the Council, with quota growing from 7 939 tonnes to 9 373 tonnes year on year. Northern albacore catch totals have been set at a modest 2% increase from 2014, reaching 26 939 tonnes for next year (2015). Bigeye tuna, at 29 467 has seen no quota change from year to year. These limits will officially come into action on 1 January 2015. Reacting to the agreement, the EU’s Commissioner for Environment, Maritime Affairs and Fisheries, Karmenu Vella, said that “the CFP has passed its first real test with unanimous support of all the Member States. We have succeeded in increasing the number of stocks that are now managed at sustainable levels and sustainably managed stocks are now a broadly accepted concept.” The Common Fisheries Policy establishes decision making through scientific advice, and aims to restore and maintain maximum sustainable yield, as well as a progressive elimination of discards in all EU fisheries, through an obligation to land all catches. Source: ATUNA
Skipjack Bangkok CFR
Source: European Price Report
TUNA - Loins USD/Kg 9.5
8.50
8.0 6.5
6.20
5.0 3.5 2.0
Skipjack - frozen cooked loins, single cleaned, Spain/Italy DDP Yellowfin - frozen cooked loins, double cleaned, Italy DDP
Source: European Price Report 18
GLOBEFISH Highlights January 2015
GROUNDFISH Cod prices rising in spite of record supplies
T
he Groundfish Forum expects slightly tighter supplies of groundfish in 2015, with about 100 000 tonnes less cod, but almost 130 000 tonnes more Alaska pollock. The main impact on the groundfish market may be caused by the Russian import ban on western seafood, which is already creating a difficult situation. Prices for cod are expected to rise. Groundfish production by species (2012) Saithe 5%
Pacific cod have soared, and demand is strong not only in China but also in the EU and the USA.
Cod
Haddock 6% Alaska pollock 45%
Whiting 6% Hake 15% Cod 23%
Source: FAO
The Groundfish Forum met in October 2014 and published some very interesting forecasts for 2015. They predict a slight drop in landings of Atlantic cod, from 1.334 million tonnes in 2014 to 1.233 million tonnes in 2015. Alaska pollock, in contrast, is expected to increase from 3.256 million tonnes in 2014 to 3.385 million tonnes in 2015. If all the major groundfish are included (Atlantic and Pacific cod, Alaska pollock, haddock, saithe, redfish, hoki, southern blue whiting and all hakes), total groundfish landings in 2015 are expected to be 7.078 million tonnes, down fractionally from 7.092 million tonnes in 2014 (Source: UndercurrentNews). The Russian ban on seafood imports from western countries (the EU, USA, Canada, Norway and Australia) went into effect on 7 August 2014, and changed the trading game noticeably. Russia has traditionally imported large quantities of fish from the west, and in order to offset the effect of the ban, the Russians are now trying to keep their own domestic catches inside the country as a replacement for imports. The Russian market for headed and gutted cod and haddock is estimated at 120 000 tonnes annually. In addition, there is a demand for about 8 000 tonnes of cod and haddock fillets. As a result of this competition, prices have come up for H&G cod and haddock. In late October to early November pollock prices also rose as a result of this, and prices paid by Chinese processors approached USD 1 700 per tonne, compared with USD 1 480 to 1 540 a month earlier. Chinese processors are finding the situation very difficult to deal with, and many of them are not turning a profit in the present situation. This situation is having an effect on prices for Pacific cod as well. According to sources at Minato-Tsukiji, prices for GLOBEFISH Highlights January 2015
In October Norway and Russia set the 2015 TAC for cod and haddock in the Barents Sea. The cod quota was set at 894 000 tonnes, a reduction of 99 000 tonnes compared with 2014. The haddock quota was set at 178 500 tonnes, the same as in 2014, but higher than the ICES recommendation of 165 000 tonnes. The cod stocks in the Gulf of Main on the US east coast are under pressure again, but the authorities have so far failed to take action to rectify the situation. Apparently scientists, conservationists, regulators and fishermen could not agree on what measures to take. Last year, NEFMC (New England Fishery Management Council) reduced the quota for cod in the Gulf of Maine to just 1 550 tonnes.
Imports Cod-like groundfish: USA Jan-Sep 2009
2010
2011
2012
2013
2014
59.8
61.7
(1 000 tonnes) Fillets China
57.1
53.4
64.4
58.9
Iceland
6.4
7.3
4.4
6.5
8.2
7.6
Russian Fed.
1.3
7.6
3.5
3.2
4.8
3.9
Canada
4.0
4.1
3.6
4.1
2.7
2.9
Norway
0.8
0.6
0.4
1.1
2.0
1.4
Thailand
0.7
0.7
1.0
0.7
1.0
1.0
Others
1.7
1.0
1.5
6.9
9.4
10.3
72.0
74.7
78.8
81.4
87.9
88.8
29.5
26.8
27.2
24.5
22.3
24.8
Total Blocks/Slabs China Iceland
0.9
0.5
0.4
0.6
1.3
1.1
Argentina
0.9
0.6
0.4
0.8
1.1
0.9
Norway
0.4
0.5
0.6
0.2
0.4
0.6
Russian Fed.
2.4
1.0
0.9
0.3
0.2
0.2
Canada
0.4
0.2
0.2
0.3
0.1
0.1
Others
1.0
1.5
1.3
2.1
1.7
0.8
Total Gr. Total
35.5
31.1
31.0
28.8
27.1
28.5
107.5
105.8
109.8
110.2
115.0
117.3
Source: NMFS 19
GROUNDFISH Imports Frozen cod fillets: Germany Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) China
6.1
7.1
11.8
8.1
8.6
9.4
Poland
1.3
4.8
3.0
4.0
5.1
4.7
Viet Nam
0.0
0.7
0.1
1.1
1.7
1.4
Denmark
1.2
1.7
2.0
1.0
0.7
1.0
Norway
0.2
0.5
0.3
0.3
0.5
0.9
Lithuania
0.1
0.3
0.5
0.3
0.3
0.6
Russian Fed.
0.5
0.5
0.4
0.4
0.4
0.5
Iceland
0.6
0.5
0.3
0.1
0.2
0.2
Others
1.1
0.7
0.8
1.3
2.5
2.5
11.1
16.8
19.2
16.6
20.0
21.2
2012
2013
2014
Total
Source: Germany Customs
Imports Frozen cod: UK Jan-Sep 2009
2010
2011
(1 000 tonnes) China
10.1
9.8
11.8
11.8
16.0
19.2
Iceland
11.7
11.0
11.1
11.3
12.7
12.8
Norway
6.2
6.8
7.0
6.1
7.4
10.5
Russian Fed.
8.3
9.1
6.9
9.4
10.6
9.0
Germany
1.4
5.3
6.6
5.9
5.1
5.1
Faroe Islands
4.0
4.2
4.4
5.0
5.6
3.9
Denmark
5.5
4.6
5.8
5.6
5.8
3.7
Greenland
1.1
1.9
2.0
2.5
2.2
2.0
Poland
3.2
1.8
1.6
1.9
2.0
1.1
Others
2.7
3.4
3.2
2.7
2.2
0.0
54.2
57.9
60.4
62.2
69.6
67.3
Total
Easter. Skrei is Barents Sea based cod, which comes down to the Lofoten region to spawn every year and is considered the highest quality cod that can be found. For 2015, it is expected that the fishery will be record high again. Scientists are predicting a large amount of cod coming in to the coast, and expect a record catch, “perhaps the best ever recorded” (Source: FiskeribladetFiskaren). The Norwegian Seafood Council has marketed this product for years, and international interest in skrei is growing. For some time, fresh skrei has been sent to European cities such as Paris, Berlin, and London, but it is now also flown to New York. In spite of the cold diplomatic relations between China and Norway, Norwegian exporters have great expectations for Norwegian cod on the Chinese market. According to an analysis undertaken by the Norwegian Seafood Council (NSC), there are about 30 million wealthy Chinese consumers that could be targeted. In addition, some 2 500 restaurants are expected to be interested in including Norwegian cod on their menu. NSC expects to sell 20 000 tonnes of high quality cod on the Chinese market within three to five years. NSC has already test-marketed cod in cooperation with Chinese chefs and the results are very promising. China is already an important processor of European cod. Until now, much of this processing has been based on low labour costs and cheaper products, but now some processors believe it is worth targeting the high-quality, high-priced market in China as well. To some extent, this can be seen as a response to the present situation, where cheap pollock products are under pressure because of price (Source: UndercurrentNews). Prices for frozen-at-sea (FAS) cod and haddock are quite firm in the UK at the moment, and observers believe that there is no room for price increases on this market.
Source: Her Majesty's Revenue & Customs
Trade
COD - in Poland (FOB, origin: Baltic Sea) EUR/kg 2.5 2.3 2.0 1.8 1.5 1.3 1.0
1.86
Fresh gutted
Source: European Price Report
With no firm action taken, cod might disappear from the region again. The skrei fishery in the Vesterålen and Lofoten region in northern Norway is an annual highlight for cod lovers in Europe. The fishery starts in January and ends around 20
USA imports of cod-like groundfish during the first nine months of 2014 were just slightly above the 2013 levels. A total of 88 800 tonnes of fillets were imported, and 28 500 tonnes of blocks and slabs. The main supplier by far is still China, which accounted for 69.5% of the fillets and 87% of the blocks/slabs. Other major suppliers include Russia, Iceland and Canada. Germany also showed a slight (+6%) increase in imports of cod fillets during this period. China is the main supplier to Germany, accounting for 44% of all imports, followed by Poland, accounting for 22%. On the UK market, there was a marginal decline in imports of frozen cod during the first nine months of 2014. Total frozen cod imports amounted to 67 300 tonnes, compared with 69 600 tonnes in the same period in 2013. The main supplier also to the UK was China, accounting for 28.5% GLOBEFISH Highlights January 2015
GROUNDFISH
of total imports. However, other main suppliers had good market shares as well: Iceland 19%, Norway 15.6%, and Russia 13.4%. China actually increased its market share, mainly at the expense of Russia, Faroe Islands, and Denmark.
Alaska pollock
exports from the USA increased substantially (+34.5%). For other suppliers there were only minor changes. French imports of frozen Alaska pollock fillets declined slightly (-7%) during the first three quarters of the year. Also in France, China suffered a setback, as did Russia, while the USA registered a small increase in shipments.
Prices for pollock roe in Seattle are down by about 7%, according to a report in UndercurrentNews. This was roe from the closing of the 2014 B season, which ended in October 2014. The main reason for the price reduction was abundant supplies throughout the year. The total output in 2014 amounted to about 60 000 tonnes in Alaska and Russia, being the largest production in ten years.
Hake
A Russian producer now seems a very good prospect for H&G pollock on the Russian market, especially in view of the import ban imposed in August. The Russian market for H&G pollock is estimated at 200 000 tonnes in 2014, but some operators see a huge growth potential, perhaps to as much as 350 – 400 000 tonnes. The Russian domestic market will have to be served to a much greater extent by domestic landings than at present, and this could have some long-term effects on international groundfish trade (Source: UndercurrentNews).
The Higher Council for Scientific Research in Spain announced that they see an improvement in the hake stocks on the Galician coast. The European hake has been heavily exploited, and since 2005 a marked decrease in the biomass has been noted. The new findings are therefore most welcome.
Imports of frozen Alaska pollock fillets into Germany went up by 3.8% during the first nine months of 2014. The main supplier, China, suffered a 5.2% decline in shipments, while
2011
2012
2013
2014
(1 000 tonnes) China
17.5
16.7
23.4
17.8
16.2
14.7
Russian Fed.
4.6
4.0
4.8
4.6
9.6
7.6
USA
4.5
3.4
6.8
6.6
6.5
6.8
Germany
1.8
2.8
4.3
3.8
4.7
5.2
Others
0.8
1.2
0.3
0.4
0.5
0.6
29.2
28.1
39.6
33.2
37.5
34.9
Total
Imports Frozen hake fillets: Germany Jan-Sep
2012
2013
2014
2.8
3.4
3.0
1.5
2.4
3.4
Namibia
1.7
1.9
2.4
2.5
2.5
2.3
USA
5.1
3.6
2.9
2.9
0.5
0.7
Argentina
2.7
1.9
0.9
0.9
1.2
0.5
Others
2.4
1.1
1.6
1.0
0.8
0.5
14.7
11.9
10.8
8.8
7.4
7.4
2012
2013
2014 4.6
Total
Source: Germany Customs
Imports Frozen hake: Italy 2009
2010
2011
(1 000 tonnes)
Jan-Sep 2011
2012
Jan-Sep
Imports Frozen Alaska pollock fillets: Germany 2010
2011
Peru
Source: Direction Nationale Des Statistiques Du Commerce Extérieur – DNSCE
2009
2010
(1 000 tonnes)
Jan-Sep 2010
The Russian import ban has had a marked effect on Russian hake imports already. Despite very active sales and strong increases from exporters in China and Ecuador, import volumes of hake dropped by 52% in October. China more
2009
Imports Frozen Alaska pollock fillets: France 2009
In Chile, the hake quota was increased by 4 000 tonnes, to 23 000 tonnes, in spite of the scientific committee’s recommendation of a limit of 19 000 tonnes. The reason for this increase was partly that fishermen staged violent protests in response to plans to reduce the quota.
2013
2014
(1 000 tonnes)
South Africa
4.4
4.0
4.3
4.4
4.6
USA
NA
NA
NA
3.0
2.6
4.5
Spain
3.5
5.2
4.9
3.8
3.6
4.3
Namibia
2.5
3.3
3.5
3.0
4.4
3.1
Argentina
8.8
7.5
7.5
5.3
5.6
2.9
Uruguay
2.4
4.4
4.7
2.6
3.2
1.7
China
66.0
65.2
65.2
59.2
65.4
62.0
USA
20.0
26.2
34.8
38.4
23.8
32.0
Peru
0.0
0.1
0.5
1.1
1.5
1.2
Russian Fed.
18.2
14.5
13.7
7.5
9.3
7.6
Chile
1.0
1.2
1.0
0.5
0.6
0.1
4.7
3.3
3.0
4.5
2.5
3.2
Others
1.7
3.4
3.9
1.7
2.1
1.6
108.9
109.2
116.7
109.6
101.0
104.8
24.3
29.1
30.3
25.4
28.2
24.0
Others Total
Source: Germany Customs GLOBEFISH Highlights January 2015
Total Source: ISTAT
21
GROUNDFISH
than doubled its hake exports to Russia since the ban went into effect. Imports of frozen hake into Italy declined by almost 15% during the first three quarters of 2014, to 24 000 tonnes. Namibia lost market share,,shipping only 3 100 tonnes during this period, compared with 4 400 tonnes in 2013. The USA increased shipments of frozen hake to Italy from 2 600 tonnes in 2013 to 4 500 tonnes in 2014 (+73%). Germany, which imports smaller quantities of hake fillets, saw no change in the total imported volume in 2014. Total imports of frozen hake fillets amounted to 7 400 tonnes, the same as in 2013. However, over the past six years, there has been a significant decline in German imports of this commodity, from 14 700 tonnes in 2009 to just 7 400 tonnes in 2014. The main suppliers are Peru and Namibia.
HAKE - in Spain, origin: Namibia EUR/kg 5.0 4.50 4.10 4.00
3.0
Fillet, skin-on > 8
Source: European Price Report
CFR prices groundfish blocks: USA
Surimi
3.5
Since 2012, there has been a shift among surimi buyers in Asia away from local, “tropical” surimi, to Alaska pollock surimi. This trend is now expected to be reversed, according to UndercurrentNews. The main reason for this may be price, as tropical surimi (“Itoyori”) is using lower priced fish as raw material. In South East Asian markets, transport costs also play a role, as there are shorter distances to carry the tropical surimi to these markets. The Future Seafood Group has published some estimates of world surimi production and consumption for 2013. Total world surimi market was estimated at 820 000 tonnes (raw material volume), while the market for surimi products was
3.0 2.5
1.0 0.5 Dec-04
Source: European Price Report 22
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11 D ec-12
Dec-13 Dec-14
Source: INFOFISH
Norwegian export prices Fresh cod fillets Fresh cod
90
Frozen cod fillets Frozen cod whole
80 70 60 50 40 30 20
jul-14
oct-14
apr-14
okt.13
jan.14
jul.13
apr.13
jan.13
okt.12
jul.12
0
apr.12
10
okt.11
NOK/kg fob Norway
2.45
Stick 250 gr/pc
Alaska pollack
100
2.8
2.0
Hake
1.5
EUR/kg
2.3
Cod
2.0
Average export prices in NOK per kg, FOB Norway
SURIMI - in France, origin: Spain
2.5
USD/lb
jan.12
Fillets, skin-on 6-8
Outlook It is obvious that trade patterns may change significantly as a result of the Russian import ban on western fish. It is also probable that the price increases registered so far will continue. The slightly lower supplies of groundfish predicted for 2015 may drive prices upwards. This may be especially true for cod products.
2.5
Fillets, skin-on 4-6
On the US market, prices have been stable for some time. However, prices examined are only until the end of September, so the full effect of the Russian important ban had not been felt yet. Norwegian export prices, on the contrary, have been reported through December and they show rising prices for whole frozen cod for all products.
jul.11
3.5
Prices
jan.11
4.0
Japan imported more than 100 000 tonnes of pollock surimi during the first 11 months of 2014. This represents an increase of 22% compared with the same period in 2013. USA imports of pollock surimi, which declined by 32% in 2013, also went up by 22% during the first 11 months of 2014 to 104 701 tonnes.
apr.11
4.5
estimated at 3 million tonnes (finished product). Production was increasing at about 2% per year, while consumption (demand) increased at 3.5%. This has created low inventories and put some pressure on prices. In Japan inventory levels are now very low (Source: UndercurrentNews).
Source: Central Bureau of Statistics, Norway. GLOBEFISH Highlights January 2015
CEPHALOPODS Good demand and high octopus prices in Japan
I
n spite of high prices, demand for octopus in Japan is good. Supplies have been tight, and during the first nine months of 2014, Japan imported 36.6% less octopus than in 2013. The squid and cuttlefish markets are still slow. Cephalopods production by species (2012) Octopus
Cu tt le fish
9%
1%
Cephalopods nei 18 %
Squid
Japanese imports of octopus fell dramatically during the first nine months of 2014 compared with the same period in 2013. Total imports declined by 36.6%, to just 27 200 tonnes. The decline in shipments mostly affected the two largest suppliers, Morocco and Mauritania, which experienced reductions of 37.5% and 56.5%, respectively. Imports from China went up by 19.1% to 5 600 tonnes during this period.
Imports Octopus: Japan
72 %
Source : FAO
In October, Spain and Morocco finally reached an agreement on fishing in each other’s waters. In a spirit of “friendship and cooperation between the two countries”, Moroccan fishermen may fish four days a week in the Strait of Gibraltar, and the Spanish fleet can fish there for the remaining three days. However, the peace and quiet and friendly atmosphere did not last long. After just a few days there were reports of conflicts, sabotage and threats. Both governments are intent on maintaining the peace though and have set up a monitoring committee composed of fishermen from both countries to deal with the problems that may arise (Source: FIS.com). In September 2014, cephalopods exports to the USA from Viet Nam shot up by over 307% in one month. By the end of September, the cumulative cephalopods exports from Viet Nam to the USA had increased by 30.3% to USD 2.5 million. While the US market does not account for a large share of Vietnamese cephalopods exports, the Vietnamese regard this market as one that has potential for the future (Source: FIS.com).
Jan-Sep 2009
2010
2011
9.6
7.8
3.4
2012
2013
2014
4.7
17.6
11.0
(1 000 tonnes) Morocco
18.1
9.7
8.6
11.4
14.7
6.4
China
Mauritania
4.1
7.0
6.2
6.0
4.7
5.6
Viet Nam
2.8
2.2
2.3
2.7
2.7
2.2
Thailand
1.2
0.9
1.0
1.0
0.7
0.8
Spain
1.5
1.0
1.1
2.4
0.6
0.0
Others
1.5
1.1
2.0
2.6
1.9
1.2
38.8
29.7
24.6
30.8
42.9
27.2
2012
2013
2014
Total
Source: Japan Customs
Imports Octopus: Italy Jan-Sep 2009
2010
2011
13.2
7.8
4.3
5.8
12.1
8.3
Spain
6.2
7.5
6.8
4.7
5.7
5.5
Indonesia
2.1
3.2
3.6
3.2
1.8
3.0
Viet Nam
3.3
3.5
3.0
2.2
1.3
2.1
Octopus
Senegal
3.9
2.1
3.4
4.0
2.2
1.9
India
2.1
1.3
1.9
1.5
1.7
1.8
In Morocco, the octopus fishery opened on 21 November 2014 with a 33% increase in the quota. This was three weeks later than last year, and the late start affected shipments to Japan, the most important market. Shipments were not in time for the year-end seasonal sales, and thus some of these shipments had to go into storage (Source: MinatoTsukiji).
Mauritania
4.9
1.6
1.2
1.0
1.4
1.7
Mexico
0.4
1.4
3.0
1.0
0.7
1.7
Thailand
2.3
1.0
0.6
1.0
0.4
1.6
Tunisia
0.8
0.7
2.7
2.7
0.6
1.3
(1 000 tonnes) Morocco
Others Total
2.1
3.3
4.2
3.6
2.4
3.2
41.3
33.4
34.7
30.7
30.3
32.1
Source: ISTAT GLOBEFISH Highlights January 2015
23
CEPHALOPODS Imports
Imports Squid: Japan
Octopus: Spain
Jan-Sep
Jan-Sep 2009
2010
2011
2012
2013
2009
2014
2010
Mauritania
16.4
14.5
7.2
2.8
10.7 3.9
9.9 3.4
2012
2013
2014
(1 000 tonnes)
(1 000 tonnes) Morocco
2011
17.1 3.2
14.4
China
16.9
19.0
24.1
25.3
28.7
26.0
4.0
Peru
8.9
3.4
9.0
5.7
11.0
9.1
Portugal
0.8
1.3
1.2
1.1
5.7
3.2
Argentina
3.0
0.4
0.6
0.6
2.5
6.0
China
3.0
2.7
0.5
0.6
1.9
1.1
Chile
0.0
0.1
2.7
6.3
6.0
5.6
4.8
5.7
5.7
5.0
4.8
4.2
Mexico
0.0
1.3
1.1
0.3
0.0
1.0
Thailand
Italy
0.6
0.8
0.6
0.8
1.0
0.9
Viet Nam
4.2
4.0
3.5
3.9
3.3
2.8
2.4
2.8
3.8
3.2
5.7
2.1
Viet Nam
1.1
1.4
0.9
0.7
0.5
0.9
USA
Senegal
0.6
0.9
1.4
1.3
0.4
0.8
India
0.8
1.1
1.5
1.2
1.2
0.9
0.6
0.9
0.7
0.9
1.0
0.8
Algeria
0.3
0.5
0.5
0.6
0.4
0.7
Philippines
India
0.8
0.6
1.0
0.8
0.4
0.7
Republic of Korea
0.3
0.3
0.5
0.5
0.9
0.8
1.4
0.5
0.2
0.3
0.2
0.1
Chile
0.7
0.4
1.0
0.4
0.3
0.6
New Zealand
Others
1.7
1.4
2.1
1.5
0.9
1.4
Others
Total
33.2
28.6
24.9
21.4
31.8
29.7
Total
1.2
1.7
1.2
2.6
2.8
2.7
44.5
39.9
53.5
55.5
68.1
61.1
2012
2013
2014
Source: Agencia Tributaria
Source: Japan Customs
Strong and growing demand for octopus on the Japanese market pushed prices up by 40% for raw material for processing in 2014. The reason for the price increase was also attributed to production cuts in West Africa. Thus, supplies for the important year-end season were low, and this helped push prices further up (Source: Minato-Tsukiji).
Imports Squid: Italy
In total, the sales volume on the Japanese market declined in 2014, mainly because of short supplies. Towards the end of the year, demand picked up in spite of the high prices. Octopus imports into Italy, on the contrary, increased slightly by 5.9% during the first three quarters of the year. Total imports during this period amounted to 32 100 tonnes, thus surpassing Japan as an importer once again. The main supplier, Morocco, shipped considerably less; shipments from Morocco to Italy declined by 31.4%. Indonesia almost doubled its exports to Italy, to 3 000 tonnes, and Viet Nam shipped 61.5% more during this period. There was a slight decline in Spanish imports of octopus during the first three quarters of the year, as total imports fell by 6.6% to 29 700 tonnes. All the main suppliers experienced a decline in shipments to Spain and thus accounted for the bulk of the decline.
Jan-Sep 2009
2010
2011
Spain
14.4
15.3
16.7
15.5
17.9
15.4
Thailand
(1 000 tonnes) 17.6
15.7
17.0
13.4
12.4
14.5
China
2.6
3.7
4.4
4.1
6.8
6.7
India
3.0
5.8
5.7
2.7
5.0
4.1
Viet Nam
4.6
5.8
5.5
4.3
3.6
3.1
Peru
1.8
1.2
0.5
0.7
2.6
2.1
Indonesia
1.0
1.5
2.3
1.7
1.5
1.5
USA
0.8
0.6
1.1
1.1
0.4
1.4
South Africa
3.7
4.0
3.8
1.7
1.3
1.2
Morocco
0.5
0.2
0.7
0.5
0.8
1.1
Others Total
2.9
3.6
2.7
2.9
4.5
2.9
53.0
57.4
60.4
48.5
56.8
54.0
Source: ISTAT
Squid
tonnes was landed for freezing, while the total landings of this species amounted to no less than 531 614 tonnes during this period. Partly as a result of this, the Government is now also encouraging jumbo squid consumption in the country (Source: FIS.com).
Peru is trying to consolidate the artisanal fishery for jumbo flying squid (Dosidicus gigas) by introducing new legislation. As the jumbo flying squid fishery is considered to be the second most important fishery in the country, the Government wants to bring the small-scale sector into it. During the first nine months of 2014, a total of 334 650
The Falkland Islands (Malvinas) registered a record catch of squid during 2014, with some very impressive daily landings, including on one day in April when the catch amounted to no less than 6 701 tonnes. The total Illex landings for the season that ended on 15 June amounted to a record 306 000 tonnes.
24
GLOBEFISH Highlights January 2015
CEPHALOPODS Imports Squid: Spain Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Falkland Isl. (Malvinas)
17.8
32.0
24.4
26.7
24.0
25.5
India
10.2
13.0
12.7
13.3
11.6
12.0
China
5.2
9.9
9.7
7.4
7.8
6.7
Morocco
4.2
3.8
4.8
3.8
6.8
6.2
Peru
5.7
11.2
8.4
7.6
8.0
4.2
USA
0.6
1.9
2.8
4.5
0.3
3.5
Namibia
0.5
1.0
1.2
1.6
1.8
1.6
Portugal
1.2
2.0
1.8
1.2
0.9
1.2
South Africa
3.0
3.7
2.8
1.5
0.7
0.6
UK
1.1
2.0
1.1
0.3
0.5
0.6
France
0.7
1.2
1.2
1.5
0.8
0.6
New Zealand
3.1
0.5
1.1
0.5
0.4
0.3
Others
3.9
2.3
5.0
5.0
4.0
3.0
57.2
84.5
77.0
74.9
67.6
66.0
Total
Source: Agencia Tributaria
Imports Squid: USA Jan-Sep 2009
2010
2011
18.7
26.3
27.6
Republic of Korea
5.2
5.0
Taiwan PC
5.2
3.8
Thailand
3.5
India
2.9
Peru New Zealand
2012
2013
2014
28.2
29.3
28.3
3.9
2.7
3.2
3.6
2.8
2.5
2.3
3.0
3.1
2.9
3.1
2.7
2.5
3.2
3.2
4.1
2.8
1.9
2.3
2.3
2.5
2.6
2.7
1.9
0.8
2.8
1.5
0.8
1.5
0.7
(1 000 tonnes) China
Others Total
3.8
3.2
4.4
10.5
7.6
8.1
42.4
49.7
48.8
54.5
52.1
50.0
Source: NMFS
SQUID - in Italy, origin: South Africa EUR/kg 8.0 7.0
6.60
6.0 5.0 4.0 3.0
Landings were weaker towards the end of the season in Argentina, though. In the South Atlantic, the fleet nearly filled its 150 000 tonne quota, as 147 439 tonnes were landed. In the adjacent Argentine Sea, more than 235 000 tonnes were caught, and around the Falkland Islands (Malvinas), the total catch amounted to about 288 000 tonnes. International trade in squid showed a weakening trend in terms of traded volumes on the main importing markets during the first nine months of 2014. Japan imported 10.3% less, Italy 5% less, Spain 2.4% less and the USA 4% less. Chinese shipments to Japan were down by 9.4% to 26 000 tonnes. Peru also shipped less to Japan, while there was a burst in Argentine shipments by 140% to 6 000 tonnes. This can be attributed to increased landings in Argentina in 2014. In contrast, Argentina is absent from the list of main suppliers to Italy. The main suppliers to Italy are Spain, Thailand and China. Total Italian imports of squid during the first nine months of 2014 declined just marginally, by 2 800 tonnes or -5%, and the bulk of this reduction was accounted for by Spain (-14%) and India (-18%), while Thailand shipped 17% more squid to Italy during the 2014 period. Spanish imports of squid during the first three quarters were marginally lower than in 2013: from 67 600 tonnes to 66 000 tonnes (-2.4%). Among the suppliers, the Falkland Islands (Malvinas) strengthened its position as shipments increased as a result of good catches, up 1 500 tonnes or 6.3%. In fact, the Falkland Islands (Malvinas) accounted for 38.6% of all Spanish squid imports during this period. Shipments from China and Morocco went down a bit, while imports from Peru dropped by almost 50%. The USA, which has been very active as an importer of squid in recent years, saw a slight reduction in imports during the first three quarters of 2014, from 52 000 tonnes in 2013 to 50 000 tonnes in 2014. The main supplier by far is still China, which accounted for 56.6% of total imports. There were very slight changes in the positions of the main suppliers to the USA. India and Thailand shipped less squid to the USA than the year before, while Taiwan Province of China shipped 30.4% more than last year. Viet Nam reported soaring shipments of cephalopods to the USA. In September, shipments showed a 308% increase over the same period in 2013, following another record increase of over 1 200% in shipments from Viet Nam to the USA in July. Currently, the USA is the 7th largest market for Vietnamese cephalopods. During the first nine months of 2014, Vietnamese cephalopod exports to the USA grew by over 30% in value (Source: FIS.com).
Squid - Whole, FAS, size M
Source: European Price Report GLOBEFISH Highlights January 2015
The EU, on the contrary, registered a 2.6% decline in imports of cephalopods during the first half of 2014. There 25
CEPHALOPODS
were some shifts among the relative positions of suppliers, as India and Thailand exported more to the EU than in the same period in 2013.
Imports Cuttlefish: Spain Jan-Sep
Cuttlefish Cuttlefish supplies were tight during the first nine months of the year, and the traded volume went down everywhere. Imports into Japan fell by 15%, and all the major suppliers (Thailand, Morocco, and Viet Nam) suffered. On the Italian market, there was a similar reduction in imports (-15.5%). The major suppliers to Italy were Spain, Tunisia and France. Spanish cuttlefish imports declined more than Japan and Italy, as imports fell by 23.2%. Suppliers to the Spanish market were first of all neighbouring Morocco, accounting for almost 60% of all imports, followed by Mauritania (9.6% of the total) and France (7.7% of the total).
Imports Cuttlefish: Japan
2009
2010
10.4
11.2
12.4
Mauritania
2.7
1.8
France
1.9
2.2
Senegal
0.3
0.4
2009
11.6
13.4
12.5
1.2
1.9
3.0
2.0
2.6
3.3
2.7
1.6
1.0
0.5
0.6
0.9
5.7
3.9
2.0
2.0
2.1
0.7
India
11.4
11.1
10.0
7.1
3.0
0.6
Ghana
1.2
1.3
1.2
0.7
0.2
0.6
Others
3.3
5.5
5.2
3.8
2.2
2.0
36.9
37.4
35.6
30.9
27.2
20.9
Total
Source: Agencia Tributaria
2010
2011
2012
2013
2014
120 100
5.2
4.2
4.3
3.5
3.2
Morocco
2.2
2.4
1.4
2.2
2.3
1.7
80
Viet Nam
3.1
2.9
2.5
2.8
1.8
1.5
60
Malaysia
1.4
1.3
1.0
1.0
1.0
0.9
40
Iran (Islamic Rep.of)
0.2
0.5
0.4
0.7
0.2
0.3
Republic of Korea
0.5
0.4
0.4
0.4
0.3
0.1
Yemen
0.2
0.5
0.5
0.1
0.0
0.0
Others
1.1
0.9
0.9
1.2
0.9
0.8
14.2
14.0
11.3
12.6
10.0
8.5
Source: Japan Customs
1 000 MT
140
5.4
NEI
20
Cuttlefish
Squid
0
Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 S ep-12 Sep-13 Sep-14
Source: Japan Fisheries Agency
Prices
Imports Cuttlefish: Italy Jan-Sep 2009
2010
3.6
3.3
2011
2012
2013
2014
3.5
2.7
(1 000 tonnes) 2.4
2.9
Tunisia
2.2
3.5
3.9
3.3
2.3
2.5
France
2.9
4.5
4.8
5.2
4.1
2.1
Morocco
2.3
1.4
1.6
1.2
1.4
1.9
Senegal
1.7
1.7
1.8
1.3
1.6
1.3
UK
0.6
0.8
0.4
0.9
1.1
0.4
Mauritania
1.6
0.8
0.4
0.3
0.3
0.4
Netherlands
0.3
0.4
0.3
0.7
0.2
0.2
Others
2014
China
Thailand
Total
2013
(1 000 tonnes) Morocco
160
(1 000 tonnes)
Spain
2012
Japan cold storage holdings of cephalopods Jan-Sep
Total
2011
2.5
2.1
2.6
2.2
1.0
1.6
17.7
18.5
18.2
18.0
15.5
13.1
Surprisingly, squid prices took a dip towards the end of the year. This may have been because supplies from the Falkland Islands (Malvinas) were good, and because South African supplies also picked up. Octopus prices in Japan are high, and will probably remain so for the time being.
Outlook Demand for octopus seems to be picking up in the main market (Japan), but it will probably remain calm in European markets throughout the winter. Supplies are good at the moment, so there might be some pressure on prices after a while. The squid market is calmer, and was suffering from tighter supplies earlier, but this seems to have eased a bit as landings in the Falkland Islands (Malvinas) were very good. Squid prices have dropped, but should pick up again soon.
Source: ISTAT 26
GLOBEFISH Highlights January 2015
TILAPIA Tilapia producers continue to enjoy steady demand
A
s China supplies more to its domestic market, other producers try to fill the supply gaps in markets where China has been the main supplier. The upcoming Chinese Lunar Year celebration will see increased consumption of tilapia, especially live tilapia, in Southeast Asia, particularly in Malaysia, Singapore and Thailand.
China Total Chinese tilapia exports during the JanuarySeptember 2014 period increased marginally (+0.6%) in volume compared with a year ago, while in value exports experienced a 9.6% growth going above USD 1 billion in total. Frozen fillet exports (the most popular category) continued a downward trend from the previous reporting period (-6.3%). However, this decline was made up for by the positive growth in whole frozen tilapia exports (+5.85%). Of late China is increasingly using its local production for domestic consumption.
Fresh tilapia fillet imports dropped marginally (-0.5%) in quantity and there was not much change in the import value either. Honduras remains the largest supplier accounting for 37% of the imports and supplying 31% more during the review period. Other suppliers who increasingly supply a bigger share to the fresh tilapia market are Colombia (+3.7%) and Mexico (+102%).
Exports are expected to increase to meet the higher demand during Lent in the USA market in the coming months.
Meanwhile Colombian tilapia producer PezCo Aquafarming has started exporting its fresh fish directly to the USA in a bid to have a share in the growing tilapia market in the country. According to a company spokesperson fish was exported to the USA through distributors that were not necessarily Colombian or
Exports Tilapia: China
Imports Tilapia (by product form): USA Jan-Sep
Jan-Sep 2009
2010
2011
2012
2013
2014
2009
2010
(1 000 tonnes)
2011
2012
2013
2014
(1 000 tonnes)
Whole frozen
17.4
53.2
80.4
79.2
94.0
99.5
Whole frozen
32.8
29.4
28.8
26.5
29.8
28.6
Frozen fillets
86.7
130.6
103.8
125.5
121.0
113.4
Frozen fillets
79.6
102.7
89.3
122.8
107.5
112.7
Other tilapia
71.4
39.1
42.3
45.8
53.2
56.8
Fresh fillets
18.6
18.3
16.4
14.7
20.7
20.6
175.5
222.9
226.5
250.5
268.2
269.7
131.0
150.4
134.5
164.0
158.0
161.9
2013
2014
Total
Total
Source: China Customs
Source: NMFS
Exports Tilapia: China
Imports Fresh tilapia fillets: USA Jan-Sep
Jan-Sep 2009
2010
Honduras
4.9
5.5
6.2
4.5
5.8
7.6
Costa Rica
4.4
4.6
1.7
2.8
5.2
4.2
Colombia
1.2
1.5
1.7
1.9
2.8
2.9
Ecuador
7.0
5.9
6.0
5.0
4.1
2.0
Source: China Customs
Taiwan PC
0.1
0.2
0.3
0.2
0.4
0.4
El Salvador
0.4
0.3
0.3
0.1
0.3
0.1
USA
Brazil
0.2
0.3
0.1
0.0
0.0
0.1
Others
0.4
0.0
0.1
0.2
2.1
3.3
18.6
18.3
16.4
14.7
20.7
20.6
2009
2010
2011
2012
2013
2014
2012
(1 000 tonnes)
(Million USD) Whole frozen
12.5
83.8
150.8
141.3
196.0
223.0
Frozen fillets
287.3
459.2
439.6
490.4
509.7
528.5
Other tilapia
175.8
112.5
153.8
164.6
220.2
262.5
Total
475.6
655.5
744.2
796.3
925.9
1014.0
Tilapia imports continued an upward trend into the third quarter of 2014. The share for frozen fillets stood at almost 70% of the total imports, followed by 17.7% for whole frozen and 12.7% for fresh fillets. GLOBEFISH Highlights January 2015
2011
Total Source: NMFS
27
TILAPIA Imports Whole Frozen Tilapia: USA Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) China
21.0
16.6
18.5
17.6
17.5
16.9
Taiwan PC
10.8
11.4
9.0
7.8
11.5
9.9
Thailand
0.6
1.1
0.4
0.4
0.3
0.6
Others
0.4
0.3
0.9
0.7
0.5
1.2
32.8
29.4
28.8
26.5
29.8
28.6
2012
2013
2014
Total Source: NMFS
Imports Frozen Tilapia Fillets: USA Jan-Sep 2009
2010
2011
69.8
91.8
79.6
108.7
95.6
100.8
Indonesia
6.1
7.2
6.4
9.2
8.6
8.1
Thailand
0.5
0.7
0.8
1.8
1.0
1.0
Taiwan PC
0.0
1.6
1.1
1.3
1.2
0.8
Ecuador
0.8
0.5
0.3
0.6
0.6
0.1
(1 000 tonnes)
from Taiwan Province of China. Countries exporting whole frozen tilapia to the USA supplied less (overall -4%), apart from Thailand, which supplied more. The import value of whole frozen tilapia rose by 24% during the period under review. According to the National Fisheries Institute, per capita consumption of tilapia in 2013 declined to 1.430 kg from 1.476 in 2012.
Honduras Projections by the National Aquaculture Association in Honduras (ANDAH) for exports of tilapia suggested that an increase of 5% was hoped for in 2014. From January to August exports had already reach USD 49.6 million in value, an increase of more than 22% compared with the same period in 2013 (USD 40.6 million). Export figures slowed in the last 4 months of the year, however, and were lower than in 2013. Even so, estimations are that tilapia exports could reach USD 75 million, the highest in the last eight years.
2.4
0.9
1.1
1.2
0.5
1.9
79.6
102.7
89.3
122.8
107.5
112.7
Despite, or perhaps because of, the increase in exports Honduras has to import frozen fillets from China and Viet Nam to supply its internal demand. This gap in the local market is a clear opportunity for small rural farmers and producers to supply fresh tilapia fillets to the domestic market. The increase in tilapia consumption in Honduras has already created expectations for some suppliers who chose to market their products locally in 2015.
connected to the local production. They saw an opportunity to shorten the chain from farmer to end consumer and to sell Colombian product directly to the importing country.
In October 2014 Honduras entered into a Free Trade Agreement with Canada, which will facilitate exports of tilapia from Honduras to Canada. Honduras is the larest exporter of tilapia to Canada, followed by Costa Rica and Ecuador.
China
Others Total Source: NMFS
Imports of frozen tilapia (both categories) went up by 2.9% during the first nine months of 2013 from the same period a year ago. The frozen fillet category, which makes up the largest share experienced a 4.8% increase in volume with higher supplies from China but lower imports
Wholesale prices of tilapia fillets in the USA 4.5 4.0 3.5
fresh*
3.0 2.5 2.0
frozen**
EU Demand for tilapia in Europe appears promising as imports of whole frozen tilapia increased by 7.7%, although imports of frozen fillets decreased (-5.7%), during the third quarter of 2014 reaching a total of approximately 24Â 000 tonnes according to Eurostat. Frozen fillet contributed a 56% share, with whole frozen tilapia making up the rest. China remains by far the largest supplier to this region taking a 67% market share. However, during the period under review, supplies fell by 21% from this source as Chinaâ&#x20AC;&#x2122;s domestic market absorbed more of the local supply. Other producers in Asia tried to fill the supply gaps, including Viet Nam, Thailand, Indonesia, Taiwan PC, India and Bangladesh. Imports from these countries made up 33% of the total imports. EU countries taking the highest imports of tilapia were Belgium, the Netherlands and Poland.
1.5 1.0 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 D ec-12 Dec-13 Dec-14
Source: INFOFISH 28
Meanwhile, Regal Springs, one of the worldâ&#x20AC;&#x2122;s largest producers of tilapia, has appointed a new sales representative in Europe, based in Vigo, Spain. The GLOBEFISH Highlights January 2015
TILAPIA
company has been focusing on pushing tilapia further into the northern and southern European markets. Tilapia is just beginning to be accepted in northern Europe but the French and Spanish markets will be more of a challenge. A company representative said that Regal Springs currently supplies around 5 million pounds (2 232 tonnes) of finished products to the European markets. The company foresees a trend toward supplying raw material for value added products (VAP).
Asia With the approaching Lunar New Year, demand for live tilapia is expected to increase in Southeast Asia, particularly in Malaysia, Singapore and Thailand. In Singapore supplies come from imports; however, in Malaysia demand is almost entirely met by local production. Recently, in India the Marine Products Export Development Authority (MPEDA) set a target to substantially increase the production of Genetically Modified Farmed Tilapia (GIFT), which will be valued at about INR 80 billion over the next five years in Andra Pradesh. This was announced at the first Indian Tilapia Summit 2014 organized by MPEDA on 18 December in Vijayawada. Production of tilapia is increasing in India after the government approved responsible aquaculture of tilapia in that country. Exports of whole frozen tilapia increased from 1 133 tonnes during the January-September 2013 period to 7 738 tonnes in the same period in 2014, national statistics sources report. Exports went primarily to African markets and the Middle East. Although in Asia most of the local production enters the domestic markets, some countries do import tilapia. Hong Kong is the largest importer among Asian countries. National statistics report a total of 1 441 tonnes of frozen tilapia (whole and fillet) during the January-September 2014 time period. In addition about 800 tonnes of live tilapia were imported as well. Higher imports of tilapia also took place into the Republic of Korea, Malaysia, Singapore and Japan.
Outlook The market is expected to continue at a steady pace. Demand is firm as tilapia remains an affordable protein source. The USA will be importing more in the coming months with the approaching Lent season when consumption of fish and seafood usually peaks. In Southeast Asia demand will increase during the forthcoming Lunar New Year when tilapia is one of the products consumed during the festivities.
BUSINESS
FOCUS
Mexico’s first Tilapia Farm earns BAP Certification
A
cuicola Gemso S.A. de C.V. is Mexico’s first tilapia farm to attain Best Aquaculture Practices (BAP) certification. A partner of U.S.-based Tropical Aquaculture Products, the farm, which earned BAP certification in January 2014, uses a cage system in the Plutarco Elias Calles “El Novillo” Reservoir, located east of Hermosillo, Sonora, Mexico. Founded nearly five years ago, Gemso partnered with Tropical early last year, when it began exporting fresh tilapia to the U.S. West Coast. The farm is situated only 16 hours from Los Angeles by truck. The fish are processed at a nearby plant equipped to process deep-skinned, fully trimmed tilapia fillets and whole fish. A new, state-of-the-art processing plant is under construction and set to open early this year. Source: gaalliance.org
Philippines BFAR eyes growth of red tilapia industry
W
ith the development of raising red tilapia at sea, the Bureau of Fisheries and Aquatic Resources, forecasts growth of the industry starting in 2015 because the advancement of new technology that enables the red tilapia or the King Fish to survive in seawater will entice more growers to breed the species. Based on the study, raising the red tilapia at sea is more feasible than milkfish (Bangus). Raising red tilapia in fish cages will cost around PHP 300 000 (USD 6 708) per 10 000 fish-capacity cages. This has a 90-95% survival rate and the produce, which can weigh to around 500 kg in four months, can be sold in the market at PHP 130-150 (USD 2.90-3.35/kg). Because of the sustainability and lower investment requirements, fish cage owners of the Panabo are encouraged to also try breeding red tilapia. According to BFAR records, five fish cages in the Panabo Mariculture Park breeds red tilapia, targeting to have 30% of the fish cages in the next year. As of now, international buyers in Singapore, Japan and Hong Kong SAR showed interest in buying fresh red tilapia. During January to July, total tilapia exports from the Philippines was 2 900 tonnes, mostly from fillet to the USA market. Source: INFOFISH Trade News
GLOBEFISH Highlights January 2015
29
PANGASIUS Pangasius production in Viet Nam steady but rising in other producing countries on domestic demand
D
uring the period January to September 2014 approximately 340 000 tonnes of frozen pangasius fillet entered markets in more than 70 countries, a marginal decline from the same period in 2013. However, imports increased into selected markets in the European Union, Latin America and Asia. The worldâ&#x20AC;&#x2122;s largest producer, Viet Nam, reported a steady production in 2014 at 1.1 to 1.2 million tonnes. Production continues to rise in other producing countries where a substantial amount enters the domestic markets. Viet Nam Production of pangasius in 2015 is forecast to remain stable at 1.1 â&#x20AC;&#x201C; 1.2 million tonnes, according to the Directorate of Fisheries under Ministry of Agriculture and Rural Development. The Ministry also forecasts that exports of pangasius in 2015 will reach USD 1.75 - 1.85 billion. In the first 11 months of 2014, pangasius exports were valued at USD 1.6 billion up 0.6% from the same period in 2013, the Vietnam Association of Seafood Exporters and Producers (VASEP) report. Exports declined to most markets, in particular the EU and the USA, while there were higher exports to Asia, Latin America and Saudi Arabia. Vietnamese authorities have passed a decree making it compulsory for commercial fish farms to apply for the VietGAP Standard or another international standard certification by 31 December 2015. VASEP forecasts that 30% of aquaculture installations will be VietGAP certified 2015 and will reach 80% by 2020. The Vietnamese government considers this certification crucial to minimize the negative impacts of aquaculture, to develop sustainable farming, enhance product value and promote exports. In compliance with Vietnamese Law commercial fish farms must be located in planning areas approved by the Peopleâ&#x20AC;&#x2122;s Committee in each locality and the extent of fish farms and their output must be registered with local managing agencies. The new decree also includes detailed regulations on quality and food safety of processed Vietnamese catfish products and stipulates that raw pangasius for processing must be grown on farms that adhere to the regulations. In addition, processed pangasius must comply with regulations on seafood quality and food safety set by Viet Nam and other importing markets. In the case of frozen processed pangasius fillets, the chemicals and additives that are allowed are listed by Vietnamese law and other importing countries and processors are urged to use only those that are permitted. Fingerlings, feed, veterinary drugs, biological products, micro-organisms and chemical products are also specified under Vietnamese law and producers and processors must use those that are approved (Source: FIS.com). 30
In a related development, the regulations on ice and moisture content in tra fish (pangasius) fillets for export that were to have taken effect in January 2015 has been delayed to early 2016 by the government (Source: Seafood.com). Previously, some pangasius exporters in An Giang Province filed a petition asking the government to delay the effective date of the decree by a year. Although exporters acknowledge that the new rule is intended to increase the quality, they argue that a pilot scheme to measure the market reaction should have been implemented first.
USA Total catfish imports during the third quarter of 2014 declined by 7.6% in volume from 2013 according to data from the National Marine Fisheries Service (NMFS). Frozen pangasius fillet imports, which make up 94% of total catfish declined by 8.7%, are the primary reason for the overall decline. Imports of frozen Ictalurus fillet, however, were higher by 5.5% during the period under review. Pangasius frozen fillet supplies fell by 8.7% from the leading supplier Viet Nam but were higher from Bangladesh and China, although the table below does not show these imports. China was the sole supplier of frozen Ictalurus fillets.
Imports Frozen Catfish fillets: USA Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Viet Nam
26.8
32.0
58.6
76.2
76.7
69.9
China
6.6
6.5
2.5
0.3
0.0
0.0
Thailand
5.1
2.3
0.8
0.1
0.0
0.0
Malaysia
0.4
0.3
0.0
0.0
0.0
0.0
Indonesia
0.2
0.0
0.0
0.0
0.0
0.0
Others Total
2.2
0.8
0.4
0.0
0.0
0.0
41.3
41.9
62.4
76.6
76.7
70.0
Source: NMFS
GLOBEFISH Highlights January 2015
PANGASIUS
EU Demand for pangasius in the EU-28 continued to slow during the third quarter of 2014 with a close to 6% decline in imports from the largest supplier, Viet Nam. A total of 98 538 tonnes of frozen pangasius fillet was imported during this period. The largest markets are Spain, the Netherlands, Germany and Italy. Imports by Spain and Italy increased by 5% and 0.5% respectively while imports declined in most other EU countries indicating demand is waning. Of note are the increased imports from Bangladesh during this period. According to Eurostat, a total of 2 421 tonnes of whole frozen pangasius was imported into the EU-28 with nearly 50% from Viet Nam, followed by Indonesia, Thailand and Bangladesh.
Asia Demand for frozen pangasius fillet strengthened during the third quarter of 2014. Both the household and catering sectors are consumers of this product. Approximately 50 000 tonnes of frozen pangasius fillets were imported based on estimates from national statistics. This translates into an approximately 60% increase from the January – June period this year. Thailand, China, Taiwan Province of China, India, Japan and the Republic of Korea imported between 1.35% and 448% more than in the same period in 2013. No imports were recorded by Indonesia because of stringent government import regulations to ensure the quality of imported fish as well as to encourage consumption of local fish. This is also due to the boom in local pangasius farming with strong support from the government and growing demand in the local market. According to the Indonesian Catfish Entrepreneurs Association (APCI), the country’s pangasius industry has successfully substituted imported Vietnamese product, which used to dominate the local fillet market. The local industry now takes around a 70% share of the local fillet market, supplying around 700 tonnes per month to retailers. Local pangasius production is estimated to be around 500 000-600 000 tonnes annually, which the government hope will increase to reach 1.1 million tonnes in 2023.
Latin America The largest importers of pangasius fillet in this region during January – September 2014 were Mexico, Brazil and Colombia accounting for 95% of the nearly 83 000 tonnes imported. Imports increased by 4.9%, 87% and 27% respectively by these countries from a year ago. However, in a recent development,the Brazilian government temporary suspended Viet Nam pangasius import licenses for sanitary reasons and lack of phyto-sanitary controls.
GLOBEFISH Highlights January 2015
PANGASIUS - i n Spain, origin: Viet Nam USD/kg 3.5 3.3 3.0 2.8 2.5 2.3 2.0 1.8 1.5
2.70 2.65
Fillets - interleaved, 20% glaze, skinless, boneless, belly-off Fillets - IQF, white, 20%, 1kg poly bag
Source: European Price Report
Outlook Overall demand is expected to remain firm with significant imports taking in most markets globally. The slightly weak USA market may pick up as Lent approaches while in Asia demand for locally produced pangasius is likely to strengthen with the upcoming Chinese Lunar New Year.
BUSINESS
FOCUS
Viet Nam: Pangasius exporters to pay higher tariffs in the USA
T
he Vietnamese tra fish (pangasius) exporters will face higher tariffs for their products to enter the USA market. This arises from the results of the antidumping duty administrative review (POR 10) by the US Department of Commerce, issued on 16 January 2015, Viet Nam Association of Seafood Exporters and Producers (VASEP) informed. The duty applied to tra fillets of 24 Vietnamese exporters was raised to USD 0.97 per kilo, higher than the USD 0.58 set in July 2014. Meanwhile, a rate of USD 2.39 per kilo still remains applicable to other Vietnamese companies that export to the USA. According to Truong Dinh Hoe, Vasep general secretary, the final result of the US review POR 10 issued nearly doubles the antidumping tax rate levied on Vietnamese tra fish fillets imported between August 2012 and July 2013. Hoe believes these high duties will force almost all exporters to temporarily stop selling their products to the US. He added that the number of exporters to the USA market is expected to go down to three from as many as 30 companies four years ago. Source: FIS.com
31
EUROPEAN SEABASS AND GILTHEAD SEABREAM Turkish expansion strategy set to pay off as sea bass and seabream production growth throttled back
T
he Turkish seabass and seabream industry has been steadily increasing production volumes for the last decade or so, to the point where Turkey is now the worldâ&#x20AC;&#x2122;s major producer of seabass and also closing the gap on the Greek seabream sector. At the beginning of 2015, it now appears that the production growth stage of the Turkish expansion is winding down and the focus is instead switching to turning production into profit. The fourth quarter of 2014 continued to be a stable period for Turkish seabass and seabream producers. Average prices (domestic and export) for both species were stable during last quarter of the year. The end of year festivities period in Europe boosted the exports in the latter part of
Bass and bream production (2012) Seabass 24%
Production Seabass (Dicentrarchus labrax): World Jan-Sep
Seabream 76%
2009
2010
2011
2012
2013*
2014*
(1 000 tonnes) Source : FAO
A number of factors have contributed to the Turkish success. For one thing, Turkeyâ&#x20AC;&#x2122;s major competitor, the Greek industry, has been struggling to maintain profitability for some years now, while the economic crisis has severely restricted access to credit. Meanwhile, the Turkish sector has received substantial investment and government support, on top of its existing advantage in terms of production costs. This has allowed Turkish exporters to price their product well below their Greek counterparts in many cases, leading to a steady influx of Turkish fish into established and emerging markets alike. More recently, the Russian ban on imports of seafood products from a range of Western nations, including Greece, has played into Turkish hands. Although, prior to the ban, Turkey was already the major supplier to the Russian market, the difficulty that Russian imports are facing obtaining other species, such as salmon, appears to have boosted demand for Turkish bass and bream substantially.
Turkey
46.6
50.8
47.0
65.5
60.0
64.0
Greece
33.9
40.2
44.4
42.8
45.0
44.0
Spain
13.3
12.2
18.4
15.1
15.0
15.0
Egypt
6.7
17.6
18.7
14.8
15.0
14.0
Italy
6.9
6.6
6.8
6.9
8.0
8.0
France
6.7
8.6
7.7
7.3
7.0
6.0
Others Total
8.1
9.5
11.0
9.8
10.0
11.0
122.2
145.6
154.0
162.2
160.0
162.0
2013*
2014*
Source: FAO (until 2012)
(*) Estimate
Production Seabream (Sparus aurata): World Jan-Sep 2009
2010
2011
2012
(1 000 tonnes) Greece
60.7
57.4
71.1
72.5
73.0
71.0
Turkey
29.5
29.3
33.0
31.7
45.0
47.0
SEABASS/SEABREAM - in Italy origin: Greece
Spain
24.4
21.4
16.4
17.4
18.0
19.0
EUR/kg
Egypt
8.1
17.1
15.9
16.5
17.0
17.0
6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0
4.55 4.70
Seabass fresh whole 300-450 gr/pc
Seabream fresh whole 300-450 gr/pc
Italy
5.7
6.6
5.9
6.1
8.0
7.0
Tunisia
2.0
2.8
4.6
6.1
6.0
7.0
Cyprus
2.6
2.8
3.1
3.2
3.0
3.0
Malta
2.0
1.8
1.1
2.6
3.0
3.0
France
1.5
2.6
2.4
2.0
2.0
2.0
Israel
1.1
1.2
1.4
2.1
2.0
2.0
Others
6.6
7.8
6.6
7.8
8.0
9.0
144.1
150.8
161.4
167.8
185.0
187.0
Total Source: European Price Report 32
Source: FAO (until 2012)
(*) Estimate GLOBEFISH Highlights January 2015
EUROPEAN SEABASS AND GILTHEAD SEABREAM Exports Fresh Seabream: Turkey
Exports Fresh Seabass: Greece
Jan-Sep
Jan-Sep 2009
2010
2011
2012
2013
2014
2009
2010
0.1
0.4
France
2012
2013
2014
1.7
3.0
(1 000 tonnes)
(1 000 tonnes) Italy
2011
Russian Fed.
1.1
1.3
11.6
13.7
13.5
12.5
11.5
14.1
2.6
2.9
3.2
2.6
2.3
1.9
Netherlands
0.8
0.7
0.8
0.9
2.1
2.6
Italy
1.4
1.6
1.3
1.5
2.0
2.5
Portugal
1.7
2.2
1.9
1.9
1.8
1.8
Spain
2.7
3.7
2.6
2.0
2.6
1.6
Spain
0.3
0.2
1.5
1.2
1.1
2.4
Lebanon
1.5
1.6
1.4
1.0
2.3
2.3
UK
1.6
2.5
2.6
1.9
1.5
1.2
Others
2.2
3.0
3.5
2.9
2.5
2.2
Total
22.4
28.0
27.3
23.8
22.2
22.8
Source: EUROSTAT
Exports Fresh Seabream: Greece 2009
2010
2011
21.4
20.6
15.6
7.2
6.6
6.1
2012
2013
2014
16.4
16.0
16.2
6.7
7.7
7.1
(1 000 tonnes) Spain France
5.5
5.4
4.9
4.9
4.8
4.9
Portugal
2.9
2.1
3.2
3.6
3.7
3.5
Germany
2.4
1.7
1.5
1.8
1.9
1.7
UK
1.4
1.3
1.4
1.7
1.0
0.8
Netherlands
0.9
0.9
0.8
0.9
0.8
0.8
Others
2.3
2.1
1.8
2.0
3.5
2.4
43.9
40.5
35.4
38.0
39.5
37.3
Total
Source: EUROSTAT
Exports Fresh Seabass: Turkey Jan-Sep 2009
2010
2013
2014
Netherlands
1.8
1.5
2011 1.3
Italy
3.4
1.9
Russian Fed.
0.1
0.4
Spain
2.1
UK
0.5
USA Lebanon
2012 0.9
2.8
3.2
1.4
1.7
2.2
2.9
1.1
0.9
1.7
2.8
2.0
1.5
0.5
1.7
1.9
0.3
0.3
0.7
1.1
1.7
0.0
0.1
0.1
0.1
0.5
1.4
0.7
1.0
0.9
0.4
0.7
0.9
Greece
2.5
1.4
0.6
0.4
0.0
0.0
Others
0.2
0.3
0.6
0.4
1.6
1.3
11.3
8.9
7.8
6.0
12.3
16.1
(1 000 tonnes)
Total
Source: State Institute of Statistics GLOBEFISH Highlights January 2015
0.1
0.2
0.3
0.4
0.5
1.0
0.0
0.0
0.3
0.4
0.4
0.5
Others
1.0
0.5
0.5
0.8
2.6
2.9
Total
5.2
5.2
7.2
7.5
12.7
17.2
Source: State Institute of Statistics
Jan-Sep
Italy
UK Germany
December. Seabream sales were strong for 300-400 and 400-600 g fish during December and 2013 generation seabream stocks were cleared out by most producers. According to industry experts one of the main challenges remaining for Turkish seabass and seabream producers in 2015 are bio-technical problems associated with decline in quality of fish feeds. As the global prices for fishmeal and oil increase, feed producers tend to use lower priced alternatives (e.g. soya meal and oil), which have a negative impact on quality of fish feed in terms of feed conversion ratios (FCR) and fish growth rates. Poorer FCRs and growth rates are expected to increase rearing periods and production costs. Lower fish growth rates and longer grow out periods may create some bottlenecks for supply of 300-400 and 400-600 g fish, which are most in demand by international markets. At the same time this situation can create an advantage for producers with shorter grow out periods. In Greece, meanwhile, companies continue to focus on debt servicing strategies and corporate restructuring in an attempt to return to profitability. Progress is being made, however, and this year there have been a number of reports of reduced losses. Medium-szied companies remain mostly profitable however. Though there are multiple underlying factors, higher international prices for gilt-head seabream, the primary export species, have eased pressure on margins. Although Greece has exported less fish overall in 2014, compared with last year, the higher price level has more than compensated, at least in the case of bream. For bass, the situation is somewhat less positive, as the average export price this year for fresh whole fish is lower than 2013, and volumes are approximately flat as of September. This is no doubt related to the greater penetration of cheaper Turkish seabass into traditionally Greek markets than there has been in the case of seabream. 33
EUROPEAN SEABASS AND GILTHEAD SEABREAM
Italy Greek producers will have been somewhat relieved by the resilience of the Italian market in 2014, which has traditionally been the most important destination for Greek bass and bream. Italian figures show approximately the same quantity of fish imported from Greece this year, at marginally higher prices, particularly for seabream. This is despite the relatively slower recovery of the Italian economy compared with the rest of the Eurozone, although the slight reduction in domestic production in 2014 should also be taken into account. Also, Italian buyers are apparently not immune to the allure of cheaper Turkish fish, and the Turkish share of supply for both bass and bream continues to increase year by year. In this sense, many retailers use three product categories for the farmed fish; the large volume and low priced Turkish origin, Greek product as standard, and Italian product, which is somewhat larger sized as the top product. In addition is the wild product, which is priced at twice the top domestic price level.
Imports Fresh Seabream and Seabass: Italy Jan-Sep 2009
2009
2010
2011
2012
2013
2014
(million Euro) Seabream (dentex/pagellus) Spain
4.1
4.2
4.2
4.4
4.0
4.0
Greece
4.2
4.6
3.5
4.1
1.2
1.4
Portugal
2.0
2.3
2.5
1.9
2.0
2.4
11.7
12.3
10.9
11.2
8.1
8.7
Greece
42.7
55.2
66.3
61.8
61.3
63.2
Turkey
4.5
5.8
6.2
5.6
7.8
10.9
Malta
2.7
4.8
7.2
6.1
4.0
4.8
Spain
3.4
3.4
3.7
4.7
3.5
3.9
Total
57.6
74.9
90.9
84.9
84.0
91.1
Total
Greece
38.4
55.6
64.9
66.8
59.1
61.5
Turkey
12.0
6.6
6.4
8.4
9.1
13.2
Croatia
2.8
3.3
5.8
4.6
4.6
6.1
France
8.7
7.4
10.2
5.5
5.8
4.2
Spain
0.9
1.6
2.2
2.4
3.9
3.8
Total
65.0
77.2
94.8
90.6
84.7
91.6
134.3
164.4
196.6
186.7
176.8
191.4
Gr.Total Source: ISTAT
2013
2014
Spain
0.4
0.4
0.4
0.4
0.4
0.4
Greece
0.9
0.9
0.6
0.7
0.2
0.2
Total
1.7
1.6
1.3
1.4
0.9
0.9
Greece
11.4
12.8
12.9
14.4
14.5
13.8
Turkey
1.4
1.6
1.3
1.5
2.0
2.5
Malta
0.8
1.2
1.4
1.5
0.9
1.0
Total
14.7
16.7
16.9
19.0
19.2
19.1
8.4
12.5
12.7
11.7
11.3
11.8
Seabream (gilthead)
Seabass Turkey
3.4
1.8
1.4
1.7
2.2
2.8
Croatia
0.6
0.8
1.3
0.9
0.9
1.1
1.0
0.8
0.7
0.6
0.7
0.3
Total
13.7
16.3
17.1
15.5
15.9
16.9
Gr.Total
30.1
34.7
35.3
35.8
35.9
36.9
Source: ISTAT
Imports Fresh Seabream and Seabass: Spain Jan-Sep 2009
Seabream (gilthead)
Seabass
2012
(1 000 tonnes)
France
Jan-Sep
2011
Seabream (dentex/pagellus)
Greece
Imports Fresh Seabream and Seabass: Italy
2010
2010
2011
2012
2013
2014
(1 000 tonnes) Seabream (all species) Greece
6.5
6.0
5.7
4.8
6.2
5.7
Turkey
0.4
0.1
1.5
1.4
1.2
2.5
Morocco
0.3
0.2
0.3
0.3
0.3
0.3
France
0.3
0.3
0.1
0.1
0.1
0.1
Portugal
0.2
0.1
0.2
0.2
0.2
0.1
Total
7.8
7.0
7.9
6.8
8.0
8.8
Greece
2.7
3.6
2.8
2.6
3.7
2.8
Turkey
2.2
2.0
1.5
0.4
1.9
2.1
France
0.3
0.3
0.2
0.2
0.3
1.8
Total
5.5
6.1
4.7
3.3
6.1
6.8
13.3
13.1
12.6
10.1
14.1
15.6
Seabass
Gr. Total
Source: Agencia Tributaria
Spain Spain is another market that is increasingly supplied by Turkey, mainly at the expense of their Greek competitors. In 2014, Turkish fish accounted for just more than 29% of 34
the total fresh seabass and seabream imported into Spain from January to September. In 2012, this proportion was only 18%. In the same timeframe, the Greek share has GLOBEFISH Highlights January 2015
EUROPEAN SEABASS AND GILTHEAD SEABREAM
dropped from 73% to around 54%, while a substantial increase in imports from France was also noticeable in 2014. In general, demand appears to be improving on the Spanish market.
Imports Fresh Seabream and Seabass: France Jan-Sep 2009
Imports Fresh Seabream and Seabass: Spain 2010
2011
2012
2013
2014
Seabream (all species) Greece
23.6
25.4
29.7
21.8
29.5
27.0
Turkey
1.2
0.5
7.2
5.9
4.6
11.7
Morocco
1.2
0.9
2.8
2.8
2.6
3.1
Portugal
0.9
0.7
0.7
2.1
2.2
1.9
France
2.3
2.2
1.4
1.1
1.4
0.7
30.3
31.1
42.8
33.7
40.8
44.8
Seabass Greece
12.0
15.3
14.3
13.1
17.8
12.8
Turkey
8.2
7.4
6.9
2.0
7.9
10.0
France
3.6
3.0
2.1
2.3
2.6
2.8
Total
25.6
27.2
25.3
17.9
29.7
26.7
Gr. Total
55.9
58.3
68.1
51.6
70.5
71.5
Source: Agencia Tributaria
France French retailers are focusing on promoting domesticallyproduced bass and bream this year and demand for imported farmed fish appears to be weakening. However, it should be kept in mind that a significant part of the French bass and bream market, particularly for bream,is supplied by capture fisheries, for which up-to-date price and production data is much more difficult to obtain, although price levels in general are quite high. France also exports wild bass to Italy.
Other markets Imports of Greek fish into the UK, particularly of seabream, have fallen drastically in 2014, while Turkish-origin imports have more than doubled. Demand appears to be firm on the German market, although here also we may observe a steady shift in importer preference toward cheaper Turkish fish. A similar trend is evident on the US market, where imports of Turkish more than doubled in 2014.
Outlook Juvenile production data for the major bass and bream producers suggest that production growth, for at least the next two years, will be approximately flat for seabream GLOBEFISH Highlights January 2015
2012
2013
2014
(million Euro)
(million Euro)
Total
2011
Seabream (dentex/pagellus)
Jan-Sep 2009
2010
Spain
1.2
1.1
2.1
1.6
1.0
1.0
Greece
1.8
2.3
4.2
1.6
0.4
0.6
UK
0.2
0.3
0.2
0.2
0.2
0.2
Total
4.0
4.7
7.8
3.7
1.9
2.2
Seabream (gilthead) 15.4
16.7
19.0
16.5
17.9
17.6
Spain
Greece
5.4
5.1
3.4
8.6
9.6
8.2
Total
21.7
24.0
24.5
26.9
32.6
30.5
11.4
13.5
16.2
13.5
11.3
9.5
Seabass Greece Spain
1.1
2.7
3.5
5.1
6.9
5.0
Netherlands
1.3
1.4
1.3
1.4
1.8
2.2
UK
1.4
1.6
1.7
1.4
1.4
1.8
1.9
0.9
1.1
1.3
1.9
1.4
Total
Turkey
18.3
21.6
24.5
24.2
25.5
22.7
Gr. Total
44.0
50.3
56.8
54.8
60.0
55.4
Source: Direction Nationale des Statistiques du Commerce Extérieur – DNSCE
Imports Fresh Seabream and Seabass: France Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Seabream (dentex/pagellus) Spain
0.3
0.3
0.5
0.4
0.2
0.2
Greece
0.5
0.5
0.7
0.3
0.1
0.1
Total
1.1
1.2
1.5
0.9
0.4
0.6
Seabream (gilthead) Greece
4.2
3.7
3.6
3.3
4.7
4.4
Spain
1.4
1.1
0.6
1.6
2.0
2.0
Total
5.8
5.4
4.6
5.3
7.5
7.4
2.5
2.7
3.0
2.1
2.4
1.7
Seabass Greece Spain
0.2
0.5
0.6
0.8
1.1
0.8
Total
3.8
4.1
4.3
3.7
4.6
3.6
10.7
10.7
10.4
9.9
12.5
11.6
Gr. Total
Source: Direction Nationale des Statistiques du Commerce Extérieur – DNSCE
35
EUROPEAN SEABASS AND GILTHEAD SEABREAM Imports Fresh Seabream: UK Jan-Sep 2009
2010
2011
Greece
0.8
0.9
1.2
Netherlands
0.4
0.4
France
0.3
0.2
Others
0.2
Total
1.8
2012
2013
2014
2.8
2.6
1.4
0.4
0.3
0.6
0.5
0.2
0.2
0.1
0.1
2) The need for increased collaboration and collective marketing strategies, including product diversification, to increase the export market penetration of the species and reduce dependency on domestic market sales;
0.2
0.3
0.4
0.2
0.2
3) The need for improved data collection and dissemination;
1.8
2.2
3.8
3.7
2.8
(1 000 tonnes)
Source: Her Majesty’s Revenue & Customs
Imports Fresh Seabass: UK Jan-Sep 2009
the participants as future areas of focus for the industry as a whole: 1) The need for increased investment in research and development activities to improve, among other things, techniques for breeding and genetic selection, nutrition and disease management;
2010
2011
2012
2013
2014
(1 000 tonnes) Netherlands
1.1
1.6
1.2
1.0
2.0
2.2
Greece
1.4
2.4
3.3
3.9
3.5
1.4
Turkey
0.2
0.0
0.0
0.1
0.5
0.9
France
0.4
0.3
0.5
0.4
0.3
0.3
Others
0.7
0.4
0.7
0.8
0.8
0.5
Total
3.8
4.7
5.7
6.2
7.1
5.3
4) The need for better environmental management regulations and practices. The general feeling amongst the participants at the workshop was that, although the sector has struggled with profitability for some time now, and has thus been distracted from addressing these issues by the need to ensure its basic survival, it is now time to take proactive steps towards laying a more stable foundation to support and encourage the sustained growth of the industry in the future.
Imports Fresh Seabream and Seabass: Germany Jan-Sep 2009
Source: Her Majesty’s Revenue & Customs
and likely to be negative for seabass. This is in large part due to the reversal of the Turkish industry’s previously rapid growth. The future effect on the market is difficult to predict precisely, but strong growth in many emerging markets and evidence of slow recovery in many established ones suggests that demand is now outstripping supply. This in turn should see prices rise, which will bring some relief to cash-strapped Greek producers. It is the Turkish industry, however, that is set to reap the greatest benefits if sustained high price levels are indeed the result of tightening supply. Turkish fish is now present in large quantities in almost all the major markets, and Turkey is the dominant supplier to many important emerging markets including Russia, where the import ban will continue to represent a lucrative opportunity for Turkish exporters for as long as it lasts. In the short term, the usual cyclical pattern should see prices for both bass and bream trend upwards in early 2015.
2010
2011
2012
2013
2014
(1 000 tonnes) Seabream (dentex/pagellus) Greece
0.3
0.4
0.3
0.3
0.3
0.4
Total
0.4
0.5
0.3
0.4
0.4
0.5
Seabream (gilthead) Turkey
0.1
0.0
0.1
0.3
0.9
1.0
Greece
0.5
0.7
0.6
1.0
0.9
0.6
Italy
0.1
0.1
0.1
0.1
0.2
0.5
Total
1.0
1.1
1.0
1.5
2.7
2.7
Seabass Greece
0.2
0.4
0.4
0.5
0.5
0.3
Italy
0.1
0.2
0.3
0.1
0.1
0.2
France
0.1
0.1
0.1
0.1
0.1
0.1
Total
0.6
0.8
1.0
1.2
1.8
1.8
Gr.Total
2.0
2.4
2.3
3.1
4.9
5.0
Source: Germany Customs
Despite the more positive outlook, many challenges remain for the bass and bream sector. At a workshop that took place as part of Aquaculture Europe 2014 in October, a wide range of different stakeholders within the industry came together to try and identify the key issues that need to be addressed. Although a diverse selection of different topics were discussed, the following were emphasized by 36
GLOBEFISH Highlights January 2015
SALMON Eventful year ends on positive note with reduction in supply growth of salmon predicted
C
ontinuing a trend that began in late 2012, salmon prices in 2014 have been largely sustained at exceptionally high levels. European producers in particular have been smashing export revenue records month after month while bottom lines in Chile have turned from red back into black. The fact that this has been achieved even with an estimated 10% increase in global production this year â&#x20AC;&#x201C; compared with a mere 2% in 2013 â&#x20AC;&#x201C; and the recent Russian ban on food imports from a number of major Western producers including Norway makes it all the more remarkable, and emphatically underlines the strength and pace of global demand growth. Salmon production (farmed and wild) by species (2012)
Sockeye (=Red) salmon 5%
2009 2010
Coho (=Silver) salmon 6%
Atlantic salmon
Atlantic salmon 69%
Source: FAO
As well as the worldâ&#x20AC;&#x2122;s two major (farmed) salmon producers, Norway and Chile, the smaller producing countries are also benefitting from favourable supply and demand dynamics, higher prices and, in some cases, the additional opportunities offered by the Russian ban. The Faroe Islands, in particular, has seen its revenues boosted by its non-exclusion from the Russian market. In the wild salmon market, Russia and the USA had somewhat contrasting fortunes in 2014, with Alaskan catches of sockeye and pink salmon coming in above forecast and chum coming in below, while Russian fisherman saw higher than expected catches of chum and lower than projected production of pink.
Prices Farmed salmon prices started 2014 much higher than they did in 2013, but have since followed a broadly similar pattern although faster growth in the pens meant higher harvest volumes earlier in the summer. Later in the year, in early December, prices took a sudden dive, dropping more in one week than they have in over a decade and causing some turmoil in the markets. The underlying cause of the sharp decline was the over-reliance of Norwegian producers on Europe to absorb excess volumes that would traditionally have been directed to Russia. The price of the less-seasonal Chilean fish, meanwhile, began to decline GLOBEFISH Highlights January 2015
2011 2012 2013* 2014* 2015* 2016* (1 000 tonnes)
Chum (Keta=Dog) salmon 6% Pink (=Humpback) salmon 14%
Production Farmed salmon: World
Norway
863
940 1 065 1 232 1 200 1 250 1 250 1 310
Chile
233
123
264
400
490
620
600
630
UK
133
155
158
163
165
165
170
170
Canada
100
101
102
108
120
125
135
140
Faeroe Islands
51
45
60
77
80
85
88
88
Australia
30
32
35
44
44
44
44
44
Ireland
12
16
12
12
15
16
17
18
USA
14
20
19
19
20
22
22
22
3
6
10
12
12
12
12
12
Others Total
1 440 1 438 1 726 2 067 2 146 2 187 2 338 2 434
Pacific salmon Chile New Zealand
158
123
161
164
140
130
170
175
12
13
14
12
12
13
13
13
Japan
16
15
0
10
8
8
8
8
Total
186
151
175
186
160
136
191
196
Gr. Total
1 626 1 589 1 901 2 252 2 306 2 323 2 529 2 630
Source: FAO (until 2012)
(*) Estimate
somewhat from exceptionally high levels at the end of the second quarter as efforts to redirect product to the Russian market proved insufficient to offset a fall in prices in the USA and Brazil. For wild salmon, prices for Alaskan sockeye and pink salmon decreased, while chum and coho prices were up somewhat compared with last year.
Norway Higher water temperatures, meaning better growth conditions, in Norway in 2014 saw supply volumes of farmed Atlantics substantially up compared with 2013. However, following the Russian ban in August, regulators implemented a temporary 6% increase in the Maximum Allowable Biomass (MAB) to allow farmers to delay 37
SALMON Salmon fillet prices (FOB Miami, chilled, C-trim, Alt. fresh, 3-4 bs) 6.00
Exports Salmon and Trout: Norway Jan-Sep
USD/lb
5.50
2009
2010
5.00
2011
2012
2013
2014
(bill. NOK)
4.50
Salmon
16.7
21.8
21.7
21.1
27.1
31.9
4.00
Fresh
12.6
16.1
16.4
16.3
21.8
24.9
Frozen
0.8
1.0
1.2
0.9
0.8
1.0
Fresh fillet
1.9
2.7
2.2
2.1
2.6
3.4
3.00
Froz. Fillet
1.3
1.8
1.8
1.7
1.7
2.4
2.50
Trout
0.9
0.8
0.7
1.2
1.5
1.7
3.50
2.00 Dec-07
Source: Norwegian Seafood Council Dec-08
Dec-09
Dec-10
Dec-11 D
ec-12
Dec-13
Dec-14
Source: Urner Barry’s Seafood Price
harvesting if necessary. Combined with the industry’s concerted marketing efforts to redirect excess fish to the EU and the USA, such measures have meant that substantial damage to the Norwegian industry following the exit of one of its major trading partners has been largely avoided so far. As a result of the ban, year-to-date exports of Norwegian salmon to Russia were down by 44% in volume by the end of November. In contrast, exports to almost all EU destinations, with the notable exception of France, were up substantially. For the whole of the EU, the increase in volume was approximately 11% by the end of November. The UK and Spain, in particular, boosted their imports of Norwegian salmon considerably, although Poland and France remain the top two importers. Helped by significant depreciation of the krone, exporters combined the increase in export volume to the EU with a year-on-year rise in the average value of fresh whole Atlantics of around 4.5%. At the same time, average price increases for fresh and frozen fillets, of 11% and 18% respectively, accompanied volume increases of a similar magnitude, pointing to strong demand growth in a number of import markets for these valued-added products. Analysts are forecasting only minimal growth in Norwegian production volumes in 2015, and forward prices suggest the aggregate consensus expectation is for further prices
SALMON - in France, origin: Norway EUR/kg 7.0 6.0
5.32
5.0 4.0 3.0 2.0
Fresh, gutted, head-on, 3-6 kg/pc
Exports Salmon and Trout: Norway Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Salmon
490.1
551.0
572.5
710.1
667.0
726.2
Fresh
397.2
433.8
466.3
591.3
559.3
603.4
Frozen
28.0
33.4
35.4
36.1
27.7
32.1
Fresh fillet
39.5
50.0
39.4
47.8
48.1
55.6
Froz. Fillet
24.0
32.1
30.2
33.6
30.8
33.8
Trout
28.5
18.2
17.5
38.7
38.8
37.2
Source: Norwegian Seafood Council
increases, particularly in the first half of the year. However, there still remains some uncertainty as to the long-term consequences of the situation in Russia, where the picture is complex and involves a number of contrasting effects. In addition, feed price increases and other costs are likely to continue climbing next year, while sea lice levels, which tend to increase in line with water temperature rises, remain a persistent problem pushing up costs and preventing growth where regulatory limits are breached.
Trout The Norwegian trout industry attempted to mitigate the impact of the Russian ban in much the same manner as their salmon counterparts, allowing a temporary increase in the MAB on trout farms of 20% until the end of March 2015, while at the same time investing significantly in marketing strategies intended to assist suppliers in finding alternative markets for their fish. However, while salmon markets are highly diverse and globalized, Russia traditionally represents a sizeable proportion of Norway’s entire trout export market and thus some negative effects were inevitable. The end result was a 6% year-on-year drop in total trout export volumes from January to November, although higher average prices meant a marginal increase in total value for the same period.
Source: European Price Report 38
GLOBEFISH Highlights January 2015
SALMON Exports Salmon and Trout: Chile
TROUT - Ex-farm prices in Italy EUR/kg 3.5
Jan-Sep
3.0
2.90 2.70
2.5
2009
2010
2011
1.5
Trout: Salmo spp
Rainbow Trout: Oncorhynchus mykiss
1 112.8
744.6
1 255.5
1 493.3
1 929.8
2 698.3
Frozen
726.4
414.3
709.9
829.7
1026.1
1523.3
Fresh
346.3
288.7
499.4
610.2
861.0
1132.4
Canned Smoked
Chile After experiencing a severe health crisis because of the ISA virus, which took many companies close to bankruptcy, and a period of low prices, the scenario has changed radically. Chilean producers have adjusted costs and positive results are starting to appear, with Chilean companies approaching profitability levels of Norwegian ones. The drop in mortality and a higher harvest weight have improved outcomes. According to the newspaper Pulso, high prices have led the salmon industry to have one of the most favourable summers in recent years, while future projections are much better. The so-called “super cycle” of prices has prompted a series of acquisitions in the industry resulting from positive expectations for 2015. Industry sources argue that a decline in Atlantic salmon harvests could cause an increase in prices during the first weeks of this year.
Exports
2009
2010
2011
2013
2014
(1 000 tonnes) Salmon
202.5
109.8
161.8
239.2
310.8
348.5
Frozen
145.5
70.7
101.7
138.2
194.8
207.2
Fresh
52.8
35.0
56.5
96.3
112.1
138.1
Canned
2.0
0.9
0.4
0.6
0.4
0.7
Salted
0.2
1.4
1.1
1.7
1.4
0.7
1.9
1.9
2.2
2.4
2.2
1.7
77.9
87.8
99.5
103.8
87.6
56.0
Frozen
70.1
73.4
86.6
92.4
77.1
48.4
Fresh
4.1
9.6
7.7
5.9
5.9
5.4
Canned
0.1
0.1
0.0
0.0
0.0
0.0
Salted
1.3
2.6
2.6
2.4
1.7
0.8
Smoked
2.3
2.2
2.6
3.1
3.0
1.5
280.4
197.6
261.3
343.0
398.4
404.5
Source: Boletín de Exportaciones del IFOP GLOBEFISH Highlights January 2015
5.9
3.6
7.2
7.4
12.0
4.7
5.4
26.2
34.2
35.5
34.5
30.0
806.0
697.5
556.2
533.2
Frozen
382.9
494.1
681.3
587.1
454.0
437.5
Fresh
28.7
75.4
68.2
47.7
50.0
61.9
Canned
0.9
0.6
0.1
0.0
0.0
0.0
Salted
7.5
16.1
18.4
16.8
9.7
5.3
Smoked Total
26.5
27.8
37.9
45.9
42.6
28.5
1 559.3
1 358.7
2 061.5
2 190.8
2 485.9
3 231.4
Source: Boletín de Exportaciones del IFOP
Exports (unit value) Salmon and Trout: Chile Jan-Sep 2009
2010
Salmon
5.50
6.78
2011 7.76
Frozen
4.99
5.86
7.07
Fresh
6.56
8.26
Canned
6.64
7.73
2012
2013
2014
6.24
6.21
7.74
6.23
5.27
7.35
7.70
7.67
7.68
8.20
11.51
9.69
9.34
10.11
(in USD/kg)
Trout
2012
4.6
8.2 614.1
Smoked Jan-Sep
7.1
1.9 24.9
Salted
Salmon and Trout: Chile
13.2
446.5
Trout
Total
2014
Salmon
Salted
Source: European Price Report
Smoked
2013
(million USD)
2.0
Trout
2012
8.12
6.05
14.88
13.14
3.46
7.38
12.85
13.88
13.32
13.86
15.69
17.70
5.73
6.99
8.10
6.70
6.35
9.51
Frozen
5.46
6.74
7.87
6.32
5.89
9.04
Fresh
6.98
7.86
8.86
7.90
8.50
11.56
Canned
7.24
9.52
14.62
0.00
0.00
0.00
Salted Smoked Average
5.74
6.24
7.05
6.80
5.70
6.54
11.76
12.47
10.73
14.80
14.36
19.46
5.56
6.88
6.70
6.36
6.24
7.99
Source: Boletín de Exportaciones del IFOP
Felipe Sandoval, president of the Association of Chilean Salmon Industry AG (SalmonChile), estimated that farmed salmon exports would reach an historic peak in terms of value during 2014. The figure could exceed USD 4 billion, placing salmon as the second exported item in Chile after copper. This would be considerably more than the USD 3 520 million registered in 2013 and is almost three times larger than ten years ago, when shipments were valued at USD 1 450 million. 39
SALMON Exports Salmon and Trout: Chile Jan-Sep 2009
2010
2011
106.5
33.3
108.0
USA
57.7
86.5
EU (25)
21.3
Lat.America Others
2012
2013
2014
138.0
113.3
88.9
49.0
77.9
93.1
105.6
6.1
9.0
12.8
26.4
24.1
42.0
37.2
42.0
60.0
73.1
82.5
52.9
34.6
53.0
54.2
92.3
103.4
280.4
197.6
261.0
342.9
398.3
404.5
(1 000 tonnes) Japan
Total Source: IFOP
Jan-Sep
Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) USA
14.3
18.1
22.9
23.9
28.2
32.8
France
11.7
15.9
11.7
13.2
12.2
18.5
Ireland
2.3
1.7
2.4
2.9
3.1
4.2
2013
2014
Poland
0.6
1.5
4.3
5.3
3.9
2.1
Germany
1.3
1.3
1.1
0.7
0.5
0.9
892.0
563.1
698.6
Total
528.0
620.0
833.7
1082.9
48.5
87.0
77.8
168.4
196.7
203.8
247.4
309.0
326.0
461.1
583.3
212.8
194.8
355.0
275.0
459.6
670.1
2009
2010
Japan
556.8
325.7
2011 782.0
USA
453.9
542.3
EU (25)
132.1
Lat.America
2012
(million USD)
Others
Exports Salmon: UK (by product and country)
Fresh
Exports Salmon and Trout: Chile
Total
Demand for salmon from domestic consumers is also strong in the UK, with January to October figures showing a 10% rise in year-on-year import volumes. This increase consists mainly of canned wild salmon from Alaska, as well as frozen and fresh fillets. Market reports suggest more and more salmon is being sold at discount retailers.
Others
1 559.3 1 358.7 2 061.0 2 190.8 2 485.9 3 231.5
Source: Boletín de Exportaciones del IFOP
Regarding production, SalmonChile estimates that in 2014 the final number will exceed 800 000 tonnes, surpassing 792 200 tonnes registered in 2013.
3.9
4.4
6.9
11.5
17.5
20.3
34.1
42.9
49.3
57.5
65.4
78.8
Frozen Ukraine
0.0
0.0
0.1
0.6
1.1
1.5
France
0.7
1.4
1.5
1.0
0.9
1.3
Russian Fed.
0.8
1.6
1.0
2.4
0.7
0.6
Germany
0.2
0.1
0.2
0.1
0.2
0.4
Others
3.5
1.1
1.9
1.7
2.0
2.1
Total
5.2
4.2
4.7
5.8
4.9
5.9
Canned Ireland
0.7
0.6
0.7
0.6
0.5
0.5
Others
0.3
0.3
0.2
0.7
0.7
0.8
Total
1.0
0.9
0.9
1.3
1.2
1.3
0.6
0.6
0.5
0.6
0.6
0.6
According to the Instituto de Fomento Pesquero (IFOP), Atlantic salmon was the most exported species from January to September 2014 with 282 840 tonnes for a total of USD 2 300 million. In terms of quantity a 26.3% increase was registered, which amounted to a noteworthy increase of 42% in value.
Italy
0.4
0.4
0.5
0.5
0.6
0.5
Belgium
0.2
0.3
0.5
0.3
0.3
0.2
UK
Grand Total
The UK salmon industry is booming, helped by a number of different factors. Firstly, Russia is not traditionally a large market for UK exporters, and as a result the impact of the ban was relatively minor. Secondly, the strategy of targeting two of the fastest growing markets in the USA and China continues to pay dividends. Lastly, the somewhat tarnished image of Norwegian salmon in France from some adverse media coverage has led some French importers to look to the UK as an alternative source of fish. January to October figures show higher export volumes this year have caused a minimal decrease in the average price, but 2014 still looks on course to being an all-time record year for export revenues.
40
Smoked France
Total
2.9
4.3
3.6
3.3
3.2
3.1
43.2
52.3
58.5
67.9
74.7
89.1
Source: Her Majesty’s Revenue & Customs
Markets Global demand for salmon continues growing, driven primarily by income growth and urbanization together with a widespread shift in preferences towards healthy eating and sushi-type food items. Other important reasons for the continued popularity of salmon is the unique and excellent taste of the fish, its nutritional benefits, its versatility in terms of product possibilities and its lack of any obvious substitutes. The USA is currently leading the way of the traditional established markets, while China
GLOBEFISH Highlights January 2015
SALMON
and Brazil continue to represent ever more important sources of demand as their growth continues, with Chile as the main beneficiary. The major uncertainty presently is obviously Russia, where a collapsing currency and economic problems are hurting importers.
Imports Salmon: Germany (by product) Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes)
France France is notable out of the major EU markets as having registering a pronounced decline in salmon imports in 2014. This indicates weakening consumer demand, resulting from a combination of high prices and bad publicity for farmed salmon. A recent Entreprises du Traiteur Frais (ETF) survey showed 9 out of 10 French consumers buy salmon once a year, with smoked salmon in particular considered a festive product. The ETF survey also showed that many French consumers are unaware that smoked salmon is smoked in France, which could represent a potential branding opportunity.
Fresh salmon
36.0
34.8
35.8
33.2
34.5
44.8
Frozen salmon
4.0
3.9
3.2
2.8
5.5
4.6
Smoked salmon
Imports Salmon: France
Imports Salmon: Germany (by origin)
22.4
22.3
24.8
23.2
26.4
24.3
Fresh fillets
5.6
5.7
5.0
5.4
6.7
6.8
Frozen fillets
23.9
24.8
23.8
19.2
23.4
27.1
1.2
1.3
2.6
4.0
9.7
6.6
Salted Canned Total
2.1
1.9
1.8
1.8
2.5
3.6
94.6
94.0
96.2
89.6
108.7
117.8
2013
2014
Source: Germany Customs
Jan-Sep 2009
2010
2011
70.3
76.4
73.0
Norway
48.5
55.4
UK
12.1
13.7
2.8
Jan-Sep
2012
2013
2014
81.6
77.6
71.2
51.0
61.4
55.8
14.4
15.1
14.2
2.9
2.5
1.5
2.0
1.8
2.3
2.6
2.5
1.4
1.7
1.6
2.1
3.5
2.4
0.8
0.6
0.5
UK
0.8
1.5
1.2
0.2
0.1
0.1
Norway
0.7
0.6
0.4
0.2
0.1
0.1
3.9
4.7
4.8
6.0
5.9
5.1
2009
2010
Norway
37.2
40.7
40.9
37.7
36.1
36.8
44.8
Poland
20.1
19.7
20.1
23.3
34.4
28.7
18.4
Denmark
7.0
6.5
6.9
6.6
10.4
18.9
(1 000 tonnes) Fresh whole
Frozen Pacific USA Frozen Atlantic
Smoked UK
0.6
0.5
0.5
0.6
0.4
0.5
2.4
3.5
3.6
4.3
4.5
3.4
6.8
7.9
8.6
13.6
14.1
12.8
5.9
7.2
7.9
12.2
12.3
10.3
Frozen fillets
16.3
15.0
15.6
13.8
17.0
17.7
Chile
7.1
2.9
3.1
4.4
7.0
5.5
Norway
China Canned Thailand Denmark Grand Total
4.3
6.0
6.5
4.1
3.6
4.2
1.5
1.4
1.4
1.2
1.6
1.1
0.2
0.4
0.2
0.3
0.4
0.3
0.5
0.3
0.5
0.5
0.4
0.3
103.7
111.7
108.3
118.5
118.8
110.2
Source: Direction Nationale des Statistiques du Commerce ExtĂŠrieur â&#x20AC;&#x201C; DNSCE
Germany Germany is another major market where importer preferences appear to be shifting. Germany traditionally imports large volumes of smoked Norwegian salmon via Polish smokehouses, but recent high prices are evidently beginning to have a dampening effect on demand. Likely
GLOBEFISH Highlights January 2015
2012
(1 000 tonnes)
Poland Fresh fillets
2011
China
9.7
13.4
12.4
10.3
8.1
12.0
Chile
7.2
1.5
2.3
1.3
5.9
6.2
Lithuania
2.2
2.8
4.2
4.0
2.9
4.0
USA
2.2
1.9
2.0
1.3
2.8
2.2
UK
1.9
2.0
2.3
2.0
2.8
2.1
Others
7.1
5.4
5.1
3.0
5.3
6.9
94.6
94.0
96.2
89.6
108.7
117.8
Total
Source: Germany Customs
related to this trend is the growth in fresh whole salmon imports into Germany in 2014, suggesting that smoking or other value addition is now increasingly taking place post-import. Similarly to France, there has been a revival of trade in cheap frozen fillets from China this year after a lull in 2013.
Japan Trade statistics suggest the Japanese market for salmon has been undergoing somewhat of a transformation recently. The Chilean supply of coho has been reduced as farmers there focus more on Atlantic salmon production, sending prices soaring, while Russian sockeye is also scarce. Japanese importers appear to be responding by increasing purchases of frozen fillets, primarily Atlantic, to make up some of the shortfall. In general, demand appears to be firm, with reduced supply pushing up prices levels substantially.
41
SALMON Imports Salmon: Japan
same period of 2013. In terms of value, an increase of 31% (USD 1 090 million against USD 830 million) was registered. Canada was the second ranked country with 47 340 tonnes (-24%) worth USD 380 million (-11%).
Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Fresh *
15.3
15.0
15.7
21.4
16.6
14.9
Norway
13.3
13.0
13.3
19.4
14.0
13.2
Australia
0.8
0.9
1.2
0.9
0.6
0.3
UK
0.3
0.3
0.4
0.4
0.5
0.3
New Zealand
0.4
0.5
0.5
0.4
0.4
0.2
Frozen**
98.3
97.3
103.9
118.7
117.2
86.8
Chile
63.8
55.2
69.2
92.7
84.6
59.1
Russian Fed
14.7
19.0
18.1
16.6
25.9
20.8
USA
17.2
19.0
13.4
7.6
3.5
5.2
Canada
0.4
1.9
1.2
0.5
0.9
1.2
New Zealand
1.5
1.4
0.8
0.5
1.7
0.1
NA
NA
NA
4.3
5.4
6.8
Fresh fillets Norway
NA
NA
NA
3.8
5.3
6.8
Frozen fillets
NA
NA
NA
12.6
9.3
16.7
Chile
NA
NA
NA
7.8
5.4
12.9
Norway
NA
NA
NA
3.6
2.5
2.1
113.6
112.3
119.6
157.0
148.5
125.2
Grand Total
Source: Japan Customs * mainly Atlantic
**mainly Pacific
Outlook The long-term outlook for the global salmon industry remains positive, with low supply growth for the next two years likely to send prices skyward once again on the back of strong demand, and recently set records may be short-lived. However, any forecast must acknowledge a number of remaining uncertainties. The most obvious is the situation in Russia, which could potentially deteriorate if an economic downturn continues to hurt importers, creating a relative surplus as even those suppliers excluded from the ban will face increasing difficulty securing competitive prices on the Russian market. In the shorter term, there is also the question of whether EU and USA markets will be capable of replacing early-year demand that previously came from Russia. On the contrary, it is also possible to envisage a situation where the Russian ban is lifted, economic recovery in the EU and the USA gathers pace and supply growth is flat or even negative. The upward pressure on prices in such a situation would likely be substantial. Meanwhile, production costs and diseases risks, as always, represent further sources of unpredictability in the market.
Note: 2008-2011 grand totals do not include fillets
USA USA salmon consumption is rising, and trade statistics point to strong demand growth, despite the downtrend in prices in the second half of 2014. Chile continues as the USAâ&#x20AC;&#x2122;s main salmon supplier, exporting 100 230 tonnes during the first nine months of 2014, which represents an increase of 18% compared with the 84 770 tonnes shipped in the
Imports Salmon: USA Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Fresh fillets Chile
35.0
15.4
29.6
48.0
60.6
69.6
Norway
13.1
18.9
6.4
2.9
3.5
8.4
Canada
3.1
5.6
4.0
3.3
4.6
3.0
Other
6.3
5.3
9.3
8.0
8.8
11.2
Total fresh fillets
57.5
45.2
49.3
62.2
77.5
92.2
Frozen fillets
40.2
45.4
46.1
43.4
52.1
62.1
Smoked All salmon
2.9
3.1
3.3
3.8
3.8
3.8
181.4
176.9
174.5
206.9
220.3
238.2
Vegetarian Salmon: Still Good for You
A
mid reports that the increasing proportion of vegetable ingredients in salmon feed means less of the healthy long chain (LC) fatty acids, omega3s, are present in farmed salmon, it is important to recognise that current levels are still many times what are actually needed. Even with todayâ&#x20AC;&#x2122;s level of LC omega-3s in farmed salmon, one portion will still cover more than the recommended weekly intake of these healthy fatty acids. Indeed, studies have shown that a 100% vegetarian salmon will have enough LC omega-3s to cover several daysâ&#x20AC;&#x2122; requirements in only one meal - still superior to most known fish species. This is because, to a certain extent, salmon can convert short chain omega-3s (of vegetable origin) into long chain omega-3s. Thus, while it is true that levels of omega-3s in farmed salmon have fallen and will continue to do so, farmed salmon (and many other farmed fish species) will remain a uniquely plentiful source of LC omega-3s. At the same time, feeding small pelagics directly to humans rather than to salmon or other farmed fish, might be a more optimal use of these fisheries resources from a nutritional point of view.
Source: NMFS 42
GLOBEFISH Highlights January 2015
SMALL PELAGICS Lower mackerel supplies likely, prices of frozen mackerel, herring rising
A
fter a significant increase in mackerel supplies in 2014, a modest reduction must be expected in 2015. Quotas are slightly lower but demand seems to be growing in the main markets. Prices for whole frozen mackerel are up again, and for frozen herring, prices appear to be rising well ahead of the seasonal norm. Imports
Mackerel As 2014 drew to a close, Norway and the EU met again in Bergen in mid-November and early December to negotiate the new mackerel quota round. ICES had recommended that the new quota should not exceed 906 000 tonnes. This was 100 000 less than its revised advice for 2014 (1 011 million tonnes). It was also much lower than the 1.24 million tonnes TAC set by Norway, the EU and the Faroe Islands in March last year. In the end, a total quota of 1 054 000 tonnes was finally agreed on, allocating 519 512 tonnes to the EU, 237 250 tonnes to Norway, 132 814 tonnes to the Faroe Islands, and 164 424 tonnes to be kept in reserve (Sources: UndercurrentNews/World Fishing & Aquaculture).
Frozen Mackerel: Germany Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) UK
1.0
1.4
5.1
7.2
7.8
6.2
Netherlands
3.6
3.8
4.4
3.9
2.6
2.8
Ireland
3.5
4.1
3.2
2.4
2.9
2.4
Poland
2.3
2.2
2.5
0.3
0.8
1.2
Denmark
3.2
2.6
2.6
1.1
1.0
0.4
Others Total
1.4
2.4
7.1
4.4
4.3
5.9
15.0
16.5
24.9
19.3
19.4
18.9
Source: Germany customs
Exports Frozen Mackerel: Norway Jan-Sep 2009
2010
2011
China
11.0
33.3
Nigeria
0.3
24.9
3.0
Japan
9.8
49.8
25.1
Netherlands
0.3
2.2
6.3
10.5
17.9
5.3
2012
2013
2014
14.8
31.7
7.5
1.1
24.3
13.1
12.1
21.9
8.6
2.6
13.7
12.0
11.5
9.2
9.9
5.2
9.3
4.7
5.0
9.6
(1 000 tonnes)
Turkey Republic of Korea
19.7
Supplies Mackerel catches in Norway were good in October, and sales took off, although prices were down as a result of abundant supplies. However, exporters expected prices to Japan to remain at steady levels, while prices for smaller
16.5
13.5
14.4
16.3
11.4
6.4
Poland
5.2
5.7
4.6
4.5
5.4
5.5
Lithuania
1.9
0.8
2.1
4.5
4.5
5.5
Vietnam
0.1
0.3
0.4
0.5
1.9
3.1
Romania
2.3
2.0
0.3
0.9
1.6
2.7
Ukraine
5.9
4.9
5.6
4.3
6.4
2.3
Ghana
0.0
0.9
0.1
0.6
2.8
2.1
USA
0.9
1.3
0.7
1.2
1.8
1.7
Thailand
0.9
0.8
1.9
1.8
2.5
1.5
Taiwan PC
1.5
1.2
2.4
3.7
2.1
0.7
Belarus
1.3
2.5
1.3
1.2
1.1
0.6
5.00
Others
4.8
9.1
6.8
10.9
9.1
12.1
0.00
78.5
176.3
128.1
115.5
95.4
155.3
Total
Source: Germany customs GLOBEFISH Highlights January 2015
Norwegian frozen mackerel export prices Norwegian frozen mackerel export prices 40.00 35.00 NOK per kg fob Norway
Russian Fed.
31.8
In December, the Faroe Islands signed a free trade agreement with Turkey after 15 years of negotiations. The new agreement means that the Faroe Islands can compete on equal terms with Norway, Scotland and Iceland selling seafood to Turkey. Turkey has become increasingly important as a market for some cold-water species such as mackerel and herring in recent years (Source: UndercurrentNews).
30.00
>600 grammes <600 grammes
25.00 20.00 15.00 10.00
Source: NSC/Central Bureau of Statistics, Norway 43
SMALL PELAGICS
sizes, going mainly to Nigeria, were down. By 31 of October, Norway had landed 195 000 tonnes, and all but 21 000 tonnes of this were landed during October. By the end of October, most of the Icelandic and Norwegian TACs of 153 000 tonnes and 269 000 tonnes, respectively, had been caught. If other fishing nations’ catches are added, the total landed quantity approached 1 million tonnes. The mackerel landed was sold very quickly in all markets, and as the minimum landing price had been lowered, exporters were not unhappy with their margins. The size of fish landed was relatively small, though, most being 300 – 500 g per piece. While Japan normally prefers larger sizes, this market now seems to have adapted to the smaller sizes. Japanese buyers seemed to be worried about not getting enough product. Sales to Nigeria have also picked up. Earlier, there were problems on this market, but those seems to have been resolved. Nigeria prefers smaller sizes, down to about 200 – 400 g, and prices paid were in the range USD 1 100 – 1 200 per tonne. In Egypt and other parts of Africa, prices were slightly higher, up to USD 1 500 per tonne (Source: UndercurrentNews).
Trade Norway’s exports of frozen mackerel increased dramatically during the first nine months of 2014, from 95 400 tonnes during the same period in 2013 to 155 300 tonnes in 2014 (+62.8%). There were strong increases in shipments to the four largest markets, China (+114%), Nigeria (+2 109%), Japan (+81%) and the Netherlands (+427%). On the contrary, Norwegian exporters saw declines in export volumes to some markets such as Russia (-44%), Ukraine (-64%), and Taiwan Province of China (-67%). In Europe, German imports of whole frozen mackerel remained fairly steady, and registered only a 2.6% decline during the first nine months of the year. Imports from the UK fell by 20.5% to 6 200 tonnes. Only minor changes were registered for other suppliers. Exports of mackerel to China from the UK, Ireland and the Faroe Islands increased dramatically during 2014, at the expense of Norwegian exporters. According to a report in UndercurrentNews, the UK’s market share in China went from just 1% in 2013 to 11% for the first nine months of 2014. One of the reasons for this is the strained diplomatic relations between Norway and China since the Nobel Peace Prize was awarded to Chinese dissident Liu Xiaobo. Norway’s market share has declined from 85% in 2013 to 63% in the first nine months of 2014. Much of the mackerel imported from Norway is actually just processed (or re-packed) for re-export to Japan. Another reason for increasing exports from the UK, Ireland and the Faroe Islands is that the Chinese market for mackerel is growing. During the first nine months of 44
2014, Chinese imports of mackerel grew by 20% compared with the same period in 2013 (Source: UndercurrentNews).
Horse mackerel In Namibia, the Government has been looking for years for ways to increase value-addition within the country rather than just exporting raw material. A new processing plant for horse mackerel was opened in Walvis Bay in November 2014 and will most probably contribute to this end. The plant, which is owned by the Gendev Group, will add to the existing on-shore freezing facilities as it will have a capacity of 300 tonnes per day. It will also create employment for up to 700 persons in the local community. The law suit launched by the Namsov Fishing Enterprises against the Namibian Ministry of Fisheries and Marine Resources for allocating horse mackerel quotas to companies that did not have the capacity to catch their quota ended with a ruling in favour of Namsov. Thus, the Government’s quota allocation was ruled “unlawful and irregular”.
Herring Herring has been moving north along the coast of Norway lately, and there is a growing fishery for this stock in the Troms region in the north. In November 2014 over 100 000 tonnes were landed in this region (Source: Fiskeribladet Fiskaren).
Supplies The Alaskan herring fleet is expecting to catch considerably less Sitka herring this year, according to the Alaska Department of Fish and Game. The “guideline harvest level” for 2015 in the Sitka Sound is just 8 712 tonnes, which is the lowest level since 2003, and only about half of last year’s level of 16 333 tonnes (Source: UndercurrentNews). It is now 25 years since the “Exxon Valdez” accident in Alaska, but some fish stocks have still not recovered,
Imports Frozen herring fillets: Germany Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) Norway
6.6
9.9
7.3
8.7
5.0
5.4
Denmark
2.0
1.3
1.2
4.2
3.3
2.8
Iceland
0.0
0.8
1.3
0.6
1.5
1.6
UK
0.3
0.0
0.1
8.2
2.8
1.2
Netherlands
1.1
1.0
0.9
0.8
0.7
0.9
Ireland
0.3
0.1
0.1
0.4
1.6
0.2
Others
0.7
0.5
0.3
0.2
0.1
0.0
11.0
13.6
11.2
23.1
15.0
12.1
Total
Source: Germany customs GLOBEFISH Highlights January 2015
SMALL PELAGICS Exports Dutch frozen herring
Imports Fresh and frozen herring: Japan Jan-Sep
Jan-Sep 2009
2010
2011
2012
2013
2014
2009
2010
21.9
26.4
36.1
34.4
23.3
2012
2013
2014
17.5
21.8
22.5
(1 000 tonnes)
(1 000 tonnes) Nigeria
2011
29.2
43.0
43.8
64.5
USA
Egypt
22.9
10.8
9.2
21.7
26.8
47.9
Russian Fed.
4.3
5.0
4.1
4.0
4.8
4.7
China
10.0
10.1
7.1
7.0
7.1
15.9
Canada
0.0
0.0
0.0
0.2
1.7
2.7
Malta
0.5
0.9
0.5
0.8
1.2
8.2
Norway
2.7
2.8
3.1
1.8
2.3
2.1
Tunisia
0.0
0.0
0.8
0.5
0.0
3.5
Netherlands
0.6
0.6
0.2
0.4
0.3
0.3
0.7
0.6
0.2
0.1
0.1
0.6
30.2
35.4
30.9
24.0
31.0
32.9
Spain
0.1
0.2
1.6
2.3
1.0
2.1
Others
France
0.3
0.7
0.9
2.1
0.7
1.8
Total
Source: Japan Customs
Germany
1.0
1.6
1.6
1.9
2.4
1.7
Lithuania
0.9
0.2
0.6
2.3
0.9
1.4
UK
0.5
0.6
1.5
0.7
2.6
1.2
Belgium
0.4
0.2
0.2
0.4
0.5
1.0
Thailand
0.4
0.5
0.6
0.6
0.7
0.7
Others
3.9
2.5
1.3
2.7
6.2
12.1
77.0
62.7
55.1
86.1
93.9
162.0
Total
Source: EUROSTAT
Exports Frozen whole herring: Norway Jan-Sep 2009
2010
2011
2012
2013
2014 32.2
(1 000 tonnes) Russian Fed.
89.9
84.5
47.9
46.9
37.2
Ukraine
47.9
39.9
39.3
33.6
19.1
24.1
Lithuania
11.7
14.8
11.8
13.0
13.2
16.4
Netherlands
13.5
17.4
14.9
8.8
11.9
13.0
1.9
3.2
1.9
2.1
3.1
4.8
Latvia Kazakhstan Egypt
6.4
7.0
4.6
2.3
1.9
3.5
10.0
21.8
16.2
14.2
9.8
3.2
Germany
2.2
2.6
3.8
2.9
2.7
2.3
Poland
3.5
3.5
2.3
2.4
3.1
2.0
Nigeria
83.3
69.3
44.7
5.8
2.9
0.6
Others
20.5
20.2
15.8
10.3
7.6
8.4
290.8
284.2
203.2
142.3
112.5
110.5
Total
Source: Statistics Norway
especially, showed strengthening signs. Exports to Nigeria increased by 47% to 64 500 tonnes, and exports to Egypt increased by 79% to 47 900 tonnes. Exports to China also increased strongly to 15 900 tonnes (+124%). Other growing exports markets for the Netherlands included Malta, which imported 8 200 tonnes of frozen herring from Netherlands during the first half of 2014, and Tunisia (3 500 tonnes). Norwegian frozen herring exports declined slightly from 112 500 tonnes during the first nine months of 2013 to 110 500 tonnes during the same period in 2014. In fact though, the decline in Norwegian frozen herring exports has been massive if we go a few more years back. In 2009, Norway exported 290 800 tonnes during the first three quarters of the year, and in 2014 this was reduced by almost two thirds. Main markets for Norwegian frozen herring were Russia (29% of the total), Ukraine (22% of total), and Lithuania (15% of total). German imports of frozen herring fillets dropped by almost 20% during the first three quarters of 2014, to 12 100 tonnes. While the main supplier, Norway, increased shipments slightly to 5 400 tonnes (accounting for almost 45% of total German frozen herring imports), other main suppliers such as the UK and Ireland decreased exports to Germany. This may be seen in light of the significant increase in shipments to other markets.
Norwegian frozen herring export prices 18.00
according to the Exxon Valdez Oil Spill Trustee Council. Pacific herring is one of the species that is still struggling. Consequently, the status for Pacific herring in Alaska is being kept at status quo (Source: UndercurrentNews).
Trade Dutch exports of frozen herring during the first three quarters of 2014 increased significantly, from 93 900 tonnes during the same period of 2013 to 162 000 tonnes during the same period in 2014. African markets, GLOBEFISH Highlights January 2015
NOK per kg fob Norway
16.00 14.00 12.00
Norwegian frozen herring export prices
Whole frozen Frozen fillets
10.00 8.00 6.00 4.00 2.00 0.00
Source: NSC/Central Bureau of Statistics, Norway 45
SMALL PELAGICS
Japan’s imports of frozen herring during the first nine months of 2014 increased slightly (+6.1%) to 32 900 tonnes. The main suppliers were the USA (accounting for 68% of total imports), Russia (14% of total) and Canada (8% of total). There were very minor changes for all major suppliers. At the beginning of December, catches of North Sea herring were quite good, and prices were very high. “We’re getting Matjes herring prices for 180 – 190 g fish,” said one fisherman. According to reports, prices of up to NOK 5.22 per kg were paid to the fishermen (Source: UndercurrentNews). Russia’s exports of herring were considerably reduced during the first nine months of 2014. According to ItarTass news agency, the year-on-year reduction was 40%. The main reason for this is the Government’s initiative to prioritize domestic sales in order to offset the impact of Russia’s import ban on fish from western countries (Source: UndercurrentNews).
2014, US imports of canned sardines increased by 6.3%, to 22 100 tonnes compared with 2013 figures. The main suppliers were Canada, Thailand, and Morocco, each accounting for between 17% and 15% of total imports. Canada showed the greatest increase in shipments to the USA (+46%) during this period.
Imports Canned sardine: UK Jan-Sep 2009
2010
2011
Morocco
3.5
3.4
1.9
Portugal
3.4
3.7
Thailand
0.6
2.6
Others
1.1
0.7
Total
8.6
10.4
2012
2013
2014
2.7
3.3
3.9
3.8
3.6
2.9
2.3
1.9
3.8
2.3
1.9
0.4
0.1
0.7
1.3
8.0
10.2
9.2
9.4
2012
2013
2014
(1 000 tonnes)
Source: Her Majesty’s Revenue & Customs
Capelin In Iceland, it is reported that capelin landings were down by 75%, to 112 214 tonnes during the period from December 2013 through November 2014. Overall pelagic catches dropped by almost 30% as a result of the reduced catches of capelin.
Anchovies and sardines IMARPE, the Peruvian Institute for Marine Research, in October recommended that the Peruvian anchovy fishery should remain closed during the second season of the year because of lower stocks. Understandably, the industry is frustrated by this and claim that they will face a loss of as much as USD 1.2 billion if the second season is not opened. The move will also trigger the collapse of many small and medium size fishing companies, according to the Fisheries National Front of Peru. The sharp drop in the anchovy biomass is attributed to El Niño, the climatic phenomenon that occurs periodically and warms up the sea. The warmer water has a strong impact on the anchovy, which will migrate to deeper and cooler waters beyond the reach of the industrial fleet (Sources: FIS.com and UndercurrentNews). European imports of canned sardines are fairly stable. Imports into Germany and France declined slightly during the first nine months of the year, while UK imports increased marginally. The main supplier to all three markets is Morocco, which accounted for 64% of canned sardine imports in Germany, 68% in France, and 41% in the UK. The USA has shown a slight increase in imports of canned sardines in 2014, although the trend over the last six years has been very stable. Annual imports vary between 20 000 tonnes and 22 000 tonnes. In the first nine months of 46
Imports Canned sardine: USA Jan-Sep 2009
2010
2011
(1 000 tonnes) Canada
5.0
5.2
4.9
2.9
2.6
3.8
Thailand
4.4
3.5
4.0
5.0
3.3
3.4
Morocco
2.7
2.7
2.4
2.6
3.2
3.4
Ecuador
2.3
2.2
1.7
3.1
3.0
2.9
Poland
0.9
2.5
3.6
2.8
4.0
2.4
China
0.6
1.0
1.1
1.7
1.3
2.0
Philippines
1.3
1.2
1.9
1.5
1.1
1.3
Others Total
3.6
2.4
2.0
2.4
2.3
2.9
20.8
20.7
21.6
22.0
20.8
22.1
2012
2013
2014
Source: NMFS
Imports Canned sardines: France Jan-Sep 2009
2010
2011
(1 000 tonnes) Morocco
10.0
7.8
5.2
6.6
9.4
8.1
Portugal
2.9
3.1
3.0
3.6
3.2
3.4
Spain
0.5
0.7
0.3
0.3
0.3
0.1
Thailand
0.1
0.1
0.1
0.1
0.1
0.1
Others
0.4
0.3
0.2
0.4
0.2
0.3
13.9
12.0
8.8
11.0
13.2
12.0
Total
Source: Direction Nationale des Statistiques du Commerce Extérieur – DNSCE GLOBEFISH Highlights January 2015
SMALL PELAGICS Imports Canned sardine: Germany Jan-Sep 2009
2010
4.9
4.1
2011
2012
2013
2014
3.4
3.0
(1 000 tonnes) Morocco
2.9
3.4
Peru
0.3
0.7
0.6
1.3
0.9
0.7
Netherlands
0.6
0.5
0.6
0.3
0.4
0.7
Others
0.3
0.4
0.6
0.5
0.3
0.3
Total
6.1
5.7
4.7
5.5
5.0
4.7
Source: Germany customs
Prices
Herring prices usually follow their seasonal pattern. However, there seems to be a departure from the pattern in late 2014, as the upturn for whole frozen herring, which usually comes in May – June every year, seems to have come already in December 2014. Prices for frozen fillets, which have been on a downward trend since early 2012, made a sudden upward jump in November – December 2014.
Outlook The outlook for 2015 is a bit mixed. A slight reduction in landings of mackerel and herring can be expected, as well as a major reduction for anchovies. Prices seem to be on the way up, and if supplies tighten, this trend is expected to continue.
Mackerel prices, which dropped dramatically during the first half of 2014, are now up again, in spite of increased supplies. However, the trend differs according to the size of the fish. For mackerel larger than 600 g, prices have bounced up, while prices for smaller than 600 g are on a slight decline.
MARKET FOCUS China: Big increases for Fujian’s pelagic fishery in 2014
F
ujian province has seen a significant growth in its pelagic fishing industry in 2014, scoring a gross output of 243 000 tonnes with a value of CNY 3 billion (USD 484 million), both up by more than 20% from the previous year. The foreign exchange volume from exports of aquatic products by Fujian exceeded USD 5.3 billion, ranking it first in the country. In addition, 101 ocean fishing vessels were brought into use last year. The modern fishery in Fujian also developed rapidly, with an estimated output value of CNY 233 billion, up by 6% year on year, ranking it third in China. The gross output of aquatic products reached nearly 7 million tonnes, ranking third, too. Currently Fujian is accelerating the construction of projects in accordance with a Fujian-ASEAN maritime cooperation foundation, and striving to build a Fujian-ASEAN aquatic product trading platform. The province set a goal of 6% growth in its fishery economy output in 2015. It also plans to add at least 50 vessels for pelagic fishing and increase fishery cooperation with countries include Indonesia, Myanmar, Madagascar and Tanzania, said an official with the provincial Ocean and Fishery Bureau.
RECENT
NEWS
USA: New ASMFC assessment confirms Atlantic menhaden is not overfished
T
he Atlantic States Marine Fisheries Commission (ASMFC) released the 2014 Atlantic Menhaden Stock Assessment, the first assessment since the highly contentious 2012 stock assessment. The results determined that the Atlantic menhaden stock is not overfished, and overfishing is not occurring. The 2014 assessment also corrects problems in the 2012 assessment report and invalidates that assessment’s methods and results, replacing them with more accurate models and data sources and setting a new standard in menhaden stock analyses. The 2014 Atlantic Menhaden Stock Assessment Report is a reevaluation of the species’ status dating all the way back to the beginning of its recorded history in the 1950s. The report finds that the stock’s healthy status appears largely unrelated to harvest cuts. Source: Seafood.com
Source: thefishsite
GLOBEFISH Highlights January 2015
47
FISHMEAL AND FISH OIL Ever-growing demands and extreme supply constraints pushed fishmeal and fish oil prices to a record high in late 2014
P
eruvian anchovy fishing and thus fishmeal and fish oil production have been affected by a moderate El Niño phenomenon for all of 2014. However, until June 2014 prices for fishmeal in international markets did not respond significantly to the anticipated supply shortage likely to be the result of the low anchovy catches in Peru. Nevertheless, ever-growing demands and extreme supply constraints pushed fishmeal and oil prices up again from August, when the actual reduction in catches was apparent. In October 2014, an FOB price of USD 2 400 per tonne was recorded for super prime fishmeal in Peru. In early December IMARPE and the Ministry of Production confirmed that there would be no quota for the second fishing season at the end of 2014. Fishmeal and Fish Oil production (2011) Fishoil 16%
Production Fishmeal: 5 major producers Jan-Sep 2009
2010
2011
1 442
1 281
1 502
Denmark/Norway
230
381
Iceland
178
202
1 850
1 751
2012
2013
2014
1 066
799
809
183
80
177
234
92
158
133
136
1 808
1 390
1 235
1 463
2013
2014
(1 000 tonnes) Peru/Chile
Fishmeal 84%
Total
Source: IFFO * These figures refer only to iffo member countries
Source: FAO
Production The total fishmeal production for the first three quarters of 2014 was slightly more than the same period of the past two years, but production in Denmark and Norway increased significantly by 32%. In Peru, the low catch of anchovy was caused primarily by the moderate El Niño phenomenon. Despite the deadline being extended to 10 August, only 68% (or 1.71 million tonnes) of the Total Allowable Catch (TAC) of the first fishing season was caught compared with the higher percentage of catch during the two seasons of 2013, during which 2.05 and 2.3 million tonnes respectively were caught. This suggests that fishmeal production in the fourth quarter of 2014 will decrease. Fish oil production from the main exporters showed promising signals for the reporting period. Production of 412 000 tonnes was recorded for the first three quarters of 2014, which is the highest in the past five years.
Exports Both fishmeal and fish oil export increased in the first three quarters of 2014 compared with the same period in 2013, but was still quite significantly lower than in previous years. Noticeably, Viet Nam and Taiwan Province of China increased their shares rapidly because of their expanding aquaculture sectors. China continued to import 48
Production Fish oil: 5 major producers Jan-Sep 2009
2010
2011
2012
(1 000 tonnes) Peru/Chile Denmark/Norway Iceland Total
310
193
306
257
193
228
55
83
57
30
53
68
30
56
42
62
58
36
395
331
408
353
386
412
Source: IFFO * These figures refer only to iffo member countries
less fishmeal during the period partly because of the high stock of 253 000 tonnes that had already been built up. For fish oil, apart from the demand from aquaculture, the share for direct human consumption is increasing, which resulted in an almost 15% increase in exports (or imports) from the USA, a 51% increase from Peru, and a 23% increase from Chile. Fish oil export from the USA recorded 63 500 tonnes in the first three quarters of 2014, which was the highest in the past 5 years. The major part of the supply came from menhaden, affirming the sustainability of this stock. Denmark was the main destination of fish oil exports from both Peru and Chile.
GLOBEFISH Highlights January 2015
FISHMEAL AND FISH OIL Exports Fishmeal: Peru
Markets UK
Jan-Sep 2009
2010
2011
2012
670.1
527.2
678.7
590.6
2013
2014
400.1
381.0
(1 000 tonnes) China Germany
206.9
121.0
104.2
164.5
78.1
117.9
Japan
101.6
102.3
75.2
94.3
37.9
63.6
Taiwan PC
54.4
28.8
34.1
45.6
12.5
22.9
Viet Nam
61.4
34.8
40.5
50.7
11.6
39.0
UK Others Total
48.4
26.3
23.0
18.4
8.9
8.1
193.6
135.3
151.9
176.4
96.7
107.1
975.7 1 107.6 1 140.5
645.8
739.7
1 336.4
The UK imported slightly more fishmeal than in the same period of 2013, but the overall trend is still down. In the last two years the UK has reduced its dependence on Peruvian fishmeal supply, mainly because production and prices were adversely affected by lower quotas or weather issues.
Imports Fishmeal: UK Jan-Sep 2009
2010
Norway
Exports Fishmeal: Chile Jan-Sep 2009
2010
2011
2012
2013
2014
China
291.5
110.3
109.1
93.4
78.4
69.1
Japan
52.1
47.0
26.6
24.4
19.7
17.5
Spain
23.4
20.7
14.5
2.0
13.0
17.3
Republic of Korea
25.1
16.2
12.9
16.4
10.6
19.6
Italy
19.9
14.2
11.1
9.9
9.0
10.0
Taiwan PC
19.1
5.1
10.9
9.4
2.6
5.5
Germany
30.2
11.5
15.3
15.7
0.5
3.2
Others
72.2
51.8
38.6
65.5
45.5
60.6
533.5
276.8
238.9
236.7
179.2
203.0
Source: Produce
1.3
3.7
3.1
0.0
2.2
10.0
23.6
21.9
21.6
6.9
9.1
Ireland
18.7
10.2
2.1
5.7
8.6
8.0
Germany
2.3
11.3
11.5
7.4
5.8
7.1
Denmark
11.6
23.1
18.3
7.2
9.9
4.8
0.0
2.7
2.5
7.3
5.7
0.0
Iceland Total
7.8
4.4
6.2
10.1
7.9
11.3
83.2
79.0
65.6
59.3
47.0
50.3
Source: Her Majestyâ&#x20AC;&#x2122;s Revenue & Customs
USA The USA has continued to expand fishmeal imports. For the first three quarters of 2014, imports from Chile more than doubled. In total 23% more fishmeal was imported during this period to meet the needs of the domestic animal farming sector.
Imports Fishmeal*: USA Jan-Sep 2009
2010
2013
2014
5.2
11.4
2009
2010
2011
2012
2013
2014
(1 000 tonnes) 203.8
113.0
54.7
98.1
44.1
90.5
Morocco
0.0
26.6
19.2
22.2
21.1
19.5
Mauritania
0.0
0.0
0.0
3.5
9.3
13.2
Denmark
8.8
12.8
11.0
6.0
15.8
12.0
France
3.2
2.6
3.0
3.6
9.5
2.4
Iceland
0.0
0.0
1.5
1.3
20.1
1.5
31.5
13.3
11.6
37.7
7.9
21.5
247.3
168.3
101.0
172.4
127.8
160.6
Source: Germany customs
GLOBEFISH Highlights January 2015
2011 8.1
Mexico
14.9
5.0
Canada
4.8
5.0
Others
3.8 28.7
2012 13.2
11.3
23.2
9.0
11.4
14.1
10.6
4.4
3.6
3.3
3.5
6.8
3.0
4.3
4.9
3.9
28.2
24.5
32.5
33.6
41.2
(1 000 tonnes)
Jan-Sep
Total
2014
41.5
Imports Fishmeal: Germany
Others
2013
Peru
Others
(1 000 tonnes)
Peru
2012
(1 000 tonnes)
Source: Produce
Total
2011
Chile
Total Source: NMFS
* excluding solubles
Germany Germany imported 26% more fishmeal for the first three quarters of 2014 compared with the same period of last year, with the majority from Peru and noticeable shares from Morocco and Mauritania.
49
FISHMEAL AND FISH OIL Prices Fishmeal and Soymeal
Exports Fishoil: Peru
2500
Jan-Sep 2009
2010
2011
Denmark
64.7
30.6
52.8
Chile
16.5
50.2
10.6
Belgium
59.6
36.1
Norway
15.2
11.7
China
22.4
Canada
15.3
2012
USD/tonne
* all origins, 64-65% cif Hamburg; 44% cif Rotterdam
2013
2014
2000
80.3
28.1
38.8
1500
37.0
11.8
23.3
40.1
49.1
19.8
23.3
5.9
17.3
1.4
8.1
10.9
8.9
0.7
3.0
5.3
16.8
10.6
30.4
0.5
4.6
(1 000 tonnes)
8.2
8.1
5.2
4.1
4.5
4.6
Others
28.0
22.7
50.8
46.9
9.6
10.9
Total
229.9
187.0
184.9
265.8
78.6
118.9
* included under "others"
0 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Source: Oil World
Prices Fishmeal and fishoil prices Europe
Exports Fishoil: Chile
3000
Fishmeal and fishoil prices Europe (USD/tonne)
2500
Jan-Sep
2000 1500 1000
Norway
1.0
6.3
3.5
1.6
2.3
0.0
Others
26.1
12.8
28.3
29.1
38.2
37.9
Total
70.4
41.5
45.3
53.0
56.6
69.5
Source: BoletĂn de Exportaciones del IFOP
Exports Fish oil: USA Jan-Sep 2009
2010
2011
Menhaden
24.9
44.7
34.0
Other
14.2
11.2
Total
39.1
55.9
2012
2013
2014
17.1
41.5
46.3
15.9
16.2
13.9
17.2
49.9
33.3
55.4
63.5
(1 000 tonnes)
Source: NMFS
Outlook In October, IMARPE recommened that no quota be allowed for the second season until another reassessment survey was completed. This recommendation was made because only 1.45 million tonnes of anchovy biomass were found after the first survey, while in 2013 the figure was 10.8â&#x20AC;&#x201C; 12.1 million. Since then prices have remained generally
4
4
-1
ec
D
4
-1 ct
O
4
l-1
r-1
Ju
nJa
Ap
0.7
3
7.4
14
5.5
n-
4.6
Ja
10.4
3
12.4
-1
China
Fishmeal
ct
0
O
5.3
3
7.3
l-1
8.4
r-1
8.9
Ju
5.9
Ap
8.5
2
Japan
Fish oil
13
500
n-
12.0
Ja
1.4
2
5.4
-1
0.0
ct
2.1
O
22.4
2
Belgium
l-1
13.7
r-1
0.0
Ju
3.0
12
0.0
n-
4.0
Ap
0.0
11
Denmark
-1 1
(1 000 tonnes)
ct
2014
Ja
2013
O
2012
1
2011
l-1 1
2010
Ju
2009
50
Soymeal**
500
r-1
Source: Produce
1000
Ap
Australia
Fishmeal*
Source: Oil World
stable. Usually at the end of the year, Chinese demand for its swine industry, the largest in the world, increases for the upcoming Spring Festival. This year was no exception and by December 2014, China had already consumed most of its large fishmeal stock with only an estimated 30 000 tonnes left. In the long term, demands for fishmeal and oil can only increase with the growth of aquaculture and the terrestrial farming industry. It is noteworthy that Viet Nam, a significant aquaculture producer, has become the fourth largest destination for Peruvian fishmeal export. Oil production destined for direct human consumption will also seriously compete with the aquaculture and animal farming sectors. Globally, efforts to reduce the pressure on supply are ongoing, with countries working to diversify their sourcing. According to UndercurrentNews, China has had to diversify its sources of product to purchasing from Southeast Asia, Morocco and Panama. It is anticipated that consuming countries will strengthen their search for alternatives in order to reduce their dependency on fishmeal, especially given the current GLOBEFISH Highlights January 2015
FISHMEAL AND FISH OIL extremely high prices. The fishmeal and soymeal price ratio in December 2014 was 4.08:1 compared with 2.83:1 in December last year. In the short term, it seems that the vulnerability of fishmeal and oil production will not change if production continues to mainly rely on pelagic species. Utilizing more by-products from processing factories could help the situation.
are more hopeful, as the survey for the first TAC of 2015 will be carried out in April, with the possibility of finding considerable volumes of stock of appropriate size and weight. However, it could still be a difficult financial year for Peruvian fishmeal producers in 2015, as they will have to sell production made from the low catch of the previous year, similar to the situation in 2013.
In early December 2014, IMARPE confirmed its recommendation after a second survey that there should be no quota issued for the second fishing season. The justification for this recommendation is that environmental conditions are expected to have a negative impact and will reduce anchovy stocks, also that a large portion of the anchovy in the northern-central region consists of juveniles. However, prospects for this spring
MARKET NEWS AND TRENDS Norway fishmeal demand to save Icelandic firms from tough Russia market
I BUSINESS FOCUS South Africa: Oceana achieves slight growth in 2014 INFOPECHE ceana Group Limited achieved a 7% increase in revenue, from ZAR 4 700 million (USD 420.8 million) in 2013 to ZAR 5,039 million (USD 451 million) this year for the year ended 30 September 2014. The firm considers this result is due to improvements in the canned fish and fishmeal division. Canned fish volumes grew from 8.6 million cartons in 2013 to 8,8 million cartons in the current year (2014). “Overall pricing remained firm in our major markets despite the impact of oversupply due to the Nigerian import embargo. Higher prices have been achieved for certain fish sizes and revenue was further enhanced by favourable currency exchange rates,” the firm’s report reads. However, this growth was affected by lower horse mackerel catch rates in the second half of the year, which were offset by the positive effect of a weaker rand exchange rate on exported products
O
celand’s pelagic companies may be facing difficulties in selling to its principal eastern European market, but high fishmeal and oil prices mean shifting production pays off. Russia and Ukraine are by far the most important market for Iceland’s pelagic fishers and processors – Sildarvinnslan (SVN), for instance, sells over 70% of its produce there – but with the rouble in its current pit it remains a difficult and unstable market. “Though the herring market is growing, eastern Europe is a slow one at the moment,” Gunnthor Ingvason, SVN CEO, told UndercurrentNews during a visit to the company’s plant in Neskaupstadur, on the east coast. “But on the other hand, fishmeal and oil prices are very strong, at unusually high levels. If those markets remain difficult then we have the possibility to shift more production to fishmeal, for the Norwegian aquaculture market.” However, SVN’s Russian customers remain the priority, and the firm’s considerable coldstorage means it can hold on to herring and mackerel until Russia is ready to buy.
The Group also informed that operating profits increased by 18% compared to the previous year. Besides, pilchard landings at the St Helena Bay cannery have been good for the period and additional pilchard quota were contracted to increase production, changing from 25 000 tonnes in 2013 to 30 000 tonnes this year. Furthermore, the current season landings of anchovy and redeye herring of 81 000 tonnes (36 700 tonnes in 2013) to the group’s fishmeal plants were significantly higher than in the previous season resulting in improved production efficiencies and lower costs per tonne of manufactured product.
Skinney-Thinganes, based further south down the coast from SVN, holds just under 15 000 tonnes of herring quota out of Iceland’s total 77 843 tonnes. For it too, the Russian frozen market is vital, especially given it has geared itself over the past few years to use as much of its pelagics as possible for human consumption – around 95% now. “Iceland’s pelagic processors might have some difficulties with that market,” Skinney production manager Gudmundur Gunnarsson told UndercurrentNews, though he believes his firm’s close ties to the market gives it an edge. “It’s a hard one to predict at the moment, but it’s been a very strong market since the ban [Russia’s ban on food imports from the EU, begun in August]. In 2015 a shift more towards fishmeal and oil might be needed – aquaculture at the moment is willing to pay prices that the recipients of frozen can’t.”
Source: INFOPECHE Trade News
Source: UndercurrentNews
GLOBEFISH Highlights January 2015
51
BIVALVES Vigorous demand for Chilean mussels and Peruvian scallops
S
ince 2008 the toxic herpes virus has devastated oysters banks around the world and is now under serious and intense scrutiny in countries such as France, Australia and the USA. In spite of production turbulences, worldwide demand for this sought after bivalve continues to stimulate international oyster trade. Chile, the world’s number one exporter of mussels, is still an active and commercially aggressive player on new markets, especially China. drop to 15 600 tonnes in 2012, a recovery in 2013 and finally importing 17 600 tonnes in 2014, which is the same as the average observed over the whole period.
Bivalves production by species (2012) Clams 4%
Chile and China
Scallops 12%
Mussels 24%
Chile is the first western country to sign a bilateral free trade agreement with China. Its aquatic products will enter China’s market free of charge from 2015 onwards
Oysters 60%
Imports/Exports Mussel: World Jan-Sep 2013
Source: FAO
2014 (1 000 tonnes)
IMPORTS
Mussels In the period January to September 2014, world imports remained steady in comparison with the same time period in 2013 (no date available from Russia). In spite of this apparent stablity, performances by individual countries differed considerably. Spain’s imports went down by 15% and those of the Netherlands by 12%. France bought some 1 200 tonnes more compared with the same time period in 2013. In the same reporting period, some major mussel exporters performed very well. New Zealand’s exports increased by 25% (or 5 100 tonnes). Exports of Mytilus edulis by Denmark expanded by an impressive 45%. In contrast, exports from the United Kingdom and Ireland declined respectively by 42% and 38%. France, Europe’s number one purchaser of mussels on the international market, imported 43 800 tonnes during the first nine months 2014, 3% more than in the same time period in 2013. However, the position of individual suppliers varied significantly in the period. Spain and the Netherlands remained in the top positions, but lost important market shares to Chile, Italy and Denmark. Over the first nine months of the years from 2009 to 2014, Spain’s imports of mussels have swung dramatically with a peak at 22 400 tonnes in 2011, followed by a considerable 52
France
42.6
43.8
Italy
29.0
29.1
USA
24.8
27.1
Belgium
20.5
20.5
Spain
20.7
17.6
Netherlands
17.9
15.8
Germany
9.6
9.9
UK
4.4
5.1
Russia Total
6.5
NA
206.2*
201.3*
EXPORTS Chile
55.9
56.8
Netherlands
33.6
34.1
Spain
29.8
27.9
New Zealand
20.5
25.6
Denmark
12.4
18.0
Italy
10.5
13.1
Canada
12.4
11.7
Greece
10.4
11.1
6.3
6.4
China Ireland
9.5
5.9
UK
5.9
3.4
226.8
228.3*
Total Source: GTIS * estimates
GLOBEFISH Highlights January 2015
BIVALVES
Farmed shellfish prospects in Europe
Imports/Exports Clam/Cockle/Ark shell Jan-Sep
T
he European parliament has commissioned a report on EU aquaculture perspectives. The 100 page report entitled “The long-term economic and ecologic impact of larger sustainable aquaculture” was published in October 2014. Predictions regarding mussels foresee production in 2020 reaching 541 000 tonnes worth EUR 435 million, going up to 592 000 tonnes worth EUR 525 million in 2030. The projected annual percentage rate of mussels’ production is predicted to be 1.0%. Annual oyster growth rate is projected to be 1.5% bringing production to 162 000 tonnes worth EUR 577 million by 2030. Abalone Carpet shells Clams Cockles Mussels Oysters Scallops
2010
2 37 800 1 700 2 000 490 000 121 800 16
2020
19 55 953 4 409 3 258 541 265 141 354 149
2030
139 79 639 10 397 5 054 591 973 161 623 1 110
2013 (1 000 tonnes) IMPORTS Republic of Korea
41.5
49.1
Japan
48.8
44.1
Spain
18.2
20.9
USA
16.7
18.2
Portugal
6.9
9.2
Italy
5.1
6.5
China
6.3
6.0
Thailand
5.5
5.8
Singapore
4.0
3.8
Canada
2.7
2.7
Hong Kong
2.3
2.5
Taiwan PC
2.9
1.4
Ukraine
The authors of this report consider that the main challenges of the shellfish farming industry will be found on the environmental front. Increasing difficulties will be found in the access to adequate sites, the licensing system (approval and duration and cost of license) and access to clean water. Economics and marketing conditions are not considered as major challenges.
Total
The report is available at www.europarl.europa.eu/RegData/ etudes/STUD/2014/529084/IPOL_ STU%282014%29529084_EN.pdf (Chapter IV Consumer Information)
New Zealand and Republic of Korea According to New Zealand officials, the free trade agreement signed with the government of the Republic of Korea is expected to be particularly positive for trade in mussels as the 20% tariff rate will be removed.
Chile From January to September 2014, Chile exported 56 800 tonnes of mussels (Mytilus chilensis) worth USD 168 million. This is a rise of 2% in export volume and a 6% rise in value compared with the same period in 2013. GLOBEFISH Highlights January 2015
5.2
0.0
167.1*
176.4*
EXPORTS China
99.2
105.6
Republic of Korea
8.3
8.9
USA
7.5
7.0
Italy
7.0
6.7
Canada
6.6
6.5
Portugal
4.1
6.3
Thailand
6.6
6.0
Netherlands
4.2
5.1
UK
2.4
3.4
Taiwan PC
2.2
0.6
159.6
169.8*
Total
(Source: Undercurrent News). Chilean exporters of salmon and mussels are all expecting an increase in sales. In order to promote their products, Prochile and the association of Chilean producers of Mytilus chilensis (AmiChile) held a seminar in Shanghai in early November 2014, with the theme “Discover the taste of Patagonia, discover the Chilean mussel”. Similar promotional initiatives had been undertaken in Russia in 2011-2012 and in Brazil in 2013-2014.
2014
Source: GTIS * estimates
St Andrew Smoky Delicacies remain the leading exporting company, exporting 9 618 tonnes of mussels for USD 27 million (Source: FIS.com). According to the National Fisheries and Aquaculture Services (SERNAPESCA), the total harvest of mussels from January to September 2014 was 209 850 tonnes, an 8% decline compared with the volumes harvested in the same time period in 2013. As in the previous year, 100% of the harvest came from region X.
USA The USA is dependent upon external supplies of mussels but in order to stimulate the domestic production mussel farming installations have been authorised for the first time in the federal waters off the shores of New Hampshire, Rhode Island and Massachusetts. 53
BIVALVES
Imports/Exports Oyster: World
Imports/Exports Scallop: World Jan-Sep 2013
Jan-Sep 2014
2013
(1 000 tonnes)
2014
(1 000 tonnes)
IMPORTS
IMPORTS
USA
7.5
7.8
China
22.4
27.2
Japan
6.2
5.8
USA
19.6
22.1
Hong Kong
4.9
5.3
France
14.3
13.5
Italy
3.5
3.7
Hong Kong
8.0
7.6
France
2.3
3.0
Republic of Korea
6.8
6.7
Canada
2.0
2.3
Spain
6.7
4.5
Singapore
1.1
1.1
Italy
4.4
4.1
Belgium
1.1
1.1
Canada
4.2
4.1
35.4*
38.1*
Taiwan PC
5.3
3.3
Republic of Korea
8.1
8.1
China
6.7
6.2
France
5.3
5.7
Ireland
2.5
3.4
USA
2.7
Canada Netherlands
Total
Ukraine
5.3
0.1
97.7*
90.0*
China
21.4
28.1
USA
9.2
9.0
2.8
Peru
8.6
8.9
2.8
2.7
Canada
5.6
7.0
1.4
0.9
Argentina
4.6
3.6
38.7*
41.3*
EXPORTS
Total Source: GTIS * estimates
EXPORTS
Belgium
2.9
3.4
Japan
3.5
2.0
Hong Kong
2.1
1.7
Taiwan PC
2.2
0.0
83.0
88.0*
Total
MUSSEL BOUCHOT - in France - Source Insee
Source: GTIS
EUR/kg
* estimates
6.0 5.5 5.0 4.5 4.0 3.5 3.0
4.90
increased by 30.4%. This indicates a clear response to the sharp drop in domestic production.
Effect of the herpes virus on oysters Monthly average consumer prices in metropolitan France
Source: European Price Report
Oysters Globally international trade for oysters has been fairly active during the first 9 months of 2014. Imports reached 38 100 tonnes, showing a 7.6% increase compared with the same time period in 2013. The USA, the world’s largest importer with 7 800 tonnes bought in the period January to September 2014, experienced a 4% rise in comparison with the same time period in 2013. Although France has always been self-sufficient in oyster production, from January to September 2014 imports 54
Total
Herpes has devastated 26% of France’s oyster production since the summer of 2008. Ostreid herpes virus-1, also known as Pacific Oyster Mortality Syndrome, can kill most of a farm’s stock of young shellfish very rapidly and has
OYSTER - in France - Source Insee EUR/dozen 11.0 10.0 9.0 8.0 7.0 6.0 5.0
10.07
Monthly average consumer prices in metropolitan France - Medium-caliber cupped oysters
Source: European Price Report GLOBEFISH Highlights January 2015
BIVALVES
been linked to oyster deaths in Europe, Australia and New Zealand (Source: Bloomberg). Oyster lovers in France are already paying more to satisfy their desire. Retail prices for French oysters have surged 53% since December 2008, according to data from the National Institute of Statistics and Economic Studies (see graph).
Improved consumer information
I
n order to help consumers make informed choices, new European labelling regulation regarding all seafood from EU and non EU origin, entered into force on the European markets on 13 December 2014, complementing regulation (EU) 1169/2011 on food information for consumers. The new regulation requires products to carry more detailed information. For example, consumers should be informed about the fishing gear with which wild seafood is captured. In the case of aquaculture products, when it comes to origin, reference should be made to the country in which the product reached more than half its final weight or stayed for more than half of the rearing period or, in the case of shellfish, underwent a final rearing or cultivation stage of at least six months.
The toxic herpes virus has spread across the world and is now present in Australia and New Zealand, where industries fear its damaging impact. In October 2014, the Australian Competition and Consumer Commission (ACCC) granted interim authorisation for Australian Seafood Industries (ASI) to collect a levy on the purchase of Pacific oyster spat. The levy will be collected from oyster growers who purchase Pacific oyster spat from hatcheries. Interim authorisation allows ASI to introduce the levy and commence research and development activities, while the ACCC considers the request for authorisation (Source: Australian Government Information). The levy will commence at AUD 2.80 per 1 000 spat.
The labelling concerns un-processed products. In the case of processed seafood, the mention of the origin of the raw material is not imposed, thus preventing consumers from knowing where the preserved food they buy comes from.
Imports Mussels: EU-27
The report is available at www.europarl.europa.eu/RegData/ etudes/STUD/2014/529084/IPOL_ STU%282014%29529084_EN.pdf
Jan-Sep 2009
2010
2011
2012
2013
2014
42.6
43.8
(1 000 tonnes) France*
43.7
51.8
48.7
44.7
Italy*
26.5
22.4
24.9
25.4
29.0
29.1
Belgium
22.2
22.3
21.4
21.1
20.5
20.5
Spain*
13.0
15.5
22.4
15.9
20.7
17.6
Netherlands
13.9
15.2
26.4
19.6
17.9
15.8
Germany*
8.7
7.1
11.4
13.6
9.6
9.9
UK*
4.6
5.4
6.0
4.9
4.4
5.1
Portugal
2.4
2.5
3.4
2.2
3.1
2.5
10.0
7.2
7.2
6.5
6.4
7.4
145.1
149.2
171.8
153.8
154.2
151.8
Others Total
Source: EUROSTAT and Customs*
Imports Scallops: EU Jan-Sep 2009
2010
2011
2012
2013
2014
(1 000 tonnes) 18.8
19.9
18.5
13.5
14.0
13.4
Spain*
8.6
7.6
7.2
4.9
6.7
4.4
Italy*
3.8
4.6
4.8
4.5
4.4
4.0
Netherlands
1.8
2.4
1.8
3.5
2.0
3.9
Belgium
2.5
3.6
3.9
2.9
2.9
3.3
Denmark
0.6
0.7
1.6
2.0
2.0
1.7
Others
5.6
5.8
5.4
4.8
5.0
4.5
41.8
44.6
43.2
36.0
37.0
35.2
Source : EUROSTAT and Customs* GLOBEFISH Highlights January 2015
Imports Mussels: France Jan-Sep 2009
2010
12.3
10.8
2011
2012
2013
2014
8.8
9.7
(1 000 tonnes) Spain
10.5
11.2
Netherlands
9.7
11.0
11.6
10.4
9.8
9.3
Chile
6.7
9.1
11.0
9.9
7.8
8.7
Italy
2.4
5.2
4.6
3.6
6.5
7.0
Denmark
1.3
1.7
0.6
0.9
1.5
3.6
Greece
3.8
2.8
2.3
2.4
2.3
1.5
Ireland
4.1
7.6
5.2
3.3
1.9
1.3
UK
1.9
2.0
1.6
2.0
2.8
1.2
Others Total
France*
Total
(Chapter IV Consumer Information)
1.5
1.6
1.3
1.0
1.2
1.5
43.7
51.8
48.7
44.7
42.6
43.8
Source: Direction Nationale des Statistiques du Commerce Extérieur – DNSCE
In the USA, climate change and the rapid shift in acidification levels of a bay or an inlet have severe impact on yields of shellfish production in Pacific Northwest fertile zones. With the consumption of oysters growing in the United States along with the importance of shellfish aquaculture to regional economies, NOAA scientists created an early alert system informing oysters and other 55
BIVALVES Imports Scallops: France
Imports Mussels: Italy Jan-Sep 2009
2010
2011
11.5
9.4
7.7
Greece
7.1
3.4
Chile
3.8
Ireland
Jan-Sep 2012
2013
2014
12.0
13.7
10.5
Peru
3.4
5.1
4.4
5.5
6.8
7.2
9.0
UK
3.3
2.6
2.9
5.9
8.6
5.2
6.0
7.1
Argentina
3.7
4.7
0.7
1.0
0.6
0.4
0.7
0.5
USA
4.0
2.6
Turkey
1.3
1.3
1.1
0.0
0.0
0.0
Canada
1.1
Others
2.1
1.3
1.5
0.9
1.3
2.0
26.5
22.4
24.9
25.4
29.0
29.1
Viet Nam
0.2
Chile
1.6
2009
2010
2013
2014
2.4
3.3
4.9
2.7
3.2
2.7
3.7
2.7
2.5
1.8
3.2
2.3
2.2
1.0
1.2
1.1
0.7
1.0
1.0
0.8
0.4
0.6
0.3
0.3
0.8
0.5
0.4
0.1
0.1
(1 000 tonnes) Spain
Total Source: ISTAT
Total
2010
2011
2012
2013
2014
13.7
10.9
(1 000 tonnes) Chile
1.5
2.1
2.3
1.7
1.7
1.7
18.8
19.9
18.5
13.5
14.3
13.5
Source: Direction Nationale des Statistiques du Commerce Extérieur – DNSCE Jan-Sep
2009 7.7
9.5
16.7
10.4
Imports Scallops: Italy Jan-Sep 2009
2010
2011
2013
2014
2.7
2.6
2.2
0.8
0.7
0.6
0.8
0.4
0.3
0.3
0.5
0.2
0.3
0.2
0.2
0.2
0.8
0.9
0.7
0.7
0.7
0.5
3.8
4.6
4.8
4.5
4.4
4.1
2012
2013
2014
Italy
1.0
1.1
1.2
2.6
3.7
3.6
New Zealand
1.8
2.1
2.3
1.4
1.0
1.1
France
1.0
1.7
1.1
1.1
1.3
1.0
UK
2.0
2.3
2.6
Others
1.5
1.1
1.1
0.1
1.0
1.0
France
0.6
0.9
13.0
15.5
22.4
15.6
20.7
17.6
Peru
0.3
0.3
Spain
0.1
Others Total
Total
Source: Agencia Tributaria
shellfish growers about water acidification. With this realtime data, shellfish operators can make micro-adjustments to their systems - adding calcium carbonate to their pools, for instance - or waiting until conditions improve to introduce seed larvae (Source: SeafoodSource.com).
Three UK oyster farms have become the first in the world to enter assessment against the Aquaculture Stewardship Council (ASC) Bivalve Standard for responsible aquaculture. Jersey Sea Farms, Jersey Oyster Ltd and Seymour Oysters are all based in Jersey.
Luxury at affordable price Oysters, which have always had an image of luxury, are becoming popular. For Christmas 2014, Lidl, a discount retailer, offered packs of six fresh oysters (Crassostrea gigas) sourced from a Scottish co-operative at the unbeatable price of GBP 2.79.
Scallops Based on the figures for the first 9 months of 2014, China has once again demonstrated its number one position as a scallop trader. In the period, it was responsible for 30% of total world imports and 32% of total world exports.
2012
(1 000 tonnes)
Source: ISTAT
Imports Scallops: Spain Jan-Sep
ASC oysters
56
2012
(1 000 tonnes)
Others
Imports Mussels: Spain
2011
2009
2010
2011
(1 000 tonnes) France
1.8
2.2
2.3
1.5
3.5
2.3
UK
0.7
1.0
0.8
1.1
1.1
0.9
Italy
4.2
3.0
2.6
1.3
1.0
0.5
Netherlands
0.2
0.5
0.2
0.2
0.2
0.2
Peru
0.2
0.2
0.3
0.1
0.2
0.2
Others
1.5
0.7
1.0
0.7
0.7
0.4
Total
8.6
7.6
7.2
4.9
6.7
4.5
Source: Agencia Tributaria
In the same period the world’s second largest trader is the USA, followed by France. In 2014 Canada, fourth largest exporter with 7 000 tonnes shipped abroad, performed well (+25%), whilst Argentina’s sales dropped considerably (-21.7%). GLOBEFISH Highlights January 2015
BIVALVES
EU imports of scallops in the period January to September 2014 were at the lowest level registered since 2009. France, with a drop in imports of 6 500 tonnes from a 2010 high, is largely responsible for the overall EU decline of 9 400 tonnes. The main reasons seem to be the constant decline of the purchasing power of French householders since 2009 (Source: INSEE) and the good performances of the local scallops fisheries. When comparing imports in the period January to September over the past 6 years, the performances of France main supplying countries have changed considerably. Peru gained market share and climbed from third position in 2009 (+18% market share) to the first position in 2014 (36% market share). In contrast, the USA dropped from first position to fourth. Argentina lost large market share as well, falling from 20% in 2009 to 13% in 2014. Spain’s imports of scallops declined sharply in the period January to September 2014 compared with the same time period in 2013 (-33%).
Clams, cockles, ark shells The Republic of Korea, the world’s largest importer of small bivalves (clams, cockles, arkshells), with a 28% market share in the period from January to September 2014, registered growing imports, up 18% compared with the same time period in 2013, while Japanese imports dropped by 10%.
New geoduck farm The largest producer of farmed shellfish in the United States, Taylor Shellfish Farms, recently began the process to obtain a permit to establish a 30-acre geoduck (Panopea generosa) farm in Dungeness Bay. The world renowned shellfish farm includes 11 000 acres of tidelands along the Washington coast and British Columbia, with numerous farms around the Puget Sound. The authorization is under scrutiny by local NGOs and a coalition of citizens as it is feared that this vast project will have negative impacts on eelgrass beds, surf smelt and sand lance spawning habitat (Source: Seafood Source).
First MSC fishery in India India’s Ashtamudi clam (Paphia malabarica) fishery is the first in the country to earn Marine Stewardship Council (MSC) certification. In 1991, the catch peaked at 10 000 tonnes a year but declined by 50% in 1993 because of overfishing. In order to allow stocks to recover, a closed season and mesh size restrictions for nets were introduced, along with a minimum export size and a prohibition on mechanical clam fishing. These measures showed immediate results, and the clam fishery has sustained landings of around 10 000 tonnes a year for the past decade. Up to 1 000 fishers in the area rely on the clams for their livelihoods. Another 3 000-4 000 people are involved in cleaning, processing and trading the clams (Source: www.msc.org/newsroom/news) GLOBEFISH Highlights January 2015
Outlook The EU report on the economic and ecological impacts of large sustainable aquaculture published in October 2014 provides insights into the issues and implications of increased EU aquaculture. The EU recognises aquaculture as an important contributor to the EU food basket, economic growth and employment. However, the authors make a strong statement in saying “very few Member States have clear policies on aquaculture development”, and much remains to be done in terms of adapted public policy.
RECENT NEWS Mexico to Regulate Geoduck Fishing Industry
I
n order to contribute to better growth and sustainable development of the country’s fisheries sector, the Federal Government has published specifications to regulate the fishing of geoduck in federal waters of the Pacific Ocean and Gulf of California coast. The Official Journal of the Federation states that this standard is to establish the terms and conditions to govern the fishing of geoduck, to induce its sustainable use, in accordance with Article 2o., Section IV of the General Law Sustainable Fisheries and Aquaculture. The draft Standard was approved at the 4th session of the National Advisory Committee on Standardization Agrifood and subjected to public consultation in accordance with the Federal Law on Metrology and Standardization. Geoduck fishing takes place off the coast of the states of Baja California, Baja California Sur and Sonora and is a resource of high commercial value with increasing demand in the international market. It also represents a source of direct and indirect jobs in the region. The entire catch is marketed and exported live in China, the Republic of Korea, Hong Kong SAR, Japan and the USA. It is a selective fishery in which there is no by-catch of other species because fishing is conducted by visual selection and manual collection by the diver. Source: the fishsite
57
SPECIAL FEATURE Potential of ornamental fish trade in Africa bred in Southeast Asian countries and the Czech Republic and then re-imported.
Present status The ornamental fish trade represents an important means of subsistence and income for rural people in Africa, allowing for the use of natural resources without depleting biodiversity. Currently, only a few African traders join associations such as the Ornamental Fish Association (OFI), and most are independent stakeholders. Therefore, only a few exporting countries are represented in the table below.
Other African exporting countries not included in the table are: Madagascar, the United Republic of Tanzania, Mozambique, Uganda and the Democratic Republic of the Congo. Although the world share for each of these countries is less than 0.1 percent, it would be beneficial to have more comprehensive data on these countries’ production and exports in the near future.
The major competitors in the global context are: the Czech Republic (30 percent of European export and world share of 5.5 percent), Thailand (world share of 5.5 percent) and Singapore (where around 98 percent of fish species from Africa, especially cichlids, are extensively reared and reproduced in indoor facilities). In comparison with the Czech Republic and Thailand, the ornamental fish export value from select African countries is outlined in the Table below.
Egypt, as well as other countries on the Red Sea, could be a potential source for production of living marine organisms for ornamental purposes. Unfortunately, their current world share is very minor, and seems to have suffered a significant decline since 2003 when exports reached USD 40 700 (UNData, 2003). Statistical data about Egypt after 2003 are very scarce, but it can be presumed that a decline could be the result of the adoption of fishing quotas as well as the introduction of marine protected areas.
It is very interesting to note the situation of South Africa, which seems to have established itself as a major importing country, buying from Singapore, Taiwan Province of China, and Malaysia, but also increasingly from the Czech Republic. Though the import rates of ornamental fish to South Africa are comparable to any other “developed” country, it is notable that a significant portion of the imported fish are originally from Africa, but reared and
Origin of fish African fish for ornamental purposes can be categorized according to their area of origin (biotope). Below is an outline of the main areas for ornamental fish production in Africa, which provides details about the characteristics of the water body and the most important families that live in these areas.
Ornamental Fish Export Value from African countries Czech Republic and Thailand (value in USD) Exporting Countries
2009
2010
2011
2012
Czech Republic
21 168 782 16 946 145
15 113 430
20 971 452
18 670 780
5.6% of world share and 30% of European export
Thailand
21 558 093 18 224 205
18 722 991
22 454 533
19 349 661
5.6% of world share 0.1% of world share
Burundi
2008
Note
205 995
223 754
184 199
217 436
142 938
Kenya
78 207
107 747
42 840
NA
NA
Including marine fish and invertebrates
Malawi
286 978
198 144
277 781
277 909
NA
0.1% of world share Exports are dominated by ornamental fish to Europe, the USA and Japan. (Globefish Research Programme, Vol. 109).
Nigeria
86
NA
105 299
NA
NA
Incomplete statistical data
Zambia
249 982
619 632
366 612
431 093
NA
0.1% of world share. Live fish for ornamental purposes are exported to Europe and the USA, (Globefish Research Programme, Vol. 109).
NA
NA
NA
403
59
Incomplete statistical data
Cameroon
Source: UNdata, United Nations Statistic Division, Commodity Trade Statistics Database
South Africa
2008
2009
2010
2011
2012
Import Value (USD)
1 082 546
1 023 205
1 554 706
2 347 772
2 186 168
Export Value (USD)
110 434
843
2 392
1 554
204
Note Re-imports in 2008 valued at USD 24 684 In line with other African countries
Source: UNdata, United Nations Statistic Division, Commodity Trade Statistics Database
58
GLOBEFISH Highlights January 2015
POTENTIAL OF ORNAMENTAL FISH TRADE IN AFRICA
West Africa rainforest In the ornamental fish trade context, the term “West Africa” does not refer to a specific geographical area, but rather conventionally indicates all those African countries where ornamental fish are captured that do not belong to the Great Lakes Region. Some of the countries included in this area are Senegal, Guinea-Bissau, Ghana, Nigeria, Cameroon, Gabon, and the Democratic Republic of the Congo. Aquatic fauna is very rich and interesting for ornamental purposes and includes many families. It is highly diverse and new species are still being discovered or classified. Some habitats, such as those typical of the Cyprinodontiformes, vary considerably under climatic stress, with a significant difference between the rainy and dry season. The chemico-physical characteristics of the water in West Africa are very different from those of the Great Lakes, with remarkable variability according to the different habitats and seasons. The water temperature is not as stable as that of the Great Lakes, but reaches more than 20 degrees Celsius. The most important species for ornamental purposes in West Africa include: the Cichlidae Family: Hemichromis spp., Nanochromis spp., Pelmatochromis spp., Pelvicachromis spp., Steatochranus spp., Tilapia spp., etc. The Alestidae family (order Characiformes – African Tetras): Phenacogrammus interruptus, Alestes spp., Alestopetersius spp., Micralestes spp. etc. The order Cyprinodontiformes (African annual Killifish): Fundulopanchax/Aphyosemion spp., Epiplatys spp., Nothobranchius spp., Chromaphyosemion volcanum etc.
Madagascar Apart from Paratilapia polleni and a few other fish species, ornamental fish from Madagascar are little studied and hardly imported compared with the ornamental fish species caught in other regions of Africa. The main feature of Malagasy fish is that they are all endemic species with considerable genetic variability. The most important cichlid species in Madagascar are: Paratilapia spp., Ptychochromis spp., Ptychromoides spp., Oxylapia spp. and Paretroplus spp. With regard to noncichlid fish, the most relevant is Pachipanchax spp. (African annual killifish).
Lake Malawi (Nyasa) Lake Malawi is situated in the southern part of the Rift Valley. The lake is 700 meters deep, with an area of 29 600 km2, and bound by three countries: the United Republic of Tanzania, Mozambique and Malawi. Various aquatic habitats can be found in the lake including rocky areas, sandy areas, intermediate areas and offshore areas. The most important species of cichlids for ornamental purposes in Lake Malawi include: Aulonocara spp., Copadichromis spp., Cynotilapia spp., Dimidiochromis spp., GLOBEFISH Highlights January 2015
Labeotropheus spp., Labidochromis spp., Melanochromis spp., Nimbochromis spp., Petrotilapia spp., Protomelas spp., Pseudotropheus spp., Sciaenochromis spp. Many of these species have a particular genetic variability related to the different habitats, with a high degree of speciation. Many other non-cichlid fauna species can also be found including Mastacembelus spp., Clarias spp., Synodontis spp., Chiloglanis spp. and Mormyrops spp.
Lake Victoria Lake Victoria is one of the Western Rift Valley Lakes. With an elevation of 1 134 meters and a surface area of 68 800 km², it is the largest African lake and the largest tropical lake in the world. The lake is shared by three countries: the United Republic of Tanzania, Uganda, and Kenya. The lake is not as deep as the other lakes (only 80 meters) and has many rivers draining into it, such as the Kagera, Nzoia and Mara. The weather is tropical with two distinct seasons, which vary depending on the latitude. At the relatively high elevation, the air temperature is temperate and ranges from 16 to 28 degrees Celsius. The water temperature, influenced by the lake’s depth and seasons, ranges between 21 and 27 Celsius degrees. The most important species of cichlids for ornamental purposes in Lake Victoria include: Haplochromis spp. (the largest genus, with many species and sub-species), Astatoreochromis spp., Astatotilapia spp., Platytaeniodus spp. Among the non-cichlids are: Lates niloticus (the Nile perch), Mormyrus spp., Synodontis spp. As a result of the high proliferation of Nile perch (this exotic predator was introduced before 1970), the endemic population of Haplochromis spp., has suffered a significant decline. Many other fish species (especially those of ornamental interest) have disappeared from the lake without the opportunity of being classified. Moreover, the biology of the lake has undergone considerable modifications, both in terms of primary production (with remarkable algae blooms and consequent formation of anoxic zones), and sympatric species and their habitats. Some species have evolved, adapting to new living conditions, while the majority have undergone a dramatic decline or become extinct.
Lake Tanganyika Lake Tanganyika is the world’s second deepest lake with a maximum depth of 1 480 meters. Its area covers a surface of approximately 32 900 km2 and is bound by four countries: the United Republic of Tanzania, Burundi, Zambia and the Democratic Republic of Congo. The temperature, between 40 and 100 meters in depth, is stable at 24 degrees Celsius. There are approximately 300 endemic cichlid species with a high degree of speciation (mainly allopatric and sympatric), whereas other families are also present: Mastacembelids, Cyprinids and some catfish (Bagridae). 59
POTENTIAL OF ORNAMENTAL FISH TRADE IN AFRICA
Among the most important cichlid genera for ornamental purposes in Lake Tanganyika are: Altolamprologus spp., Callochromis spp., Cyphotilapia spp., Julidochromis spp., Neolamprologus spp., Petrochromis spp., Enantiopus spp., Gnathochromis spp., Tropheus spp., Xenotilapia spp. Among the non-cichlid groups are: Auchenoglanis spp., Synodontis spp., Mastacembelus spp.
Marine ornamental fish from the Red Sea The Red Sea is characterized by high marine biodiversity, with a remarkable number of coral reefs. Almost all coral fish families are represented and ornamental fish from the Red Sea are incomparably beautiful. Many of these are able to be bred for ornamental purposes, others, like some butterfly fish, suffer from capture stress or are food selective and could not cope with shipping, storage and captivity. The most adaptive marine species include: Anthias spp., Pseudochromis spp. (Dottybacks), Callopleiops altivelis, Platax orbicularis, Amphiprion spp. (Clownfish), Chaetodon spp. (Butterflyfish), Pomacanthus spp. (Angelfish – Pomacanthidae), Plygoplites diacanthus, Zebrasoma spp. and Acanthurus spp. (Surgeonfishes).
Competitive analysis Competitive analysis is a tool that allows the acquisition of knowledge about global market conditions and supply chain dynamics that are relevant to the ornamental fish trade. If adequately employed by policy makers and technical bodies such as INFOPECHE and INFOSA, competitive analysis could allow developing countries to increase their competiveness and gain market share both by trade volume and value. By acquiring expertise over time, supply chain efficiency could improve, reaching higher standards of efficiency levels and comparable with international competitors. However, it is important to note that the sector cannot be seen in isolation, and an improvement in the overall trade-related infrastructure is also needed for the sector to become fully competitive.
Competitive strategy One of the relevant competitive strategies could be one that would take advantage of the characteristics of smallscale fisheries and the potential of the marketing mix instruments. This strategy could be coordinated through international organizations like SADC and the technical support of international bodies such as those belonging to the international network GLOBEFISH, INFOPECHE and INFOSA. The utilization of marketing mix instruments, such as identifying strengths, weaknesses, opportunities and threats (SWOT), undertaking a stakeholder analysis and developing a Stakeholder Analysis and Sustainable Livelihood Approach (SLA) seems fundamental to developing such a strategy. In looking at the various and wide range of definitions for small-scale and artisanal fisheries and aquaculture, 60
the sector has the potential to incorporate the principles of sustainability, particularly in terms of environmental and social aspects. In considering the competitive advantage of small-scale ornamental fishing and trade, four main advantages could be considered, including: potentially lower ecological impacts, higher employment opportunities, higher versatility in terms of fishing gear and lower investments in technology.
Market analysis & marketing mix A market analysis and marketing mix could represent two essential strategies and instruments to foster the growth of the ornamental fish sector. In terms of a marketing analysis, policy makers and technical bodies the following steps should be undertaken: • First step: Market segmentation in groups of welldefined potential clients, with their specific needs and behaviours identified and documented. • Second step: Target market definition by evaluating the attractiveness of each segment. • Third step: Market differentiation according to the target market, offering rare high quality specimens that can contribute to an exclusive offer. • Fourth step: Attain a clear market positioning through an effective and attractive marketing policy. In terms of a marketing mix, the following aspects need to be considered: • Product: Offer specimens of certain taxonomic classification and secure geographical origin (specifying biotope and capture site), selling wild or F1 generation specimens taking advantage of capture-based aquaculture. Additionally, offer wild fish species with higher resistance to common fish diseases, in particular to typical plagues in Asian fisheries (e.g. bacterial diseases and Mycobacteria). Finally, discover and offer new wild species or varieties. • Place (target market): Identify high value-added global markets with numerous associations of collectors and aquarists of commercial species. In order of importance: Japan, the United States of America, and Europe. • Price: Develop a market strategy and high positioning by classifying fish uniquely by species, which would lead to a higher premium price than competitors (who tend to offer a large number of undifferentiated specimens). • Promotion and communication: Promote environmentally sustainable capture fisheries in the ornamental fish market. Small-scale, artisanal fisheries and capture-based aquaculture could be specifically promoted as environmentally sustainable as well as socially sustainable because of its contribution to livelihoods and the alleviation of poverty and hunger.
GLOBEFISH Highlights January 2015
POTENTIAL OF ORNAMENTAL FISH TRADE IN AFRICA
Conclusion Ornamental fish trade represents an activity that could potentially improve rural peopleâ&#x20AC;&#x2122;s livelihoods if adequately supported and developed. Thanks to the minimal impact on the environment it could also provide a means of income without excessive depletion of rainforest ecosystems.
References available with the author: Monticini Pierluigi, Msc., EMBA, Scuola di Dottorato Agrisystem UniversitĂ Cattolica del Sacro Cuore, Italy Pierluigi.monticini@unicatt.it Pierluigi.monticini@gmail.com
Currently, the organization and marketing skills of rural, low-income stakeholders involved in the ornamental fish trade are limited, and should be addressed by policy makers and technical bodies in order to help fishers organize their activities, identify their target market and improve their expertise along the entire supply chain, in particular reducing fish mortality during shipment and death on arrival. Helping to improve these skills could strengthen livelihoods as well as trade opportunities.
GLOBEFISH Highlights January 2015
61
F I S H
A N D
F I S H E R Y Capture fisheries production 2011
2012
P R O D U C T S Aquaculture fisheries production 2011
2012
S TAT I S T I C S Exports
2012
2013 estim.
Million tonnes (live weight equivalent)
1
Imports 2014 estim.
2012
2013 estim.
2014 estim.
USD billion
ASIA
48.9
50.2
54.8
58.9
51.3
53.7
56.4
44.2
42.7
43.8
China2
16.8
17.2
38.9
41.5
20.8
22.1
23.4
12.2
12.9
14.0
of which China, Hong Kong SAR
0.2
0.2
0.0
0.0
0.8
1.0
1.0
3.7
3.8
3.8
& Taiwan Province of China
0.9
0.9
0.3
0.3
2.0
1.8
1.8
1.0
1.0
1.3
India
4.3
4.9
3.7
4.2
3.4
4.6
6.0
0.1
0.1
0.1
Indonesia
5.7
5.8
2.7
3.1
3.6
3.8
4.1
0.4
0.4
0.3
Japan
3.8
3.6
0.6
0.6
1.8
2.0
1.9
18.4
15.6
14.8
Korea, Rep. of
1.7
1.7
0.5
0.5
2.0
1.8
1.7
3.7
3.6
4.3
Philippines
2.4
2.3
0.8
0.8
0.8
1.2
1.1
0.2
0.2
0.2
Thailand
1.8
1.8
1.2
1.2
8.1
7.0
6.5
3.1
3.2
2.8
Viet Nam
2.5
2.6
2.8
3.1
6.3
6.8
7.0
0.8
0.9
1.0
AFRICA
7.7
8.2
1.4
1.5
5.4
5.5
5.7
5.4
6.1
6.1
Ghana
0.3
0.4
0.0
0.0
0.0
0.0
0.0
0.2
0.3
0.3
Morocco
1.0
1.2
0.0
0.0
1.6
1.8
1.8
0.1
0.2
0.2
Namibia
0.4
0.5
0.0
0.0
0.8
0.8
0.8
0.0
0.0
0.1
Nigeria
0.6
0.7
0.2
0.3
0.3
0.2
0.2
1.5
1.7
1.3
Senegal
0.4
0.5
0.0
0.0
0.3
0.3
0.4
0.0
0.0
0.0
South Africa
0.5
0.7
0.0
0.0
0.6
0.5
0.7
0.5
0.5
0.6
CENTRAL AMERICA
2.4
2.2
0.3
0.3
2.2
2.4
2.6
1.7
2.0
2.2
Mexico
1.6
1.6
0.1
0.1
1.1
1.1
1.1
0.6
0.8
1.0
0.2
0.1
0.0
0.0
0.1
0.2
0.2
0.1
0.1
0.1
14.0
10.1
2.1
2.3
12.8
13.7
15.8
2.8
3.5
3.6
Argentina
0.8
0.7
0.0
0.0
1.3
1.5
1.6
0.2
0.2
0.2
Brazil
0.8
0.8
0.6
0.7
0.2
0.2
0.2
1.2
1.5
1.6
Chile
3.1
2.6
1.0
1.1
4.4
4.9
5.8
0.4
0.4
0.4
Ecuador
0.5
0.5
0.3
0.3
2.8
3.6
4.4
0.2
0.1
0.1
Peru
8.2
4.8
0.1
0.1
3.3
2.7
3.0
0.1
0.2
0.2
NORTH AMERICA
6.2
6.2
0.6
0.6
10.4
10.7
11.0
20.3
22.0
25.0
Canada
0.9
0.8
0.2
0.2
4.2
4.3
4.5
2.7
2.9
3.0
Panama SOUTH AMERICA
United States of America EUROPE European Union
2
of which Extra-EU
5.2
5.1
0.4
0.4
5.8
6.0
6.2
17.6
19.0
21.9
13.3
13.1
2.7
2.9
44.3
47.5
50.0
53.6
58.2
61.6
5.1
4.6
1.3
1.3
28.7
30.2
32.1
47.2
50.9
54.5
“
0.0
5.7
5.8
6.0
24.9
26.5
28.5
“
Iceland
1.1
1.4
0.0
0.0
2.2
2.3
2.2
0.1
0.1
0.1
Norway
2.3
2.2
1.1
1.3
8.9
10.3
11.0
1.4
1.3
1.4
Russian Federation
4.3
4.3
0.1
0.1
3.2
3.6
3.5
2.8
3.4
3.1
OCEANIA
1.2
1.3
0.2
0.2
3.1
2.9
3.1
2.0
2.0
2.2
AUSTRALIA
0.2
0.2
0.1
0.1
1.0
1.0
1.1
1.6
1.6
1.7
NEW ZEALAND
0.4
0.4
0.1
0.1
1.2
1.2
1.3
0.1
0.2
0.2
93.7
91.3
62.0
66.6
129.5
136.4
144.5
130.0
136.5
144.6
WORLD
3
“
“
“
“
106.5
112.0
118.4
107.8
112.1
118.5
Developing countries
69.3
67.2
58.0
62.3
70.5
73.8
78.8
34.9
37.8
39.9
Developed countries
24.4
24.1
4.0
4.3
59.0
62.6
65.7
95.1
98.7
104.7
LIFDCS
14.0
14.8
6.5
7.3
7.4
8.9
10.5
3.6
4.3
4.0
9.4
9.8
2.7
3.0
2.6
2.6
2.6
0.9
1.1
1.2
21.3
18.5
4.0
4.3
10.2
10.0
10.5
3.7
4.3
4.7
World excluding Intra-EU
LDCS NFIDCS 1 2 3
Production and trade data exclude whales, seals, other aquatic mammals and aquatic plants. Trade data include fish meal and fish oil. Including intra-trade. Cyprus is included in Asia as well as in the European Union. Starting with 2013 data, EU includes Croatia. For capture fisheries production, the aggregate includes also 64 081 tonnes in 2011 and 37 360 tonnes in 2012 of not identified countries, data not included in any other aggregates. Totals may not match due to rounding.
62
GLOBEFISH Highlights January 2015
Globefish Research Programme
Research Programme Vol. 117 Vol. 116 Vol. 115 Vol. 114 Vol. 113 Vol. 112 Vol .111 Vol. 110 Vol. 109 Vol. 108 Vol. 107 Vol. 106 Vol. 105 Vol. 104 Vol. 103 Vol. 102 Vol. 101 Vol. 100 Vol. 99 Vol. 98
The Seafood market in Japan The European market for bivalves other than mussels The European market for mussels Eel (Anguilla spp.): Production and trade * Exchange rates and the seafood trade* By-products of tuna processing Technical guide to fish canning Innovative uses of fisheries by-products Seafood markets in Southern Africa Risks and benefits of seafood consumption* El eco-etiquetado de productos pesqueros en España El mercado de productos pesqueros en España The European market for shrimp The Seafood Market in France Turbot – Production Technology and Markets The Ornamental Fish Trade Markets for Tilapia Importance of APEC in world fisheries and aquaculture Viet Nam - Seafood from Waterland The seafood market in Greece
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