Globefish Highlights - Issue 4/20142014 estim. f'cast over 2013 million tonnes % WORLD BALANCE Production 158.0 162.9 165.9 1.9 Capture fisheries 91.3 92.4 92.0 -0.4 Aquaculture 66.6

HIGHLIGHTSA quarterly update on world seafood markets

31/10/2014 Issue 4/2014

Tel.: (+39) 06 57054163 - Fax: (+39) 06 57053020 - Email: [email protected] - Website: www.globefish.org

Bibliographic reference:GLOBEFISH Highlights2014FAO/GLOBEFISH Highlights (4/2014): p. 62

A quarterly updatebased onthe GLOBEFISH databank

About GLOBEFISHGLOBEFISH 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.

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).

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 Espinosa, Fatima Ferdouse, Erik Hempel, María Martí-Fluxa, Marie Christine Monfort, Rodrigo Misa, Ferit Rad, Nianjun Shen, Meyling Tang, Katia Tribilustova and Stefania Vannuccini. Anna Child provided editing services and Turan Rahimzadeh was responsible for the layout. The Norwegian Seafood Council provided data support for the FAO Fish Price Index.

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.

For subscription details please contact:

GLOBEFISH, FIPM/FAO Tel: (39-06) 5705 4163Viale delle Terme di Caracalla Fax: (39-06) 5705 302000153 Rome, ItalyEmail: [email protected]: www.globefish.org

All rights reserved. Reproduction and dissemination of material in this information product for educational or other non-commercial purposes are authorized without any prior written permission from the copyright holders provided the source is fully acknowledged. Reproduction of material in this informational product for resale or other commercial purposes is prohibited without written permission of the copyright holders. Applications for such permission should be addressed to the Chief, Electronic Publishing Policy and Support Branch, Communication Division, FAO, Viale delle Terme di Caracalla, 00153 Rome, Italy or by e-mail to copyright@ fao. org

© FAO GLOBEFISH 2014

GLOBEFISHcelebrates 30 YEARS!Proud to be part of a strong international network of seafood trade expertsVisit our anniversary section at www.globefish.org 1984 – 2014

INSIDE THIS ISSUE...Global fish economy New forecasts point to a slowdown in world fish supply growththis year, to 1.9% compared with 3.1% in 2013. This is largely the result of lower percentage growth of the world aquacul-ture sector, which has been driving all fish production increases for many years now while capture fisheries fluctuates around the 90 million tonne mark. The slowing expansion is also pro-jected to be reflected in world export volumes, although rel-atively higher growth in total export value shows that prices are rising overall and demand is still following a strong upward trajectory. p. 2

International shrimp trade grows During the first half of 2014, the volume traded in the international shrimp market increased by 5-6% compared with the same time period in 2013, mostly as a result of import

growth in US and East Asian markets. p. 4

Traditional large markets for canned tuna failed to re-cover during the first half of 2014

During the first half of 2014, there were mixed trends in the global mar-ket 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. p. 12

Cod prices rising in spite of record suppliesCod prices are on the rise in major markets with a number of factors con-tributing, including a lower TAC, the Russian ban on imports from western

countries, and the Russian Federation withholding cod for its own domestic consumption. p. 19

Improved supplies of octopus – slower trade in squid and cuttlefish

Contrary to expectations, octopus is now in good supply from Northwest Africa, but inventories have built up and put further pressure on prices. Consequently, fishermen in Morocco

and Mauritania stopped landing octopus, and prices in Japan are now expected to increase. p. 24

Steady demand balanced by consistent supply Global tilapia production is expected to almost double from 4.3 million tonnes per year in 2010 to 7.3 million tonnes a year in 2030. With these es-timates, tilapia will likely be one of the main contributors to the fastest

growth in global aquaculture aside from carp and catfish. p. 28

Demand continues to pick up in non-major marketsWith the largest producing country Viet Nam planning for higher produc-tion along with steady production from other producers, supplies of pangasius will remain stable. . p. 31

Tighter supply ahead for seabass and seabream as Tur-key eases off production

A recent Federation of European Aq-uaculture Producers (FEAP) report has highlighted the lower juvenile produc-tion last year in Turkey, a trend which

is expected to continue in 2014. p. 33

Norway adapts quickly as Russian ban prompts global salmon market shuffle

In the wake of the Russian ban on im-ports of seafood from certain Western countries, exporters and importers alike have scrambled to secure new

trading partners to minimize disruption to supply chains and the resulting loss of revenue. p. 38

TAC for mackerel, herring, blue whiting and capelin all cut

Based on scientific advice, ICES has rec-ommended significant cuts in the TACs for mackerel, herring, blue whiting and capelin. At the same time, the organiza-

tion claims that several species, such as mackerel, hake, and monkfish have recovered. The situation for herring, however, is not so bright. p. 44

Increased demand and limited volume available keep fishmeal and fish oil prices up in the first half of 2014

While Peru’s total allowable catch (TAC) for anchovy for the 2014 winter was set at 2.53 million tonnes, 23% more com-pared with the same time period for 2013, the actual catch was lower than expected. Fortunately, the pressure on

the prices from the short supply was offset partially by delayed buying decisions due to weather uncertainty indicated by ab-normal sea temperatures. Nevertheless, fishmeal prices again showed a significant increase beginning in June when buyers re-alized that the TAC quota would not be met this season. p. 49

First half of 2014 shows a vibrant oyster marketThe first half of 2014 was characterized by a dynamic market for oysters and the consolidation of markets for mussels and scallops. During this period, interna-tional trade was impacted by two main

factors: water quality issues with the possible presence of virus and the appearance of trade obstacles, such as the embargo on European exports of food products to Russia. On a positive front, the free trade agreement between Canada and Europe must be noted. p. 52

Recent developments and trends in the Spanish seafood market p. 58

Fish and fishery products statistics p. 62

SPECIAL FEATURE

2 Globefish Highlights October 2014

GLOBAL FISH ECONOMYthe case of cod, for example, it is possible to redirect the substantial Russian catch to meet domestic demand, while for salmon Norwegian supplies must be replaced by Chilean or Faro-ese salmon or perhaps partly by Turkish bass and bream. The subsequent short-term price development then depends how swiftly other importers and exporters can identify new trad-ing partners, match product requirements and adapt their logistics to move excess supply or to make up shortfalls. For many countries, and not only those excluded for the ban, the situation represents an opportunity to gain a foothold in previously less accessible markets. Although the picture is still not completely clear, so far it appears that the impact of the ban has been relatively well absorbed by the markets.

New forecasts point to a slowdown in world fish supply growth this year, to 1.9% compared with 3.1% in 2013. This is largely the result of a lower percentage growth rate in the world aq-uaculture sector, which has been the driver of all fish production increases for many years now as capture fishery supplies fluctuate around the 90 million tonne mark. The slowing expansion is also projected to be reflected in world ex-port volumes, though relatively higher growth in total export value demonstrates that overall, prices are rising and demand continues to follow a strong upward trajectory. The major unknown now is the extent to which apparent limits on the maximum size of the aquaculture industry can be overcome by technological advances and by innovations in feed that reduce farmed fish dependency on their wild counterparts.

On the market side, the large emerging markets of China, the Republic of Korea and Brazil continue to expand rapidly, while Mexico is increasingly becoming an important export destination for Latin American producers of high-value species such as shrimp and salmon. However, it is in fact the USA that is the stand-out performer so far in 2014. On its current tra-jectory, the US market could grow by some 18% in value terms this year, as consumer demand is supporting high prices for multiple species. Of the other major markets, growth in the EU has been reasonably steady on the back of a some-what hesitant economic recovery, while Japan continues to decline but at a slower rate.

Another important event in the seafood in-

dustry this year has been the Russian ban on im-ports from a number of major Western producing countries, with Norway a notable example. Giv-en that the Russian Federation imports seafood products worth over USD 3 billion each year, the ban could have significant effects on the struc-ture of the global market for as long as it re-mains in force. The exact nature and magnitude of these effects for different species depends on a number of factors, primarily the degree of market globalization, the substitutability of the product, and whether or not the Russian Fed-eration has significant domestic production. In

World fish market at a glance 2012 2013 2014 Change:

2014 over 2013 estim. f'cast

million tonnes %

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

Trade value (exports USD billion) 129.4 136.4 145.4 6.6

Trade volume (live weight) 58.1 58.8 59.4 1.0

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

Other uses 5.4 5.0 4.7 -6.0

SUPPLY AND DEMAND INDICATORS

Per caput food consumption:

Food fish (kg/year) 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

Totals may not match due to rounding.

3Globefish Highlights October 2014

GLOBAL FISH ECONOMY

The FAO Fish Price Index (100=2002-2004)

Data Source: Norwegian Seafood Council

After hitting a record high earlier this year, the FAO Fish Price Index fell back in the second quarter of 2014, although it is still higher than compared with the same period last year. The major contributor to the drop was the aquacul-ture sub-index, particularly shrimp and salmon. In the latter case, the price fall can be attribut-ed to higher supply growth and earlier harvest-ing in Norway this year. For shrimp, it is more a case of alternative producers such as India, Indonesia and Ecuador boosting volumes to take pressure off prices, which had developed after disease issues in Thailand, China and Mexico. Meanwhile, capture fisheries has been fluctuat-ing as positive development for certain impor-tant whitefish species such as cod is offset by weak demand for tuna in developed markets.

0

20

40

60

80

100

120

140

160

180

TOTAL

AQUACULTURE

CAPTURE


International shrimp trade grows, supported largely by increased imports by the US and East Asian markets

During the first half of 2014, the volume traded in the international shrimp market increased by 5-6% compared with the same time period in 2013, mostly as a result of import growth in US and East Asian markets. In terms of farmed shrimp production, positive trends have been posted so far in Ecuador, Indonesia, Viet Nam and India but supply shortfalls in Thailand, China and Mexico are higher than forecasted. As a result, the level of current supply is lower than the early-year forecast, which has kept shrimp prices stable in the global market.

SHRIMP

Supply

In Asia, the seasonal peak of farmed shrimp was delayed due to hot/dry weather and the late arrival of monsoon season. Overall, supplies were low to moderate in the producing countries during the April-October period. Moreover, the aquaculture areas affected by EMS in Southeast Asia and Latin America have not been able to recover fully yet.

In Thailand, the main production period was delayed till August, with harvests mostly consisting of small sized shrimp as farmers avoided a longer farming period. Therefore, the total production of shrimp in 2014 is likely to be below 200 000 tonnes in Thailand, which is lower than the earlier forecast of 250 000 tonnes.

In Southern China, a strong typhoon hit shrimp aquaculture areas in July, causing extensive damage to the

hatcheries and farms. Hatcheries in Hainan lost thousands of brood stocks and post larvae, with seed production in this area reduced by almost 50%, a significant negative impact to shrimp farming in the southern provinces. Subsequently, vannamei shrimp supplies were limited from Hainan, Guangxi and Guangdong with rising ex-farm prices.

While EMS disease persists in affected areas in Viet Nam, new areas in the country have evolved for vannamei farming. Some farmers also moved away from rice to shrimp farming due to increased salinity in waters in the Mekong Delta. These developments have given Viet Nam a recent boost in vannamei shrimp production. For black tiger shrimp, production has declined marginally in Ca Mao and Bac Lew but increased by more than 15% in Kien Giang where some farmers have moved back to this species due to the price weakening of vannamei during the first quarter of the year. The industry association in Viet Nam, VASEP, reported that total production of

Penaeus vannamei

42%

Giant tiger prawn14%

Northern prawn

4%

Akiami paste shrimp

8%

Others32%

Shrimp production by species (2012)

Source: FAO


farmed shrimp through mid-August was 317 305 tonnes in which 152 035 tonnes were black tiger shrimp. Frozen shrimp imports, both vannamei and black tiger, continue to come into the country from Latin America and other Asian countries for export processing.

In India, vannamei production increased moderately while black tiger production is on the decline. Until September, ex-farm prices continued an upward trend due to supply demand imbalance and good import demand from East Asia. The official forecast in India suggests that farmed shrimp production, dominated by vannamei, may increase by 10-20% during the current fiscal year (April 2014-March 2015). Production of black tiger shrimp is likely to decline at the same rate as many farmers in the northeast aquaculture belt have moved to vannamei aquaculture this year.

In Latin America, farmed shrimp production is generally good and stable, particularly in Ecuador, Honduras, Nicaragua, and Peru. However, production continues to be lower in Mexico as a result of EMS. In a precautionary measure related to the EMS issue, Peru has suspended imports of shrimp from China, Thailand, Viet Nam, Malaysia, India and Mexico for the next year.

Landings from capture fisheries

US domestic shrimp landings in August increased by 6.3% to 8 534 tonnes compared with the same month last year. However, cumulative landings for January-August were lower than last year’s at 26 924 tonnes.

Import and export trends

According to INFOFISH estimates, the volume import in global shrimp trade increased by 5-6% during January-

SHRIMP

ImportsShrimp (by product): Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)

Live 0.1 0.1 0.0 0.3 0.5 0.2

Fresh/chilled 0.0 0.0 1.0 - 0.6 0.1

Frozen, raw 85.2 86.4 83.6 85.7 84.5 65.4

Dried/salted/in brine 1.8 1.5 1.6 1.4 1.0 1.0

Cooked, frozen 8.7 9.7 9.8 11.3 11.9 9.5

Cooked & smoked 0.1 0.1 0.2 0.2 0.1 0.1

Frozen ebi ** ** ** ** 0.2 0.2

Prepared/preserved* 20.9 21.3 23.6 23.2 23.1 16.9

Sushi (with rice) 0.1 0.7 1.5 1.0 1.2 0.8

Total 116.9 119.8 121.3 123.1 123.1 94.2*(incl. tempura shrimp ) ** (included under others) Source: Japan Customs

ImportsShrimp (frozen): Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Viet Nam 14.0 16.3 13.0 14.1 14.8 12.3

Indonesia 17.3 15.7 15.1 15.1 16.6 10.5

Argentina 0.7 0.9 2.3 3.7 4.8 8.9

India 9.2 9.1 8.1 10.1 11.9 7.5

Thailand 14.1 17.6 15.8 16.2 12.0 4.7

China 5.4 5.5 7.1 6.5 5.3 4.6

Russian Fed. 4.5 4.4 4.4 3.8 3.7 3.9

Canada 3.9 3.4 2.9 2.9 2.0 2.6

Myanmar 3.1 2.1 2.6 2.4 2.2 2.1

Greenland 3.9 2.2 1.9 1.5 2.0 1.6

Malaysia 2.4 3.1 4.5 3.5 2.5 1.5

Bangladesh 1.5 1.4 1.2 1.2 1.9 1.3

Others 5.3 4.7 4.9 4.9 4.8 4.0

Total 85.2 86.4 83.7 85.7 84.6 65.4Source: Japan Customs

June 2014 against the same period last year, with a firm and steady price trend. The top ten importers, namely the EU, the USA, Japan, Viet Nam, Republic of Korea, China, Hong Kong SAR, Mexico, Canada and Australia, bought a total of nearly 850 000 tonnes of shrimp during this period. The demand trend was mixed in these markets; imports declined in Japan, Hong Kong SAR and Canada but remained positive in the others.

It is also interesting to note the trend in exports during this period, in which Ecuador was the top supplier, very closely followed by India. The average monthly exports from each of these countries were nearly 24 000 tonnes. The other leading exporters are Viet Nam, China, Indonesia and Thailand. Monthly exports from China and Indonesia were about 13 000 tonnes each. The export volume from Viet Nam is not officially reported, but it is known to be higher than China and Indonesia.

Japan

The Japanese market, the third largest shrimp market globally, continues to import less shrimp as a result of the yen devaluation beginning in December 2012. In late September 2014, the yen dropped to a six year low at yen 110 equal to USD 1 creating panic in the market. Prices have also started to move up in yen along the distribution chain, causing serious concern in the trade prior to the year-end high consumption season. Prices are expected to increase further by 10% due to this factor, which is a bad news for marketers in Japan. The import price of farmed shrimp has already increased by USD 3.00 per kg during the June-September period.


SHRIMP

Total imports during the first half of the year were 28 200 tonnes below the same period last year. The market share of tropical shrimp has been increasingly taken over by the cheaper cold-water prawn, particularly from Argentina and The Russian Federation. Imports of raw, frozen cold-water shrimp were 34% higher during this period at 17 037 tonnes but the large decline in tropical shrimp (-23,491 tonnes), was not compensated for. The top five shrimp suppliers to Japan for the period were Viet Nam, Thailand, Indonesia, Argentina and China.

In this price sensitive market, supplies of value added shrimp, generally exported by Thailand, Viet Nam and China, have also been affected.

Until June, monthly imports of raw frozen shrimp remained below 10,000 tonnes impacting the cumulative volume during the first half of the year. Indeed, supplies declined by 22.6% compared with the same period last year.

Within the domestic wholesale trade, shrimp prices have increased in Japan since July, while local inventories remain lower than compared with other years.

In the retail trade, demand for farmed shrimp is bound to decline due to rising prices. Marketers are likely to promote the Argentinean seabob shrimp during the Christmas and New Year season.

USA

Total shrimp supply in the US market is up with continued growth expected. Despite falling production and exports from Thailand, imports continue to grow from other sources in Asia and Latin America. So far the situation has not had a serious impact on prices, which are still at historically high levels and stable, demonstrating that demand is in balance with supply.

White Shrimp in Japanese market,origin Indonesia

Source: Infofish ITN

ImportsShrimp: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Indonesia 40.1 29.4 35.3 37.4 35.8 48.0

Ecuador 33.3 35.8 35.0 44.1 39.2 46.7

India 8.6 7.3 14.9 20.5 36.8 40.7

Viet Nam 14.6 14.1 16.9 16.8 19.0 33.6

Thailand 73.4 81.4 77.0 60.1 41.1 26.0

China 17.5 18.8 16.2 16.2 16.1 16.5

Malaysia 7.4 9.1 9.2 10.9 8.4 7.4

Peru 5.2 4.2 4.9 4.6 5.5 6.7

Mexico 12.4 10.5 6.7 10.8 7.4 4.7

Guyana 5.8 4.3 4.0 6.1 4.8 4.0

Others 18.1 14.1 12.3 12.5 9.8 14.3

Total 236.3 229.0 232.4 239.8 223.9 248.6Source: NMFS

ImportsShrimp: USA

Jan-Jun

Product

2012 2013 2014

1 000 tonnes

million USD

1 000 tonnes

million USD

1 000 tonnes

million USD

Peeled frozen 90.5 821.2 93.4 846.1 102.4 1 303.9

Other frozen 33.8 330.8 27.1 272.9 33.0 474.1

Breaded 18.4 125.1 16.4 109.2 19.8 176.1

Other prep 1.3 7.3 1.1 6.4 1.1 6.5

Headless shell-on frozen

All sizes 94.7 777.1 84.3 772.5 90.8 1 073.1

< 15 8.4 123.1 7.2 112.2 6.8 122.8

15/20 8.7 87.3 6.4 69.1 6.8 100.7

21/25 11.9 104.2 12.7 129.3 12.8 170.8

26/30 14.8 123.6 14.4 134.5 14.7 182.9

31/40 17.7 128.8 16.4 136.5 15.9 178.2

41/50 11.8 79.7 11.8 89.5 12.0 121.4

51/60 10.2 65.0 8.1 56.3 10.7 102.5

61/70 6.3 39.0 4.1 26.8 6.2 55.2

> 70 4.7 26.6 3.1 18.3 4.9 38.6

Other products 1.2 7.8 1.5 19.5 1.3 18.4

Total 239.8 2 069.3 223.9 2 024.8 248.6 3 052.1Source: NMFS

5

10

15

20

25

30

Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14

USD/kg

31/40

16/20


SHRIMP

Shrimp prices (16-20 count) in main wholesale markets, USA and Japan

Source: Infofish ITN

This summer, demand was strong in both restaurants and in supermarkets primarily driven by consumer confidence, improved disposable income and employment opportunities. With market indicators such as an upward trending US stock market and gasoline prices on the decline, the middle to upper class consumers, the primary audience for shrimp in the USA, now have more disposable income.

During the first half of 2014, relatively large imports of shrimp from Indonesia (+34%), Ecuador (+19%) and Viet Nam (+77%) pushed the total import volume of shrimp into the USA at 11% higher compared with the same time period last year. Notably, supplies were up for all types of product groups, including shell-on/easy-peel, semi-processed and processed, contributing to a much higher percentage rise in the import value (+50%) that crossed USD 3 billion during the January-June period this year. Although rising shrimp prices were given as the reason for this development, it is also this import growth that contributed to the hefty increase in value. Indonesia was the top supplier during this period; the average import price of Indonesian shrimp increased by 40% which could be linked to higher volume imports of large sized shell-on/easy-peel shrimp (un/15 through 21/25) (+35%) and also all types of peeled shrimp (+40%). Similarly, imports of peeled shrimp (including peeled tail-on or PTO, butterfly-cut etc.) were 70% and 30% higher from Viet Nam and Ecuador respectively. The rise in Indian shrimp imports was moderate at 10%.

In August and September, the Department of Commerce upheld higher duty rates for Thai, Indian and Vietnamese shrimp exporters, which were preliminarily raised in March.

EU

Import demand for shrimp remains selective in the EU. Asian processors are constantly asked to produce frozen products with 20-30% glaze though the market is unable to support high prices. There are more imports from Latin America, namely Ecuador, Nicaragua and Honduras due to the preferential tariff rates.

During the first half of 2014, shrimp imports into the EU from third countries (extra-EU imports) were almost 6% higher at 253 600 tonnes compared with the same period last year. Ecuador, the top supplier, increased supply by 12.7% and had an 18.7% share in total imports. India was the second leading supplier with a 38% rise in exports. Imports from Indonesia also increased by 35% while Thai exports dipped strongly by 55% following the withdrawal of GSP on Thai shrimp in the EU market beginning in January 2014.

Nicaragua and Honduras export shrimp at zero import duty to this market area, and thus increased supplies by 25% and 31% respectively during this period.

3

4

5

6

7

8

9

10

Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14

USD/lb

Gulf brown, New York

Indian white, Tokyo

Imports/ExportShrimp: EU-28

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)IMPORTSEcuador 32.8 37.0 48.6 44.1 41.5 46.4

India 29.8 27.1 29.0 26.3 29.7 40.9

Greenland 32.9 31.8 34.7 28.4 30.4 28.3

Denmark 22.9 24.7 22.4 19.8 23.1 21.8

Viet Nam 10.3 15.3 20.3 15.5 14.8 19.2

Argentina 13.9 11.5 17.9 13.9 14.9 17.7

Netherlands 16.8 18.0 22.0 20.1 16.3 16.5

Bangladesh 16.1 16.8 17.5 15.7 15.8 14.3

Canada 15.7 14.3 14.1 16.5 11.5 12.3

China 16.1 17.7 20.1 18.0 15.7 11.8

Belgium 10.4 10.9 13.8 11.2 10.6 10.9

Spain 9.0 10.3 10.1 12.8 10.6 10.7

Morocco 7.1 7.0 7.2 7.2 6.0 7.6

Thailand 18.9 28.7 28.6 24.9 16.7 7.4

Indonesia 12.3 11.0 10.3 5.8 5.4 7.3

Others 78.4 74.4 71.6 67.0 61.5 65.1

Grand Total 343.4 356.8 388.0 347.1 324.6 338.1Total Intra Imports 85.6 92.4 98.4 88.2 85.1 84.5Total Extra Imports 257.8 264.4 289.6 258.9 239.5 253.6EXPORTSGrand Total 167.9 168.3 180.6 158.0 149.5 143.7Total Intra Exports 119.7 122.1 136.9 121.5 115.7 111.0Total Extra Exports 48.1 46.2 43.7 36.5 33.7 32.7

Source: EUROSTAT


SHRIMP

ImportsShrimp: Spain

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)IMPORTSEcuador 7.7 8.3 15.4 13.5 10.7 14.1

Argentina 11.6 8.3 14.4 11.4 11.1 12.9

China 10.6 10.1 11.6 9.4 7.9 6.3

Morocco 2.9 2.2 2.3 2.2 1.9 2.4

Nicaragua 1.5 0.9 1.0 1.5 1.3 2.0

Others 22.8 24.9 28.3 20.0 18.4 20.0

Total 57.3 54.6 72.9 58.0 51.3 57.8EXPORTSItaly 4.9 4.9 8.9 7.1 7.5 5.5

Portugal 3.5 3.5 3.5 3.8 3.0 4.4

France 3.9 3.2 3.0 4.5 3.3 2.4

Others 2.2 1.5 2.6 2.9 2.6 3.1

Total 14.6 13.1 17.9 18.3 16.3 15.4Source: Agencia Tributaria

ImportsShrimp: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Ecuador 9.2 10.6 11.0 9.5 9.3 10.8

India 2.3 2.9 3.3 2.5 2.6 3.5

Spain 2.7 2.4 3.0 3.6 4.0 3.0

Argentina 2.0 2.8 3.0 1.9 2.6 3.0

Denmark 2.1 2.3 2.1 1.3 1.7 2.2

Netherlands 1.6 2.0 2.6 2.1 1.1 1.8

Viet Nam 0.6 1.0 1.2 0.5 0.9 1.1

Others 7.5 7.0 7.0 4.5 4.8 4.2

Total 28.1 31.0 33.3 25.9 26.9 29.8Source: ISTAT

ImportsShrimp: France

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Ecuador 7.9 12.3 12.9 13.7 16.7 16.1

India 5.5 5.9 5.9 6.3 6.5 7.8

Viet Nam 1.5 2.6 2.3 2.1 2.2 3.5

Venezuela 1.7 1.8 1.7 2.8 2.8 3.3

Netherlands 3.0 2.8 3.0 3.3 3.4 2.8

Madagascar 3.2 3.1 2.8 2.9 2.6 2.3

Spain 1.3 2.7 2.2 2.8 2.0 1.8

Bangladesh 1.5 2.3 2.5 1.8 2.6 1.6

Others 18.8 19.3 15.6 14.6 10.6 9.4

Total 44.4 52.8 48.9 50.3 49.6 48.6Source: Direction Nationale des Statistiques du CommerceExtérieur – DNSCE

ImportsShrimp: UK

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)India 3.5 3.4 3.5 3.7 4.2 5.3

Bangladesh 2.8 2.8 3.0 2.9 3.7 3.8

Denmark 4.7 4.6 4.0 3.3 3.9 3.4

Thailand 4.7 6.5 8.1 9.4 7.1 3.4

Canada 2.3 3.1 3.4 3.8 2.8 3.3

Viet Nam 1.3 2.2 2.9 2.4 2.4 2.4

Iceland 3.7 3.5 2.7 2.7 1.9 2.3

Indonesia 3.7 3.5 3.7 1.6 2.0 2.1

Others 6.8 6.8 7.4 7.9 7.0 7.0

Total 33.5 36.3 38.7 37.8 35.0 33.0Source: Her Majesty's Revenue & Customs

ImportsShrimp: Denmark

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)IMPORTSGreenland 31.6 30.8 33.8 27.5 29.7 27.4

Canada 10.2 7.0 6.3 9.7 7.1 7.1

USA 0.1 0.3 0.4 1.1 1.1 1.5

Faroe Islands 1.7 1.2 0.2 0.6 0.5 1.2

Viet Nam 0.6 0.7 0.9 1.0 0.8 1.1

India 0.3 0.3 0.3 0.2 0.4 0.8

Others 5.8 5.6 5.1 4.5 5.5 5.1

Total 50.3 45.9 47.0 44.6 45.1 44.2EXPORTSSweden 9.8 9.2 10.8 10.7 11.3 11.0

UK 6.2 5.9 5.1 4.3 4.8 4.7

Italy 2.6 2.7 2.5 2.3 3.4 3.6

Norway 3.8 3.9 4.0 3.5 3.8 3.6

Germany 3.6 3.2 3.4 3.3 3.2 3.2

China 3.8 2.8 3.7 2.4 3.4 3.2

Russian Fed. 10.6 7.3 4.6 3.7 2.9 3.1

Morocco 2.1 2.4 1.8 1.1 2.7 2.4

Netherlands 2.7 2.5 2.2 1.5 1.3 2.2

Greenland 1.3 0.4 1.0 0.0 1.1 2.1

Others 9.4 10.3 11.2 9.3 8.3 8.2

Total 56.0 50.6 50.3 42.2 46.1 47.4Source: EUROSTAT


SHRIMP

Imports/ExportsShrimp: Belgium

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)IMPORTSIndia 6.0 4.1 7.4 5.6 8.0 10.8

Netherlands 5.5 6.1 8.9 8.3 5.5 5.5

Bangladesh 5.0 4.9 5.7 3.6 3.1 3.5

Viet Nam 1.3 2.2 2.0 1.3 1.9 3.0

Ecuador 4.1 2.5 5.6 3.7 1.3 1.5

Others 8.8 9.4 8.6 5.9 4.7 3.8

Total 30.7 29.2 38.1 28.3 24.4 28.0EXPORTSFrance 9.5 8.4 12.9 8.6 5.9 5.4

Netherlands 2.8 3.1 4.8 4.6 3.9 4.0

Spain 2.6 2.6 2.7 2.5 2.7 2.8

Germany 2.6 3.1 2.7 2.6 2.4 2.6

UK 2.3 1.7 1.1 0.5 1.1 1.2

Italy 1.0 0.6 0.7 0.4 1.1 1.0

Others 2.9 2.8 3.3 3.3 3.1 2.7


Imports/ExportsShrimp: Netherlands

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)IMPORTSIndia 5.2 4.7 3.3 2.9 2.8 6.4

Morocco 3.5 4.0 4.1 4.5 3.1 4.0

Belgium 1.7 2.3 4.3 3.7 3.1 3.3

Indonesia 2.8 2.8 2.1 1.6 1.4 2.7

Bangladesh 2.6 2.9 2.5 2.5 1.9 1.9

Denmark 1.8 2.2 1.8 1.3 1.0 1.8

Viet Nam 0.8 0.9 1.9 2.0 1.6 1.6

Germany 3.8 3.9 4.9 3.8 2.8 1.5

Others 9.6 7.0 8.9 8.7 6.7 6.8

Total 31.9 30.8 33.9 30.9 24.3 29.9EXPORTSMorocco 12.1 13.3 13.7 11.7 10.2 11.3

Belgium 6.4 6.9 7.5 6.0 5.1 5.3

Germany 5.0 5.5 6.8 5.8 5.3 5.3

France 6.8 7.6 6.8 5.9 4.4 3.4

Spain 2.4 1.0 0.8 1.2 1.0 1.4

Italy 0.9 1.4 1.8 1.4 0.8 0.9

Others 3.3 2.4 1.4 1.5 1.5 1.3


ImportsShrimp: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Viet Nam 3.3 3.8 6.7 4.7 3.7 4.1

Netherlands 2.9 3.1 3.7 3.3 3.2 3.1

India 3.3 2.7 2.2 2.2 2.4 2.3

Bangladesh 3.3 2.6 2.8 3.7 2.9 2.3

Thailand 5.3 6.3 5.3 5.4 4.0 2.3

Belgium 1.8 2.5 2.2 1.8 1.8 1.8

UK 0.9 1.6 1.3 1.3 1.3 1.7

Others 6.7 6.3 6.8 6.6 5.2 5.6

Total 27.4 28.8 30.8 28.8 24.5 23.3Source: Germany Customs

As a single import market, Spain and France were the lead importers followed by the UK, the Netherlands, Italy, Belgium and Germany.

In Spain, Ecuador continues to dominate the market with increased supply, while imports also increased from Argentina, Morocco and Nicaragua.

In France, overall imports declined with lower supply from Ecuador though imports increased from India, Viet Nam and Venezuela.

In Denmark, the reprocessing industries imported less during the first half of the year compared with the first half of 2013, but exported more when comparing the same time periods.

On 17 July, the EU and Ecuador signed a deal which will allow the country to join its Andean neighbours Peru and Columbia in its trade agreement with the EU. According to the European Commission, the terms of the new agreement go beyond the unilateral EU-GSP for which Ecuador is no longer eligible. However, it will allow Ecuador, the number one exporter of shrimp to the EU, to benefit from improved access for its main exports including fishery products to the EU markets.

The Russian Federation

The imposition of an import ban from EU to The Russian Federation will undoubtedly affect imports from this source, particularly for Denmark and Greenland. During January-April 2014, Russian shrimp imports from Denmark were over 2 000 tonnes. As an alternative source, Argentina has increased shrimp supplies to this market by 73% during this period at 534 tonnes and demand may increase this volume further.


SHRIMP

Asia/Pacific

The large shrimp importers in the Asian/Pacific region are Viet Nam, China, Republic of Korea, Hong Kong SAR and Australia.

According to INFOFISH analysis, Viet Nam is possibly the number one import market for farmed shrimp in the Asian/Pacific region with estimated imports of frozen shrimp for the first half of 2014 at 50 000 tonnes. Ecuador and India were the main suppliers with imports also increasing from Indonesia, Bangladesh and others. Most of these volumes are reprocessed for export markets.

China mainly imports for domestic consumption with supplies of both cold and warm-water shrimp increasing into the market during the first half of 2014 compared with the same period last year. This trend continued during July-September in order to procure supply for the Mid-Autumn festival held in early October. Industry sources indicate that actual import volumes, particularly from Viet Nam and Myanmar, are much higher than official

Graphs source: European Price Report

15.00

7.09.0

11.013.015.017.0

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

Black Tiger - In Europe, origin: BangladeshBangladesh BT, HL16/20, c&fUSD/kg

8.50

3.505.006.508.009.50

11.00

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

40-50 pc/kg

USD/kg

Whiteleg shrimp - Penaeus vannameiHead-on, shell-on, for EMP, origin: Ecuador (fob)

9.508.70

6.855.70

3.254.255.256.257.258.259.25

10.25

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

30-40 pc/lb40-5060-70100-120

EUR/kg

Whiteleg shrimp - Penaeus vannameiHead-on, shell-on, In Spain, origin: Central America

8.50

7.307.70

7.10

3.254.756.257.759.25

10.75

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

> 10-20 pc/kg> 20-30> 30-40> 40-60> 60-80

EUR/kg

Argentina Red Shrimp - Pleoticus muelleriHead-on, shell-on, In Spain, origin: Argentina

Imports/ExportsShrimp: China

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)IMPORTSCanada 5.3 5.0 5.3 7.5 6.4 7.4

Ecuador 0.1 0.8 2.1 1.7 3.7 5.7

Thailand 2.5 6.1 3.2 4.6 4.9 3.7

India 1.0 1.0 1.3 1.3 3.0 2.6

Greenland 3.4 4.5 2.4 1.7 2.6 2.3

Argentina 0.2 0.1 0.3 0.8 1.6 2.3

Others 9.8 7.8 9.5 6.2 5.4 8.2

Total 22.2 25.3 24.2 23.8 27.7 32.1EXPORTSJapan 15.7 17.9 35.5 21.1 15.1 15.6

USA 18.8 16.9 14.2 15.4 15.6 14.8

Malaysia 6.0 9.2 8.8 12.2 19.5 10.2

Hong Kong SAR 5.2 8.6 10.5 7.8 12.6 9.7

Spain 10.9 9.3 9.2 8.7 8.2 6.2

Australia 2.3 3.9 3.0 4.9 3.6 6.2

Republic of Korea 12.6 9.6 12.5 14.8 10.4 5.6

Taiwan PC 3.2 3.6 4.2 5.0 5.9 5.2

Mexico 2.4 5.4 5.2 3.7 4.4 3.9

Russian Fed. 2.4 5.6 4.7 5.7 6.0 3.9

Canada 2.7 4.6 2.7 5.4 2.5 2.8

Others 11.8 14.7 15.6 15.3 18.4 13.8

Total 94.2 109.2 126.1 120.1 122.2 97.9Source: China Customs


SHRIMP

figures due to undocumented border trade.

The shortage of farmed shrimp supply, however, has affected Chinese exports during the reporting period.

Maldives has emerged as a niche market for its neighbouring countries. Indeed, Indian shrimp exports to this destination were 133 tonnes during January-May 2014 and Sri Lanka exported 55 tonnes during January-June 2014. Maldives has a large tourism-based catering industry that requires shrimp while demand from local consumers has also increased. Last year, Maldives imported more than 300 tonnes of shrimp from India and 89 tonnes from Sri Lanka.

Outlook

In Asia, farmed shrimp production is likely to decrease in the coming months while the sector approaches the production season’s end. Industry reports from Thailand indicate less than 200 000 tonnes of production for 2014.

In Ecuador, shrimp producers are planning to increase production during the next harvesting season. However, the next season’s supply will not be in the market before March/April.

Japan has become less attractive for vannamei shrimp exporters, while limited demand for black tiger shrimp will continue to cater to the high-end market during the year-end festival season. For cold-water shrimp, Japanese importers will also have to compete with the import demand for Argentinean shrimp and the domestic market in The Russian Federation in the coming months.

There seems to be positive trend in the US shrimp market and consumer demand is forecasted to increase from November through the New Year. Shrimp is likely to join the turkey during the traditional Thanksgiving family dinners in November and also in Christmas and New Year celebrations. These are indications of a positive outlook in the coming months.

EU 28 (extra) EU 28 (extra) EU 28 (extra) EU 28 (extra) EU 28 (extra) EU 28 (extra)

EU 28 (intra) EU 28 (intra)EU 28 (intra)

EU 28 (intra) EU 28 (intra) EU 28 (intra)

USA USAUSA

USAUSA

USA

JAPAN JAPANJAPAN

JAPANJAPAN

JAPAN

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

2009 2010 2011 2012 2013 2014

SHRIMP IMPORTS IN VOLUME BY EU COUNTRIES, USA AND JAPAN - JANUARY-JUNE (IN TONNES)

TonnesComparison to

2013, in %

4%

-23%

11%

EU 28 (extra) EU 28 (extra)EU 28 (extra) EU 28 (extra) EU 28 (extra)

EU 28 (extra)

EU 28 (intra) EU 28 (intra)EU 28 (intra) EU 28 (intra) EU 28 (intra)

EU 28 (intra)USA USA

USA USA USA

USAJAPAN JAPAN

JAPAN JAPAN JAPAN

JAPAN

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

7 000 000

8 000 000

2009 2010 2011 2012 2013 2014

SHRIMP IMPORTS IN VALUEBY EU COUNTRIES, USA AND JAPAN - JANUARY-JUNE (IN '000 USD)

'000 USD Comparison to 2013, in %

+27%

+51%

-9%


TUNA

Traditional large markets for canned tuna failed to recover during the first half of 2014, despite considerable weakening of the raw material price

During 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.

Supply

The FAD fishing ban in the Western and Central Pa-cific has been extended from three to four months until October 2014. However, this will not have much impact on fish prices due to lower than expected demand from Asian canners. This is a result of weak demand for canned tuna from the two large markets, the USA and the EU. Prices for frozen skipjack increased only by 10% from May to September. Catches in the major fishing grounds has been moderate to good during the July to September pe-riod with skipjack prices ranging between USD 1 550–1 600 per tonne, CFR Bangkok.

In the Eastern Pacific, catches have been moder-ate as the cold equatorial waters are making fishing dif-ficult without using fish finders. The first Inter-American Tropical Tuna Commission (IATTC) closure period, which

Skipjack tuna50%

Yellowfin tuna24%

Bigeye tuna8%

Albacore5%

Atlantic bluefin tuna0%

Pacific bluefin tuna1%

Others12%

Tuna production by species (2012)

was applied to 40% of the fleet, was implemented from 29 July to 28 September. As of late September, skipjack prices were USD 1 700 per tonne, ex vessel Manta and expected to drop further. In contrast, yellowfin prices in-creased to USD 2 600 per tonne.

In the Atlantic Ocean, fishing has been moderate to good. As nearly two-thirds of the catch are skipjack, lo-cal canneries are better stocked compared with previous months. Both skipjack and yellowfin prices have fallen to EUR 1 250 and EUR 2 250 per tonne, ex vessel Abidjan, respectively.

In the Indian Ocean, fishing remains steady. Ves-sels are generally operating on FADs and catching mostly skipjack. Canneries in that region are adequately sup-plied with raw materials, while skipjack prices weakened to EUR 1 150 per tonne and yellowfin to EUR 2 000 per


tonne, FOB Mahe.

With sufficient supplies from the Indian and Atlantic Oceans, skipjack and yellowfin prices (whole frozen) to Europe declined to EUR 1 300 per tonne and EUR 2 300 per tonne, CFR Spain. Import prices for cooked, double cleaned yellowfin loins remains at USD 8 300 per tonne DDP Italy.

In Mexico, the fishing season for bluefin has been suspended by national authorities when the TAC of 5 000 tonnes was reached on 11 July, a move that is in line with the IATTC regulation to conserve tuna resources. Mexico operates large tuna farming facilities, where juvenile fish are reared to marketable sizes (40 kg and up) for the sashimi trade. Industry sources from Japan report that tuna farms in Mexico are trying to produce bigeye and yellowfin tuna as supplies of bluefin juvenile for farming are becoming limited due to various conservation meas-ures. The redmeat varieties are likely to be marketed to the USA as selling to Japan may not cover production costs.

In Japan, total tuna landings during the first half of this year were at a three-year low, though landings of fresh tuna from coastal waters were higher compared with last year’s. Supplies from distant water fishing

(mainly frozen fish) were lower, particularly for albacore and yellowfin. Local catches of bigeye increased in Sep-tember. Notably, the first land-based farmed bluefin tuna was harvested in Japan in September. The fish weighed 15.3 kg per piece and was sold at yen 2 200 per kg in the Tsukiji auction market.

Non-canned tuna market (fresh and frozen)

Japan

Japan remained the world’s largest market for sashimi tuna but with falling demand. During June to Au-gust, demand for sashimi tuna was low in the restaurant trade, which is generally associated with the hot, rainy and stormy weather. More so, the devaluation of the yen

TUNA

Market news and trends

Samoa Tuna Processors, a division of Tri Marine in Bellevue, Washington, has launched super-frozen tuna (SFT), realizing a significant demand particularly in Japan, where SFT accounts for about 80% of the local sashimi tuna consumption. New SFT is frozen utilizing a revolutionary technology developed in Japan a few decades ago, which virtually erases the time gap between catch and consumption. From the moment it is brought on-board the fishing vessel and blast frozen at -60°C, to the time it is brought back to chilled temperature, the quality and the organoleptic characteristics of the fish remain intact, just like the moment it was caught, according to Antonio Orsini, Director of Fresh and Frozen for Tri Marine. Samoa Tuna began processing SFT this month, utilizing its newly built fresh and frozen processing facility in American Samoa.

While Tri Marine recognizes that most demand for the SFT line is in Japan, executives believe that demand from the EU, the USA and other countries will grow. In the EU, the demand has been growing rapidly with 50% of all chilled tuna currently sold in UK retail markets being super-frozen. The tuna market in the USA is very peculiar, since this is one of the very few countries in the world where carbon monoxide or clear smoke treatment is allowed. Samoa Tuna also recently started producing albacore tuna and yellowfin tuna loins and steaks, and plans to launch wahoo, mahi and opah portions over the next few months.

LandingsTuna: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)

Bluefin Fresh 0.6 0.6 1.1 0.6 1.0 1.7

Frozen 0.0 0.5 0.3 0.3 0.2 0.3

Albacore Fresh 29.6 20.8 23.4 30.3 28.0 30.0

Frozen 6.5 3.4 4.4 10.2 11.4 8.1

Bigeye Fresh 3.0 1.6 1.4 1.6 1.3 1.4

Frozen 9.1 8.1 8.7 11.0 12.3 12.7

Yellowfin Fresh 4.7 4.6 3.6 3.1 3.3 2.4

Frozen 3.2 2.5 3.2 17.3 8.5 16.8

Skipjack Fresh 20.7 19.6 20.8 16.3 28.6 20.3

Frozen 105.8 101.7 101.2 102.9 101.8 102.4

Total Fresh 58.6 47.3 50.3 51.9 62.3 52.8

Frozen 124.7 116.2 117.8 141.7 134.1 140.3

Grand Total 183.3 163.5 168.0 193.7 196.4 193.1Source: INFOFISH


to USD 110 in September has affected imports of high priced tuna.

During the first half of 2014, Japanese imports of fresh and frozen tuna declined again following last year’s trend. Indeed, cumulative imports of fresh and frozen tuna and tuna loins were 3% lower than compared with the same time period last year, imports of whole/dressed fish particularly declined. Frozen tuna loin imports re-mained stable at slightly lower than 20 000 tonnes dur-ing this period. Overall, consumer demand for sashimi and sushi products in Japan has been declining, and fresh salmon is now the cheaper and popular alternative.

Imports of only frozen tuna into Japan during the first six months of the year also declined compared to last year (-2%), as supplies of bigeye, albacore and s. bluefin tuna were lower. Some of these fish were processed into frozen loins for which the market demand has been sta-ble compared with demand for whole/dressed fish.

TUNA

ImportsFrozen tuna: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Bigeye 39.6 41.6 32.1 42.2 41.2 38.8

Yellowfin 22.9 24.8 22.7 28.3 20.2 20.6

Skipjack 32.0 32.5 20.4 15.8 8.5 10.6

Albacore 3.1 7.5 9.4 6.0 7.9 6.5

S. Bluefin 1.0 1.2 0.5 0.6 0.7 0.5

N. Bluefin 3.7 0.9 1.6 0.3 0.3 0.3

Total 102.3 108.5 86.6 93.3 78.8 77.3Source: INFOFISH

ImportsFresh/chilled tuna: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Bigeye 7.8 5.8 5.6 6.6 5.6 4.9

Yellowfin 8.3 7.9 7.6 6.5 5.1 4.1

Bluefin 2.8 2.2 1.2 1.6 2.3 2.4

S.Bluefin 1.4 0.8 0.6 0.7 0.9 0.6

Albacore 0.1 0.0 0.0 0.0 0.0 0.0

Skipjack 0 0.0 0.0 0.0 0.0 0.0

Total 20.4 16.7 15.0 15.4 13.9 12.0Source: INFOFISH

ImportsFresh Tuna: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Yellowfin 7.6 8.1 8.3 8.3 8.0 8.9

Bigeye 2.7 2.5 1.5 2.0 2.0 1.9

Albacore 0.4 0.2 0.3 0.4 0.4 0.4

Bluefin 0.2 0.3 0.2 0.2 0.3 0.4

Skipjack 0.0 0.0 0.0 0.0 0.0 0.0

Others 0.1 0.2 0.2 0.2 0.3 0.2


ImportsTuna loins*: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Thailand 4.7 13.2 14.2 8.6 13.3 14.5

China 0.0 0.0 2.0 5.8 5.2 10.5

Mauritius 3.4 2.3 3.4 2.9 4.7 4.7

Fiji 5.8 6.3 4.2 4.0 5.7 4.5

Ecuador 0.0 0.1 0.0 1.3 0.7 0.3

Trinidad & Tobago 5.1 4.2 3.2 0.0 0.0 0.0

Others 2.3 7.3 4.9 8.2 6.0 3.4

Total 21.3 33.5 31.9 30.8 35.6 37.9Source: NFMS* cooked and frozen product

Coldstorage holdingsTuna: Japan

Source: INFOFISH Trade News

Yellowfin

Bigeye

Albacore

Skipjack

Others

0

20

40

60

80

100

120

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1000 tonnes


TUNA

USA

Compared with last year, imports of whole dressed fresh/chilled tuna for non-canned usage increased in the USA marginally during the first half of this year, with in-creased supplies of yellowfin tuna. Demand for yellowfin, which is generally used for producing tuna steaks etc., typically increases during the summer months. Imports of the high value, sashimi grade bluefin also increased, con-firming a better demand trend. Imports of whole/dressed frozen tuna meant for similar usages, were slightly higher than 1 000 tonnes during this period.

Frozen tuna loins imports also increased by 5% dur-ing the first half of 2014 compared with the same time period in 2013. The rising import trend can be explained by the fact that the average import price was 20% lower than compared with the same period last year.

Notably, US imports of air-flown fresh/chilled tuna are almost equivalent to the volume of air-flown fresh/chilled tuna imported into Japan. However, in Japan these imports mainly consist of sashimi grade tuna, whereas in

the USA, most of the yellowfin and bigeye tuna enter the non-sashimi market segment.

US imports of semi-processed cooked and frozen loins also increased by 6.5% for which the average import price was almost 26% lower in June 2014 against June 2013. These supplies were meant for local processing of canned/pouched tuna.

Canned tuna

There have been mixed trends in the global canned tuna market during the first half of this year. Compared with last year, imports declined in the large European and North American markets, while emerging markets in the Middle East, West Africa and Latin America bought more.

USA

Demand in the world’s single largest canned tuna market remained flat throughout the year with a 4.9% de-cline in total imports of processed tuna during January-June 2014 compared with the same period last year. Im-ports of canned tuna in particular had a negative growth rate (-16.7 %) though the market bought more semi-processed cooked/frozen loins (for domestic processing) for which the average import price was nearly 23% lower

ImportsTuna pouches: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Thailand 11.5 11.7 9.6 9.6 10.3 10.6

Ecuador 5.2 6.5 5.8 5.5 7.0 6.6

Others 2.8 4.0 3.3 2.4 1.8 4.5

Total 19.5 22.2 18.7 17.5 19.1 21.7Source: NFMS

ImportsCanned tuna (excl. pouches): USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Thailand 36.7 56.0 51.5 32.9 43.2 33.7

Viet Nam 7.1 11.5 12.0 10.5 10.2 9.2

Philippines 14.8 11.1 14.1 11.8 9.0 7.8

Indonesia 7.7 8.3 6.3 4.9 4.9 4.9

China 3.4 2.8 4.1 4.3 5.5 4.0

Others 3.4 3.5 5.7 4.4 3.9 4.3

Total 73.1 93.2 93.6 68.8 76.7 63.9Source: NFMS

CFR PricesCanned tuna*: USA, EUROPE

* 48x6.5 oz Europe, 48x6 oz USA, chunk, origin Thailand Source: GLOBEFISH

than the same period a year ago. Supplies increased sig-nificantly from China and the Philippines. There were also increased imports of higher value pouched tuna dur-ing this period (+13.6%), where Thailand was the lead supplier.

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Jan-

09

Mar

-09

May

-09

Jul-0

9

Sep-

09

Nov

-09

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep-

10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep-

12

Nov

-12

Jan-

13

Mar

-13

May

-13

Jul-1

3

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

USD/carton

USA

Europe


TUNA

ImportsCanned tuna: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Spain 21.0 21.6 25.1 23.2 18.8 28.3

Colombia 4.2 5.3 5.6 4.7 3.5 4.9

Seychelles 3.0 3.1 2.7 3.1 4.6 4.4

Ecuador 1.6 3.0 2.3 1.8 3.1 4.4

Mauritius 2.1 2.0 2.0 2.8 2.9 3.3

Côte d'Ivoire 5.4 2.9 2.2 4.6 3.7 3.2

Portugal 0.8 0.5 0.8 1.0 1.1 0.9

El Salvador 0.2 0.2 0.4 0.3 0.5 0.6

Thailand 1.2 1.6 1.5 1.2 1.0 0.5

France 3.6 0.3 1.0 0.5 0.1 0.0

Others 1.2 1.0 1.2 1.2 1.6 2.1

Total 44.3 41.4 44.8 44.4 40.9 52.6Source: Eurostat

ImportsTuna loins: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Thailand 8.4 4.4 3.2 4.8 2.7 3.5

Ecuador 7.3 5.1 5.5 5.0 6.0 3.0

Solomon Islands 0.3 1.8 2.0 1.9 1.5 2.7

Kenya 0.7 1.0 1.9 1.3 1.6 2.1

China 2.2 2.2 2.3 1.5 1.6 1.0

Mauritius 1.5 2.2 0.7 1.5 1.0 1.0

Colombia 0.8 0.2 1.5 0.6 0.4 0.9

Others 0.9 2.7 1.8 1.6 4.3 6.3

Total 22.1 19.6 18.9 18.1 19.1 20.5

Others 0.4 0.4 0.4 0.5 1.2 1.7


ImportsTuna loins: Spain

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Ecuador 16.6 15.0 12.9 11.1 10.9 8.3

Thailand 6.6 4.9 10.6 2.1 4.5 7.2

China 1.6 2.2 3.1 1.6 5.0 4.9

El Salvador 9.1 4.5 2.9 2.7 3.2 2.8

Guatemala 2.7 4.5 4.0 4.2 3.7 2.3

Papua New Guinea 0.2 0.9 1.5 2.4 4.0 2.2

Mauritius 2.2 2.4 6.6 4.1 2.1 2.1

Indonesia 0.0 0.0 0.8 2.0 1.6 0.8

Others 4.4 2.0 2.3 2.3 1.0 3.8


ImportsCanned tuna: UK

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Mauritius 9.0 11.6 11.4 13.6 11.0 10.3

Philippines 8.4 8.2 6.0 5.5 5.2 6.6

Seychelles 9.5 6.0 7.2 6.9 7.1 6.3

Thailand 9.9 6.5 13.1 5.4 8.6 5.4

Ghana 8.5 9.8 7.2 6.8 6.4 5.1

Ecuador 3.1 2.4 5.8 4.7 4.5 4.6

Papua New Guinea 1.0 0.8 0.7 0.7 1.9 2.8

Indonesia 0.3 0.9 1.2 2.6 3.9 2.8

Spain 1.1 0.8 2.8 3.2 3.1 1.9

France 1.2 1.2 0.6 0.6 1.3 1.0

Others 3.0 2.4 3.4 2.4 3.3 2.4


Source: ITN

CFR PricesFrozen Skipjack: Thailand and Africa

EU

Low demand for canned tuna in the EU remains a major concern for Ecuador and Thailand, which are the top two suppliers of processed tuna (canned tuna or HS 160414) to this market.

The EU imported 246 737 tonnes of processed tuna (canned tuna and cooked/frozen loins) from third coun-

0

500

1000

1500

2000

2500

Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14

USD/tonne

Thailand

Africa


TUNA

Graphs Source: GLOBEFISH European Price Report

ImportsCanned tuna: France

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Spain 10.0 11.1 16.7 8.9 10.5 13.5

Seychelles 6.6 6.5 9.5 12.0 12.5 11.4

Côte d'Ivoire 11.7 10.0 6.1 10.8 12.9 6.4

Ecuador 7.2 6.6 7.4 5.8 7.6 5.3

Mauritius 0.4 0.8 1.1 2.2 2.7 4.1

Ghana 3.2 3.8 4.3 3.0 2.2 3.9

Thailand 4.8 4.6 5.2 2.9 4.4 3.5

Madagascar 5.1 1.7 5.0 3.7 3.3 2.6

Others 7.5 4.7 3.6 2.5 3.3 3.8


ImportsCanned tuna: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Philippines 10.1 7.7 8.6 7.7 6.5 7.4

Ecuador 8.2 5.0 5.1 3.9 7.1 5.9

Viet Nam 2.3 1.6 2.7 2.8 4.0 4.4

Papua New Guinea 2.0 5.6 4.7 5.9 4.7 4.1

Netherlands 1.9 2.4 3.6 2.9 2.7 4.0

Indonesia 3.6 3.1 4.2 3.1 2.0 1.9

Thailand 2.1 2.4 1.9 1.5 2.6 1.4

Seychelles 0.6 1.9 1.0 0.1 0.3 0.2

Others 2.4 2.1 4.3 5.2 7.4 5.9


tries during the first half of 2014, of which 25% was cooked/frozen loins.

During this period, canned tuna imports were nearly 7% lower at 183 049 tonnes compared with last year. Ex-cept for Italy, imports declined in all of the largest mar-kets, including France, the UK, and Germany.

EU tuna canners in Spain, France, Italy and Portu-gal imported 62 424 tonnes of cooked/frozen loins for

1.55

1.70

0.501.001.502.002.503.00

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Skipjack Bangkok CFR

Skipjack Ecuador, ex-vessel

USD/kg

Tuna - Pacific Ocean

2.30

1.300.501.001.502.002.503.00

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Yellowfin > 10 kg, Spain CFR

Skipjack main sizes, Spain CFREUR/kg

Tuna - Spanish canneries

1.15

2.40

1.05

2.20

0.501.001.502.002.503.00

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Skipjack, Seychelles, FOB

Yellowfin, Seychelles, FOB

Skipjack, Abidjan ex-vessel

Yellowfin, Abidjan, > 10 kg, ex-vessel

EUR/kg

Tuna - Indian/Atlantic Oceans

6.10

8.30

2.003.004.005.006.007.008.009.00

10.00

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Skipjack - frozen cooked loins, single cleaned, Spain/Italy DDP

Yellowfin - frozen cooked loins, double cleaned, Italy DDPUSD/kg

Tuna - Loins


TUNA

re-processing during the first half of 2014, which is 1.2% higher than compared with the same period last year. Interestingly, there was a shift in sourcing where supplies from non-African, Caribbean and Pacific (ACP) countries increased this year. Thailand became the top supplier of cooked loins overtaking Ecuador and delivering 60% more than compared with the first half of 2013 at nearly 14 000 tonnes. The other lead suppliers in ranking were Ecuador, China, the Philippines and Indonesia. Imports from Papua New Guinea declined by 38.6% while exports from Kenya were nearly 75% higher than compared with the January-June period last year. In 2013, Ecuador and Papua New Guinea were the top two suppliers of cooked/frozen tuna loins to EU canners.

Other markets

Canned tuna imports into Japan during the first half of 2014 were 4% lower than the same time period last year as a result of the weak yen. Demand has improved in Australia where there was a 11.2% rise in imports mainly supplied by Thailand. Australian canned tuna imports also consisted of high value products.

In the Middle East, canned tuna imports increased in most of the markets and supplies are dominated by Asian tuna packers. However, it is also interesting to note increased exports from Italy and Spain to the oil rich Arab markets.

Exports

In order of ranking, the top seven global export-ers of canned and processed tuna are Thailand, Ecuador, Philippines, Spain, China, Mauritius and Indonesia. With the exception of Thailand, exports declined from all of these countries during the first half of this year as a re-sult of stagnant import demand from North American and European markets.

Thailand maintained the positive growth rates to these markets through increased supplies of cooked loins. Strong export diversification to the emerging mar-kets in the Middle East and West Africa is keeping the Thai canned tuna industry ahead of others.

During January-May 2014, the Philippines exported 10% less canned/processed tuna compared with the same period last year but captured more of the market share in the EU, Association of Southeast Asian Nations (ASEAN) and in some Middle Eastern markets. Similarly, China ex-ported more canned tuna to Latin America and West Af-rica during the reporting period.

Outlook

For the rest of 2014, the global demand trend for sashimi, non-sashimi and canned tuna is likely to follow the pattern observed during January-September. In Ja-

ExportsCanned tuna: Thailand

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)USA 48.1 59.8 53.3 37.2 36.0 37.8

Libya 15.5 11.1 4.2 15.8 13.8 19.4

Australia 15.3 20.6 23.6 16.0 15.9 17.3

Japan 12.9 11.6 14.8 13.5 14.5 13.2

Canada 16.3 14.4 16.9 12.8 13.2 12.6

Egypt 14.1 25.2 21.9 20.1 10.3 11.1

Saudi Arabia 7.1 12.0 10.2 10.9 9.1 9.3

Chile * * * * 4.6 6.9

Papua New Guinea * * * * 3.1 5.9

South Africa 5.6 4.9 4.6 5.4 4.6 5.1

Syria * * * * 4.4 4.3

UK 9.7 6.2 16.0 2.3 6.1 4.0

Yemen * * * * 4.9 4.0

Tunisia * * * 5.8 5.4 3.6

Others 87.5 108.9 104.6 63.4 60.1 61.7

Total 232.1 274.7 270.1 203.2 206.0 216.2

Tunisia * * * * 1.9 1.2

Syria 2.6 2.9 3.3 1.1 * *

Others 61.5 15.4 38.0 24.1 25.2 23.7

Total 131.2 104.9 136.0 101.4 104.6 105.4

Source: Thai Customs * included under “others”

pan, the sashimi market has been showing some signs of improvement since mid-September, a trend that is ex-pected to continue into the autumn and winter months.

In terms of regulations that will impact supplies and prices in the near-future, the FAD fishing ban in the Western and Central Pacific will be over starting from No-vember and the tight tuna supply situation is expected to ease in the coming months. Hence, fish prices may weaken further in the coming months.

In addition, beginning January 2015, the fishing day fee for foreign fishing fleets operating in the PNA (Parties to the Nauru Agreement) waters of the Western and Cen-tral Pacific will increase to USD 8 000 from the present rate of USD 6 000. This was decided on in June at the 9th Meeting of PNA Ministers held in the Marshall Islands. PNA members expressed serious concern over the status of bigeye tuna stocks in the Pacific, where the stocks have dropped below the WCPF limit reference point and there-fore needs to be reduced by about 40% in order to return to sustainable levels. The PNA highlighted the fact that bigeye tuna catches dropped significantly during the FAD ban period.


GROUNDFISH

Cod prices rising in spite of record supplies

Cod prices are on the rise in major markets with a number of factors contributing, including a lower TAC, the Russian ban on imports from western countries, and the Russian Federation withholding cod for its own domestic consumption. The industry is expected to find ways to adapt to this new trade situation in the near term.

Cod

Markets for traditional groundfish products such as klipfish (salted and dried cod and cod-like species), stockfish (air-dried cod fish) and salted fish have been relatively good this year. There was only a slight drop in shipments of klipfish from Norway during the first eight months of the year. The total volume exported declined from 58 747 tonnes to 57 884 tonnes (-1.5%). However, prices were good, and the export value rose from NOK 1 830 million to NOK 1 965 million (+7.4%).

Norwegian stockfish exports have been relatively modest so far this year. Though the volume during the first eight months of the year increased by 31.5% to 3 849 tonnes, stockfish prices have fallen dramatically, from NOK 94.16 per kg in 2013 to just NOK 76.57 per kg in 2014. The main markets for Norwegian stockfish are Italy and Nigeria.

Norwegian exports of fresh and frozen whole cod increased significantly during the first eight months of the year. Exports of fresh whole cod during the period

increased from 38 752 tonnes in 2013 to 51 911 tonnes in 2014 (+34%). As the price of fresh cod also went up, the value of exports increased by almost 47%, from NOK 665 million in 2013 to NOK 976 million in 2014. In terms of average export price, the price went from NOK 17.16 per kg in 2013 to NOK 18.80 per kg in 2014 (+9.6%). Notably, in recent months, the price of fresh cod has increased even more, and in August, the average export price of Norwegian fresh whole cod was NOK 25.22 per kg (fob Norway).

Prices for frozen whole cod have also increased, partly as a result of the very good demand for raw material for salted and dried fish in Europe. Norwegian exports of frozen whole cod increased from 49 941 tonnes during the first eight months of 2013 to 58 050 tonnes during the same period in 2014 (+16.2%). The value of exports went up from NOK 748 million in 2013 to NOK 948 million in 2014 (+26.8%).

With poor landings of Pacific cod at the moment and rising demand globally, overall prices have climbed. The Russian ban on imports from western countries is another factor that is pushing prices up.

Alaska pollock45%

cod23%

hake15%

whiting6%

haddock6%

saithe5%

Groundfish production by species (2012)


GROUNDFISH

ImportsCod-like groundfish: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)FilletsChina 38.2 34.4 42.2 41.0 40.0 41.8

Iceland 5.1 5.0 3.5 4.6 6.0 5.8

Russian Fed. 0.8 6.5 2.4 1.9 3.6 2.7

Canada 2.3 2.6 2.1 2.6 1.6 1.0

Norway 0.6 0.4 0.3 0.4 1.3 1.0

Others 2.4 1.3 1.6 4.1 6.6 8.2

Total 49.4 50.2 52.1 54.6 59.1 60.5

Blocks/SlabsChina 21.4 18.1 17.3 17.1 14.5 16.5

Iceland 0.7 0.3 0.3 0.5 0.9 0.9

Norway 0.1 0.4 0.5 0.2 0.3 0.5

Argentina 0.5 0.3 0.2 0.5 0.6 0.4

Russian Fed. 1.8 0.8 0.6 0.3 0.2 0.1

Canada 0.3 0.1 0.1 0.2 0.1 0.1

Others 0.9 1.0 1.0 1.4 1.5 0.6

Total 25.7 21.0 20.0 20.2 18.1 19.1Gr. Total 75.1 71.2 72.1 74.8 77.2 79.6

Source: NMFS

International trade developments: Russian Federation

At present, the Russian domestic market for groundfish species is characterized by increasing prices. Demand for cod domestically is strong, leading to the industry keeping more of its own landings to compensate for the loss of foreign imports. According to the Federal Agency for Fisheries in Russia, the catch of cod in the Northern Basin had reached 360 800 tonnes as of 23 September, which is 49 800 tonnes higher than compared with the same time period in 2013. Haddock supplies followed a downward trend with a volume of 50 100 tonnes (10 200 tonnes less compared with the corresponding period in 2013) and the catch of capelin down to 26 000 tones (34 400 tonnes less).

The catch season for cod will soon be over, and with substantial volumes exported, the wholesale prices in Murmansk will follow an upward trend. Current prices for freshly frozen cod (1-2 kg) range from RUB 127-130 per kg (EUR 2.53-2.59), while for haddock (0.5-1 kg) prices range from RUB 140-145 per kg (EUR 2.79-2.89).

The Russian import ban on seafood from a number of western countries has had an impact on various parts of the industry. For example, the US whiting fishery is suffering, with the Russian embargo putting things to a sudden halt in August. While fishing is still continuing, fishing companies as well as packers and exporters are feeling the effect of losing 15-20% of their market.

Not surprisingly, US seafood processors are now calling for a retaliatory ban on Russian seafood in the USA, where imports are substantial. For example, in 2013, the USA imported USD 220 million worth of Russian king crab and snow crab. For king crab, the Russian Federation accounts for about 90% of the total US supply (Source: Seafood.com). Consequently, a retaliatory US ban on Russian seafood could have a major impact on the market and prices.

While US and EU exporters may lose the Russian market at least in the short-term,

others are ready to take over. Taking advantage of the Russian Federation’s import ban on western countries, the Argentinian company Friogorifico del Sud Este is expecting to export about 20% more fish to the Russian Federation than last year. The company already exports about 70 tonnes per month, of which about 50 tonnes are hake, the rest being red shrimp. Other companies in Argentina are also reporting increased interest from Russian importers.


GROUNDFISH

ImportsFrozen cod fillets: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 4.4 4.0 7.4 5.5 5.7 5.4

Poland 0.9 4.1 2.1 2.6 3.6 3.8

Viet Nam 0.0 0.7 0.7 0.7 1.1 0.8

Norway 0.1 0.2 0.2 0.2 0.3 0.7

Denmark 0.8 1.1 1.3 0.8 0.5 0.6

Russian Fed. 0.4 0.3 0.3 0.3 0.4 0.4

Iceland 0.5 0.4 0.3 0.0 0.1 0.2

Others 1.0 0.6 0.2 1.2 1.9 1.8


ImportsFrozen cod: UK

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 6.7 6.3 7.7 8.4 10.0 11.6

Iceland 7.7 7.8 8.3 8.4 9.3 9.3

Russian Fed. 4.6 5.0 4.1 6.4 7.6 7.1

Norway 4.4 4.7 5.6 4.3 5.1 6.7

Germany 0.9 3.3 4.3 4.1 4.0 3.1

Denmark 3.6 3.5 3.7 3.8 4.7 2.8

Faroe Islands 3.1 3.0 3.5 3.6 4.4 2.6

Greenland 0.8 1.9 1.8 2.4 2.2 1.8

Poland 2.2 1.3 1.1 1.4 1.4 0.7

Others 1.7 1.9 2.0 1.1 1.5 2.7


ImportsFrozen Alaska pollock fillets: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 46.0 44.1 45.7 38.1 46.0 42.4

USA 13.5 18.4 22.7 27.6 15.3 21.4

Russian Fed. 13.2 9.1 8.5 4.5 6.3 5.1

Others 3.0 2.4 2.4 2.8 2.0 2.0


ImportsFrozen Alaska pollock fillets: France

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 12.9 9.8 14.7 12.5 11.2 9.1

USA 3.1 2.5 5.2 4.9 4.0 4.7

Russian Fed. 3.4 2.4 2.9 2.5 5.8 4.1

Germany 1.2 1.8 3.0 2.8 3.4 3.6

Others 0.6 0.8 0.2 0.3 0.3 0.3


Norwegian export pricesAverage export prices in NOK per kg, fob Norway

US imports of cod and cod-like groundfish are edging upwards again. During the first half of 2014, imports of fillets were up by 2.4%, while imports of blocks and slabs were up by 3.1%. China has remained the main supplier to the USA for years now, and is maintaining that position well this year. Indeed, China accounted for 69.1% of US cod fillet imports and 86.4% of imports of blocks/slabs. Other important suppliers like Iceland, the Russian Federation, Canada and Norway held their market positions.

On the European market, there was stagnation or decline in imports of cod products. Germany registered practically no increase in imports of frozen cod fillets during the first half of the year (+ 0.7%), while the UK saw a decline in imports of frozen cod from 50 200 tonnes in 2013 to 48 400 tonnes in 2014 (-3.6%). The main suppliers to Germany were China (39% of total) and Poland (28% of total). On the UK market, China, Iceland, the Russian Federation, and Norway were the main suppliers. There was little change in their relative positions.


Cod prices, which have been on a declining trend in some markets, demonstrated a lift during the past few months on European markets. Recent Norwegian export prices indicate a general price increase across the board, both on what is for Norway consumer markets like the EU, and reprocessing markets like China and Poland. Prices for fresh fillets have also been on the rise, while prices for frozen fillets have declined recently. On the US market, cod prices have stayed level, as have prices for Alaska pollock.

Alaska pollock

NOAA recently released the results of a survey of the pollock resources in the Bering Sea, which showed that there is nearly a 60% increase in the pollock biomass in the region (Source: NOAA). However, this does not mean that

GROUNDFISH

the TAC for pollock in the Bering Sea will automatically be increased, because there is a 2 million tonne limit on groundfish species harvested in this area. The survey does indicate, however, that the outlook for the long-term is optimistic, and later surveys confirm this trend.

So far this year, the pollock fishery in the Bering Sea is going well, and by mid-August, 72% of the quota had been landed. Surimi production in the region during the B season was by mid-August almost 70 000 tonnes. Combined with production from the A season, the total surimi production in the Bering Sea amounted to 138 000 tonnes. If production from the Gulf of Alaska is added, total production came to 145 000 tonnes.

Because of the large size of the fish caught, it is expected that a larger portion of the catch will go to PBO block production this year. Processors indicate that as much as 50% of the catch could end up as PBO blocks. This is a major change from the normal split of 70% surimi/30% blocks that has been the norm for the past four years.

There seems to be a stagnation or small decline in the trade of frozen Alaska pollock fillets on the EU markets. German imports during the first half of the year were practically level (+1.9%) while French imports declined by 11.7%. On both markets, the main supplier, China, had a reduction in shipments (-8% in Germany and -19% in France), while the USA registered a massive (+40%) increase in shipments to Germany as well as a good (+17.5%) increase to the French market. The Russian Federation suffered a 19% set-back on the German market and 29% decline on the French market.

Hake

After ten years of MSC certification, the hake fishery in South Africa is considered a success, not only in terms of being a sustainable fishery, but also in terms of profitability. South Africa’s hake exports have expanded during this ten-year period, and according to FIS, this is attributable to obtaining MSC certification. Apparently, the market has reacted very positively to the certification, and this has resulted in increased exports to markets such

Graph Source: European Price Report

ImportsFrozen hake fillets: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Peru 1.6 2.3 2.1 0.5 1.4 2.1

Namibia 0.9 1.1 1.4 1.7 1.6 1.4

USA 2.4 2.8 2.4 2.6 0.4 0.5

Argentina 1.9 1.5 0.3 0.6 0.9 0.3

Others 2.0 0.7 0.9 0.7 0.6 0.3


ImportsFrozen hake: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Spain 2.3 3.6 3.3 2.6 2.4 2.9

South Africa 2.8 2.6 2.6 2.9 3.0 2.7

Argentina 5.5 4.8 4.4 3.2 3.9 2.1

Namibia 1.8 2.1 2.1 2.3 3.1 2.1

Uruguay 1.6 3.4 3.5 1.2 1.9 1.4

Peru 0.0 0.0 0.1 0.3 0.8 0.9

Chile 0.5 0.8 0.4 0.3 0.3 0.1

Others 1.5 2.8 2.8 2.9 3.8 4.1


2.43

2.0

2.3

2.5

2.8

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

Surimi - In France, origin: Spain

Stick 250 gr/pc

EUR/kg


as the UK, Germany, Switzerland, Sweden and Australia, where consumers are more concerned with sustainably caught seafood.

Argentinian hake exports to Eastern Europe, especially Ukraine, have been seriously reduced in recent months. Indeed, shipments from Argentina to Ukraine were reduced by 37% during the first six months of the year, and shipments to other countries in the region are also down compared to last year, although Argentina is still exporting to these countries in spite of the recent economic and political problems. However, prices on these markets have also dived. Hake prices to Ukraine have dropped from USD 2 923 per tonne during the first half of 2013 to USD 2 252 during the same period in 2014.

European imports of frozen hake declined during the first six months of 2014. On the German market, imports fell by 6%, and on the Italian market by 15%. These two important EU markets are supplied by different countries. On the German market the most important suppliers are Peru and Namibia, while on the Italian market the main suppliers are Spain, South Africa, Argentina and Namibia. The Spanish market is supplied mainly by Argentina and Namibia.

Surimi

Total frozen surimi supplies to the Japanese market are expected to remain at around 290 000 tonnes this year. Japanese domestic production by Hokkaido processors is expected to fall to about 44 000 tonnes, but this decline will most probably be offset by increased imports from the USA.

Frozen surimi prices are expected to go up as a result of production development and in spite of increased production in other Asian countries. Last year, there was a 20% decline in imports from Asian countries to Japan due to the sharp decline in the value of the Japanese yen. However, this year imports from Asia are rising again, despite of the weak yen.

GROUNDFISH

CFR pricesGroundfish blocks: USA

Source: ITN

During the first five months of 2014, US pollock surimi exports registered a slight (+1%) increase compared with the same period in 2013. During this period, the USA exported 67 376 tonnes of pollock surimi. Domestic production amounted to 75 461 tonnes, but a higher domestic demand channelled more product into the US market instead of to export markets. Japan is the largest export market and during the first five months of 2014, Japan imported 29 516 tonnes of US pollock surimi, an increase of 28% compared with the same period last year. The second largest importer, the Republic of Korea, on the other hand, showed a 10% decline in imports from the USA. Alaska’s pollock surimi production is expected to pass 180 000 tonnes for the first time in nearly a decade this year, and Japan’s imports of Alaskan pollock surimi is expected to reach 100 000 tonnes.

In Senegal, the surimi business is developing in an impressive way. The investment fund Hermes-Sojitz is investing in a high-tech surimi plant in Senegal, which will become the first such high-tech plant in Africa.Production will be based on low-value grey fish species, while traditional production methods use only white fish species. The target markets are in Asia, and investors expect that they will be able to produce frozen surimi at prices lower than their competitors.

Outlook

While cod supplies are strong, prices have stayed high and are climbing, mainly as a result of the situation created by the Russian ban on imports from western countries. This situation will require some changes in trade patterns, but the industry will surely find ways to adapt. Demand seems to be fairly stable at the moment, so one should not expect dramatic changes in the next few months.

1.00

1.50

2.00

2.50

3.00

Dec

-11

Jan-

12Fe

b-12

Mar

-12

Apr-1

2M

ay-1

2Ju

n-12

Jul-1

2Au

g-12

Sep-

12O

ct-1

2N

ov-1

2D

ec-1

2Ja

n-13

Feb-

13M

ar-1

3Ap

r-13

May

-13

Jun-

13Ju

l-13

Aug-

13Se

p-13

Oct

-13

Nov

-13

Dec

-13

Jan-

14Fe

b-14

Mar

-14

Apr-1

4M

ay-1

4Ju

n-14

Jul-1

4Au

g-14

Sep-

14

H&G - < 800 gr/pc

EUR/kg

Haddock, H&G, origin: Norway

Graph Source: European Price Report

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14

USD/lb

Cod

Hake

Alaska pollack


CEPHALOPODS

Improved supplies of octopus – slower trade in squid and cuttlefish

Contrary to expectations, octopus is now in good supply from Northwest Africa, but inventories have built up and put further pressure on prices. Consequently, fishermen in Morocco and Mauritania stopped landing octopus, and prices in Japan are now expected to increase. Overall, less squid and cuttlefish is being traded internationally as imports into all major markets are down.

Octopus

Beginning on 1 June, the Moroccan octopus quota was increased by 6% to 9 400 tonnes this season. Later, an extra 1 800 tonnes were added to the quota, thus increasing potential supplies significantly (Source: Minato-Tsukiji). However, importers in the main market, Japan, are showing little interest in buying as inventories are adequate.

In fact, Japan saw a decline of some 15-16% in supplies of octopus in May, and this resulted in a hefty 30% price increase. During the first half of 2014, imports of octopus into Japan dropped by almost 30% compared with the same time period a year ago. The two main suppliers (Morocco and Mauritania) experienced declines in shipments of 22% and 48%, respectively. China increased octopus shipments to Japan to 3 300 tonnes (+15%), while Vietnamese shipments declined slightly to 1 400 tonnes (-13%). Spanish exports to Japan, which in previous years have been substantial, have dwindled to almost nothing. The main reason for this seems to be that Spanish vessels no longer have access to fishing grounds off of Western Sahara, and the fishing agreement between EU and Morocco, which was the basis for Spanish octopus fishing off the north-western coast of Africa, has been difficult.

ImportsOctopus: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)

Morocco 7.5 6.7 2.7 3.8 12.4 9.7

Mauritania 11.0 5.7 6.3 8.5 9.9 5.1

China 2.1 4.1 3.7 3.7 2.9 3.3

Viet Nam 2.1 1.3 1.4 1.9 1.6 1.4

Thailand 0.8 0.5 0.6 0.7 0.5 0.4

Spain 0.9 0.6 0.9 1.5 0.6 0.0

Others 0.8 0.4 1.0 1.4 1.3 0.9


ImportsOctopus: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Morocco 9.3 6.0 2.9 2.8 8.2 5.5

Spain 4.1 4.6 4.5 3.0 4.0 3.2

Indonesia 1.7 2.1 2.4 2.5 1.2 1.9

Mexico 0.1 1.0 2.5 0.6 0.5 1.5

Mauritania 2.8 1.2 1.1 0.5 0.8 1.4

Tunisia 0.6 0.6 2.2 2.4 0.5 1.2

India 1.2 0.9 1.0 0.9 1.1 1.1

Senegal 1.7 1.1 1.8 2.5 1.2 1.0

Thailand 1.3 0.7 0.4 0.8 0.3 1.0

Viet Nam 1.8 2.1 1.6 1.6 0.9 0.9

Others 1.2 1.8 2.6 2.2 1.6 2.0


Squid72%

Cephalopods nei

18%

Octopus9%

Cuttlefish1%

Cephalopods production by species (2012)

Source : FAO


Squid

During the first half of 2014, international trade in squid products declined marginally compared with the same period in 2013. All major markets imported less squid than last year.

In 2013, Chilean exports of jumbo flying squid (Dosidicus gigas) declined by about 15% compared with 2012. This was also well below the figure for 2011, which amounted to USD 117 million. With a total quota of 194 040 tonnes, only about half has been landed at this point. Chilean observers point out that Chile is not the main producer, the USA and Peru are. In addition, when landings are good and demand is high, prices tend to stagnate. At the moment, prices for jumbo flying squid are on a declining trend.

The squid (Illex argentines) fishing season in the shared Argentina-Uruguay fishery was closed early on 31 August. The reason given for the closure was the conservation of the cephalopod stocks in the region. The season opened on 1 May and by 25 August, 164 814 tonnes had been landed, compared with 189 685 tonnes during the same period in 2013.

An investment group in Peru has announced plans to create a new joint venture company that will increase cold storage capacity and introduce a value added plant for giant squid, producing for the retail segment. The joint venture company will be called Fripusa, and processing company Seafrost and fishing group Industrial Pesquera Santa Monica will participate in the joint venture. The company aims to primarily increase cold

Mauritanian octopus prices in Japan are too low, according to Mauritanian exporters. The Mauritanian pot-caught octopus fishery has been going very well, and the result is that a lot of product has been released on the market. Local inventories were building up, and this put pressure on prices. Inventories in Mauritania rose to over 4 000 tonnes in the summer. This situation resulted in fishermen stopping fishing in the middle of the season, as sales negotiations between Mauritania and Japan were not concluded. Consequently, supplies tightened, and as a result, the price of frozen octopus on the Japanese market is now on the way up again. In late August, Mauritanian authorities reacted by banning landings of octopus in Mauritanian ports for a period of three months starting on 21 of August. The inventories of frozen octopus had by then grown to 6 000 tonnes, and prices were falling. The move was expected to enable exporters to unload the high inventories and at the same time bring prices back up.

During the first six months of the year, Italian octopus imports are level with the same time period last year. Total imports amounted to 20 700 tonnes, compared to 20 300 tonnes during the same period in 2013. Main suppliers Morocco and Spain both shipped less octopus to Italy in 2014, while Indonesia, Mexico, Mauritania and Tunisia all saw increased shipments.

ImportsOctopus: Spain

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Morocco 12.9 11.8 8.0 6.7 12.4 8.5

Mauritania 4.4 2.2 3.1 2.7 2.1 3.4

Portugal 0.6 0.7 1.0 0.9 3.5 2.0

Italy 0.3 0.6 0.4 0.5 0.3 0.6

Algeria 0.3 0.3 0.4 0.4 0.4 0.5

Viet Nam 0.7 0.9 0.5 0.6 0.3 0.4

Senegal 0.3 0.4 0.7 0.8 0.2 0.4

India 0.4 0.3 0.5 0.3 0.2 0.3

China 1.9 1.5 0.2 0.2 0.6 0.1

Others 1.2 2.2 2.9 2.0 0.8 2.2


ImportsSquid: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 11.1 12.3 14.4 16.8 18.8 17.0

Peru 6.8 1.2 4.8 2.9 4.7 5.5

Thailand 3.1 4.2 3.7 3.4 3.3 2.8

Chile 0.0 0.1 0.9 3.5 2.5 2.7

Viet Nam 2.7 2.7 2.3 2.7 2.1 1.8

Argentina 2.2 0.3 0.4 0.3 0.4 1.4

USA 1.6 2.0 1.8 0.5 0.9 0.7

India 0.5 0.8 1.0 0.7 0.8 0.5

Philippines 0.4 0.6 0.4 0.6 0.7 0.5

Others 2.5 1.8 1.4 2.3 2.0 2.0


CEPHALOPODS

Spanish imports, on the other hand dropped by 11% during the first half of 2014 compared with the same period last year. The total amount imported stood at 18 400 tonnes. Although Morocco experienced a 32% drop in shipments to Spain, it is still the main supplier, accounting for 46% of total octopus imports into Spain.


storage facilities, but later on a new processing line for producing value added breaded products based on giant squid will be added. The target markets are the retail sectors in Colombia, Chile and Brazil. Brazil in particular is considered a very promising market.

In New Zealand, a “monster squid” weighing 350 kg was caught by a vessel in Antarctic waters. The squid was of the species Mesonychoteuthis hamiltoni, living at great depths around Antarctica and is a favoured prey item for sperm whales. It was the first ever such species caught, and has been the focus of interest by several scientists. The species is of very limited commercial value.

Japanese squid imports during the first half of 2014 declined slightly (-3.3%) to 34 900 tonnes. The main supplier was China, accounting for 17 000 tonnes or almost half of total imports. Peru, Thailand and Chile are other main suppliers, accounting for 15.8%, 8.0% and 7.7%, respectively.

Italian squid imports also declined slightly by 3.1% during the same period, to 36 900 tonnes. Spain and Thailand were the main suppliers. While Spain saw a small decline in shipments (-13%), shipments from Thailand increased by 11% to 9 900 tonnes, and shipments from China by 16% to 4 300 tonnes.

largest supplier, India, increased by 23% to 9 000 tonnes. Other main suppliers to the Spanish markets were China, Morocco, Peru and the USA.

ImportsSquid: Spain

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Falkland Isl. (Malvinas) 14.6 20.9 17.1 22.8 17.0 15.5

India 6.2 10.9 8.0 9.3 7.3 9.0

China 3.5 5.3 5.8 5.0 5.0 4.6

Morocco 2.8 3.1 4.1 2.7 4.8 4.1

Peru 2.7 6.7 6.3 4.3 6.4 3.7

USA 0.3 1.4 1.6 3.6 0.2 2.3

Mauritania 0.7 0.5 0.6 0.6 1.4 1.1

Namibia 0.3 0.4 0.8 0.8 1.3 1.0

Portugal 0.6 1.1 1.6 0.8 0.6 0.8

South Africa 2.0 2.9 2.4 1.4 0.5 0.4

France 0.5 1.0 1.0 0.9 0.6 0.4

UK 0.9 1.7 0.6 0.1 0.3 0.2

Chile 0.0 0.0 0.8 1.6 0.3 0.0

Others 3.3 1.0 2.0 1.3 1.5 2.2

Total 38.3 56.8 52.7 55.2 47.2 45.3Source: Agencia TributariaImports

Squid: ItalyJan-Jun

2009 2010 2011 2012 2013 2014(1 000 tonnes)

Spain 9.9 10.8 11.5 9.6 11.9 10.3

Thailand 10.8 11.5 11.9 9.2 8.9 9.9

China 1.3 1.7 3.1 2.2 3.7 4.3

India 2.0 4.3 4.2 1.6 3.6 3.1

Viet Nam 2.5 3.6 3.6 2.7 2.1 1.7

Indonesia 0.5 1.1 1.6 1.1 1.2 1.2

South Africa 2.3 2.9 3.0 1.5 1.0 1.0

Others 4.7 4.1 3.7 3.4 5.7 5.4

Total 34.0 40.0 42.5 31.2 38.1 36.9

Peru 1.1 0.9 0.0 0.1 1.0 0.2

Others 1.4 1.5 1.4 0.9 1.2 0.9


ImportsSquid: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 11.9 15.4 16.9 19.4 18.9 17.5


Thailand 2.7 2.3 1.9 2.3 2.1 1.6

Taiwan PC 3.4 2.7 1.3 1.8 1.3 1.6

India 1.9 2.5 1.8 2.2 1.8 1.3

Peru 1.6 1.6 1.4 1.9 2.0 1.1

New Zealand 0.6 0.8 0.7 0.5 1.1 0.4

Others 2.6 2.2 2.8 7.2 5.4 3.9


CEPHALOPODS

Spanish squid imports declined by 4% during the first half of the year, to 45 300 tonnes. As in previous years, the Falkland Islands (Malvinas) were the main supplier, accounting for 15 500 tonnes or roughly one third of the total. But shipments from the Falkland Islands (Malvinas) declined by 8.8%, while shipments from the second

Imports of squid to the US market dropped by almost 14% to 29 500 tonnes during the first six months of 2014. The main supplier by far was China, which accounted for 17 500 tonnes or 59% of the total.


CEPHALOPODS

Source: European Price Report

Cuttlefish

The cuttlefish trade also declined in 2014. The main markets imported less, with the largest decline registered in Spain and Japan. The largest importer, Spain, imported 14 200 tonnes, 23.7% less cuttlefish during the first six months of 2014 compared with the same period in 2013. Italy imported 14% less, at 9 200 tonnes, and Japan saw a decline of 23.5% less. The major suppliers varied from one importing country to the next. For Spain, the main supplier was Morocco, accounting for 60.6%. For Italy, the main supplier was Tunisia, but the country accounted for only 22.8% of the total. For Japan, the main supplier was still Thailand, which accounted for 38 % of total imports.

Prices

Octopus prices in Spain have been remarkably flat over the past 18-24 months, with no movement whatsoever. In Japan, the market has been a little more volatile, due to heavy inventories. Prices in Europe are expected to stay level, while in Japan they may edge upwards slightly.

For squid, prices in Europe have stagnated, in spite of less product entering the market. For some sizes, prices are on a downward trend. No changes are foreseen.

ImportsCuttlefish: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Thailand 3.5 3.3 2.7 2.8 2.3 2.0

Morocco 1.4 1.8 0.9 1.9 1.7 1.2

Viet Nam 2.0 1.7 1.4 1.8 1.1 0.9

Malaysia 0.9 0.8 0.6 0.6 0.6 0.5


Others 1.1 0.9 1.0 1.2 0.8 0.5


ImportsCuttlefish: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Tunisia 1.8 2.9 3.4 2.7 1.9 2.1

Spain 2.2 2.1 1.6 1.5 2.0 1.6

Morocco 1.4 1.1 1.5 0.6 1.1 1.5

France 2.2 3.3 3.7 3.6 3.0 1.4

Senegal 1.0 1.0 1.1 0.7 0.9 0.9

UK 0.5 0.6 0.4 0.7 0.9 0.3

Mauritania 1.0 0.6 0.2 0.1 0.2 0.2

India 0.4 0.2 0.4 0.3 0.1 0.2

Viet Nam 0.2 0.3 0.5 0.4 0.1 0.1

Netherlands 0.2 0.4 0.3 0.5 0.1 0.1

Others 0.8 0.8 0.9 0.8 0.5 0.8


ImportsCuttlefish: Spain

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Morocco 7.7 8.4 9.5 7.7 9.8 8.6

Mauritania 2.0 1.5 1.1 1.7 2.2 1.7

France 1.3 1.5 1.8 2.1 1.7 1.0

India 6.1 6.5 5.9 4.5 1.8 0.6

Ghana 0.9 1.0 1.1 0.7 0.2 0.5

Senegal 0.2 0.2 0.6 0.2 0.3 0.4

China 2.3 1.8 0.6 0.9 1.3 0.2

Others 2.1 3.4 3.4 2.3 1.4 1.2


7.50

3.004.005.006.007.008.00

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

Squid - In Italy, origin: South Africa

Squid - Whole, FAS, size MEUR/kg

Outlook

The current supply outlook is one of small changes. For octopus, supplies from Africa are good, and some price pressure may be seen in Japan, but not in Europe, where prices will remain flat. For squid and cuttlefish, there is less product in the market, which has affected trade. As inventories decline, prices may hold better.


Steady demand balanced by consistent supply

Global tilapia production is expected to almost double from 4.3 million tonnes per year in 2010 to 7.3 million tonnes a year in 2030. With these estimates, tilapia will likely be one of the main contributors to the fastest growth in global aquaculture aside from carp and catfish. Asia remains the main driver of tilapia production with China in the lead. Supplies from Latin America are also expected to increase though a drought in the Santa Fe do Sul region in Brazil has resulted in a 30% drop in tilapia production. The region is one of the largest producers of tilapia with an annual production of about 22 000 tonnes annually. According to INFOFISH analysis, global exports of tilapia during the first half of 2014 reached approximately 200 000 tonnes. Supplies were primarily from China in the frozen form with the largest market being the USA. However, imports increased to other markets as well as to new markets.

TILAPIA

China

During the first six months of 2014, total Chinese exports of frozen tilapia increased marginally (+1.3%) compared with the same period in 2013. Although frozen fillets account for the largest share, exports of this cat-egory declined by about 1%. However, exports of whole frozen and breaded tilapia showed growth of 2.8% and 3.9% respectively. A significant share of the whole fro-zen category continue to be directed to African markets which are paying better prices due to growing demand. Substantial exports are also taking place to Iran and other Middle Eastern countries. Exports also increased to Latin American countries namely Costa Rica, Peru and Chile.

USA

Tilapia continues to be one of the most popular sea-food items in the USA, which was confirmed by the steady growth in overall tilapia imports (+5%) during the first half of 2014 compared with the same period last year.

Fresh tilapia imports into the USA during the first half of the year slipped down 4.3% from the same period last year, while the import value strengthened marginally (0.4%). Honduras, the main supplier of fresh tilapia to the USA increased its exports significantly by 39%, taking advantage of lower supplies from producers who moved from farming tilapia to shrimp, particularly in Ecuador and Costa Rica.

Meanwhile, imports of frozen tilapia (whole and fil-let) during the first half of 2014 were up 6.6% compared with the same time period a year ago. Whole frozen ti-lapia imports declined by 10% from China as it diverted more exports to the African markets. Meanwhile, Seattle US-based Tai Foong USA is the first company in the USA to source and sell ASC certified tilapia under its “North-ern Chef” brand. The products have been on sale since mid-May this year across the country in Sprouts Farmers Market and Ingles Markets. The company reports that the ASC certified tilapia has become the number one seller in their “Northern Chef” finfish line of products due its high quality, clean taste and responsibly farmed attributes.

Frozen fillet imports into the USA, which dominated the frozen category, increased by 13.3% with China main-taining its position as the lead supplier. However, imports are also increasingly coming from other sources.

EU

Continuing the growth from the first quarter of 2014, frozen tilapia fillet imports into the EU-28 demonstrated

Tilapia exports from China by product category (volume in thousand tonnes)

Annual

2009 2010 2011 2012 2013

Whole frozen 33.1 75.7 107.6 111.5 134.6

Frozen fillets 134.9 186.5 158.1 179.6 182.1

Breaded 90.0 59.5 63.3 69.8 85.8

Total 259.1 322.0 329.0 360.9 402.5

January-June

2010 2011 2012 2013 2014

Whole frozen 32.2 51.3 47.7 59.1 60.7

Frozen fillets 81.1 63.3 76.5 71.1 70.3

Breaded 23.6 25.2 26.6 31.1 32.3

Total 136.9 139.8 150.8 161.2 163.3

Source: China Customs


a 6.7% increase from the same period in 2013, signaling a growing demand. Although China was the main supplier, imports from this source dropped by 16.2% from a year ago. As a result, other suppliers in Viet Nam, Indonesia, Thailand, Bangladesh, Taiwan Province of China and Cos-ta Rica took advantage of China’s drop and established a stronger presence in the market place during the first half of the year. During this period, Viet Nam and Indo-nesia took an 18% and 14% share of the market compared with 4.4% and 11% during the same period last year. The growth in demand has been attributed to the availability of ASC certified products in the market.

Latin America

In Latin America, the tilapia industry started the year strongly, particularly for production. As a result, exports posted positive growth, compensating for the international drop in prices. The outlook for the region

TILAPIA

remains stable, with Honduras and Costa Rica as main suppliers of fresh tilapia fillets to the USA, supplying ap-proximately 5 300 tonnes and 2 900 tonnes respectively during the first half of 2014. Exports from Ecuador de-clined by 56% compared with the same period in 2013 as many farmers moved from farming tilapia to shrimp. Fur-ther development in value added products is expected, opening a wider range of options for the final consumer.

In the domestic market, much of the tilapia con-sumption in the region has opened opportunities for mar-kets other than for export. Incentives to develop small and medium scale production projects aim to meet the demand of the domestic market and substitute or com-plement other species traditionally consumed. Despite these efforts, consumers in Latin America continue fo-cusing more on price than on quality. Furthermore, small and medium scale producers have not established meas-ures that would guarantee product quality for the export

ImportsFresh Tilapia Fillets: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Honduras 3.2 3.5 4.2 2.5 3.8 5.3

Costa Rica 2.9 3.2 1.7 1.2 3.5 2.9

Colombia 0.7 1.2 1.1 1.2 1.9 1.9

Ecuador 4.8 4.1 4.1 3.3 3.2 1.4

Others 0.8 0.5 0.6 0.3 1.7 2.0


ImportsWhole Frozen Tilapia: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 11.9 11.3 10.1 12.4 10.8 9.5

Taiwan PC 7.3 7.5 5.9 5.1 7.5 5.6

Thailand 0.6 1.0 0.3 0.2 0.2 0.3

Others 0.3 0.2 0.6 0.3 0.5 0.6


ImportsFrozen Tilapia Fillets: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 44.9 57.5 51.9 71.3 56.5 64.8

Indonesia 4.0 4.6 4.0 6.4 5.4 5.4

Thailand 0.2 0.5 0.4 1.1 0.5 0.8

Taiwan PC 1.1 1.0 0.8 0.8 0.7 0.5

Ecuador 0.5 0.3 0.2 0.4 0.4 0.0

Others 0.7 0.6 0.6 0.8 0.4 0.9


ImportsTilapia (by product form): USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Whole frozen 20.1 20.0 16.9 18.0 19.0 16.0

Frozen fillets 51.4 64.5 57.9 80.8 63.9 72.4

Fresh fillets 12.4 12.5 11.7 8.5 14.1 13.5



market, which is currently dominated by large producers.

Domestic prices remain stable, in Honduras whole-sale prices vary between USD 1.43 and USD 2.00 and in Guatemala between USD 1.15 and USD 1.41 for whole ti-lapia.

Asia

According to national statistics, Indonesia, the sec-ond largest exporter of frozen tilapia fillets behind China, supplied 22% more tilapia to the international market in the first half of 2014 compared with the same time pe-riod in 2013. Notably, the USA absorbed nearly 60% of the share. Taiwan PC exported 11 391 tonnes of whole frozen tilapia during the first half of 2014. Taiwan PC supplied close to 53% of frozen tilapia (mostly whole products) to the USA. The Middle East is also an important market for Taiwanese tilapia.

Tilapia imports into Asian countries are rather small as most of the local production enters the domestic mar-kets. During the first half of the year, imports into Sin-gapore, Malaysia, Hong Kong SAR, Republic of Korea and Japan totaled approximately 2 000 tonnes according to national statistics. Imports into Japan mainly constituted of izumidai quality (sashimi) tilapia, which is supplied by Taiwan PC. Japan also has imports from the Philippines, which is mostly directed to the Filipino community in Japan. Recently, frozen tilapia imports are also being shipped into new markets namely Iran, Ukraine and Ka-zakhstan.

Ghana

Ghana’s ban on imports of tilapia aims to build a stronger domestic production sector, as the move is thought to spur growth in local aquaculture. The issues Ghana is currently facing can be partially attributed to its high reliance on imported products. According to the Minister of Fisheries and Aquaculture, the ban would cre-ate about 50 000 jobs in the aquaculture sector of the economy, which is aiming to provide livelihood opportu-nities to young unemployed persons. Whether the import ban will result in a viable domestic sector able to offer products competitive with other sources of protein re-mains to be seen.

Outlook

The tilapia market will remain firm with steady de-mand leading to stronger prices in producing countries’ domestic markets. As long as tilapia prices stay competi-tive, it is possible for new markets to strengthen and de-velop further.

TILAPIA

Recent news: Cluster farming helps improve tilapia production in Fiji

In collaboration with the EU and the Fiji Ministry of Fisheries and Forests, the Secretariat of the Pacific Community (SPC) has been working with small-scale tilapia farmers to improve production by working together in cluster groups. Through work in Asia and Africa, experience has demonstrated that small-scale farmers can bolster economies of scale while increasing their bargaining power for inputs by working in collaboration via clusters.

In Fiji, over a dozen farmers have formed two cluster groups in the Western and Central Divisions though the efforts of SPC’s Fisheries, Aquaculture and Marine Ecosystems (FAME) division and the European Union-funded Increasing Agricultural Commodity Trade (IACT) project. Clusters have been assisted through technical assessment of their farming methods, recommendations on how to improve production and regular cluster meetings to help coordinate their efforts.

Since the formation of the clusters in 2013, the production performance of the farmers involved has been closely monitored, and the results have been positive. “The production of tilapia by the participating farmers in the Central Division cluster in the 2013–2014 period has doubled, in comparison with the 2011–2012 period prior to the IACT project intervention. Production for the Western Division cluster is also expected to increase significantly” said Jone Varawa, a member of the SPC aquaculture team working with the clusters.

He explained that, in a cluster model, some farmers may choose to specialise in one aspect of the fish custody chain, such as in hatchery production, fingerling nursery, or feed manufacture. Other farmers then ‘cluster’ around these nodes of services and are able to concentrate their efforts purely on fish grow-out.

He added further, “The farm cluster strategy helps commercial tilapia farmers in Fiji to take responsibility for their own aquaculture services and farm inputs, rather than relying heavily on government support which is better directed toward small-scale farms growing fish for food security. This is a welcome development for farmers who will be able to better respond to the market demand for fish and contribute towards improving food security in the country,” he said. Source: FIS.com


Demand continues to pick up in non-major markets, major producer lays out five year plan

With the largest producing country Viet Nam planning for higher production along with steady production from other producers, supplies of pangasius will remain stable. During the first half of 2014, frozen pangasius fillet imports by more than 70 countries increased by 77% compared with the first half of 2013. Though the USA, the single largest market for frozen pangasius fillets, imported 5% less, imports continued to increase into markets in the EU, Latin America and Asia.

PANGASIUS

Viet Nam

In a move to strengthen the industry, a five year plan has been approved by the Ministry of Agriculture and Rural Development (MARD) to increase the production of pangasius to 1.6 million tonnes by 2020 and up exports to 650 000 tonnes. The plan, to be executed by 2015, calls for expanding infrastructure, selecting higher quality strains and improving the overall production chain. In a related development, the MARD has declared that as of June 2014, frozen pangasius fillets for exports must not contain moisture exceeding 83% while glazing is limited to 10%. The aim is to ensure that the quality of products is maintained as the industry strives to revive the market.

Viet Nam is also planning to develop a sustainable supply chain in order to increase exports to the EU. At present, pangasius is exported to 150 countries and territories totalling a revenue of more than USD 1.8 billion a year, of which the EU accounts for 21% of (Source: VASEP). Exports to the EU experienced a 9% decline during the first half of 2014 compared with the same period last year, which is considered to be mainly attributed to the EU’s economic slump. To revive exports to the EU, VASEP recommends working to build a national brand for the product and improved organization of distribution activities. Furthermore, it is also proposed that Viet Nam defines the export price for pangasius via public auctions with buyers.

Meanwhile, the United States Department of Commerce released its preliminary tariffs on Vietnamese frozen pangasius fillet imports. The tariffs have been set at a ‘zero’ to USD 2.39 (EUR 1.75) per kg on all fillets exported from August 2012 through July 2013. The new duties will take effect when the final decision is made. Relevant parties will have 120 days to reply before a final determination is issued.

Following the lifting of the Russian import ban on 13 companies in Viet Nam (see section on the Russian Federation below) strong growth in exports to the Russian Federation is predicted for the second half of the year. During the first four months of 2014, Viet Nam’s exports

ImportsFrozen Catfish fillets: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Viet Nam 16.4 19.6 34.9 47.4 48.4 44.8

China 4.3 5.6 2.0 0.2 0.0 0.0

Thailand 3.5 1.4 0.7 0.0 0.0 0.0

Malaysia 0.1 0.3 0.0 0.0 0.0 0.0

Indonesia 0.2 0.1 0.0 0.0 0.0 0.0

Others 0.9 1.0 0.3 0.0 0.0 0.0


to the Russian Federation increased by 14% compared with the same period of 2013, reaching USD 29 million in value. The Russian Federation is an attractive market for Viet Nam because of its tax incentives and strong consumption.

USA

During the first half of 2014, frozen catfish fillet imports decreased marginally (-7%) from a year ago due to tight supply from the major producer, Viet Nam. Though not reflected in the table below, it should be noted that for frozen pangasius fillets, there were 16 tonnes and 69 tonnes imported from Bangladesh and China respectively.

Aside from pangasius fillet imports, nearly 4 100 tonnes of frozen Ictalurus sp catfish fillets were also imported, a growth of 11% from the same period in 2013.

EU

During the first half of 2014, imports of frozen pangasius fillets into the EU declined by nearly 10% from the same period in 2013, continuing the downhill trend from the first quarter of 2014. Imports into most EU member countries declined including the leading importers; Spain, the Netherlands and Germany. On


PANGASIUS

the other hand, imports were higher into several other countries, namely the UK, Italy, Slovenia, Cyprus, Croatia and Malta.

India

During the first half of 2014, India imported approximately 4 000 tonnes of frozen basa fillets from Viet Nam (valued at USD 6.5 million), continuing their positive import trend from the first quarter. Aside from the local catering sector which is the main users of this product, Abad Fisheries, one of India’s leading seafood exporters, is entering the value added market with a range of products including breaded items targetting consumers in the middle class and above.

Hong Kong SAR

Hong Kong SAR imported close to 8 000 tonnes of frozen pangasius fillets from Viet Nam during the first half of 2014. Seafood consumers there will now have access to ASC certified fish in supermarkets following Market Place by Jasons’ introduction of ASC labeled responsibly farmed pangasius in their stores. The NBM pangasius fillets (454 g) is a frozen product farmed and supplied by the ASC certified An My Fish JSB farm in Viet Nam. There are currently 44 pangasius farms certified against the ASC standard and four more farms are currently under assessment. ASC certified seafood is growing in popularity across Hong Kong SAR and Asia.


The Russian Federation imported roughly 6 000 tonnes of frozen pangasius fillets from Viet Nam in 2013. In early 2014, the Russian Federation ceased imports of several Vietnamese seafood products, including tra, basa fish and frozen shrimp procuts, for failing to meet food safely requirements. The regulation took effect from 31 January 2014, but was recently lifted halfway through the year, when both countries agreed to review the ban and update the exchange of information in order to resume trade.

Brazil

Between January and August 2014, Brazil imported about 27 000 tonnes of frozen pangasius fillets from Viet Nam, a significant increase of 88% more than compared with the same period last year. However, reporting incidences of lack of sanitary and phyto-sanitary controls, Brazil is temporarily suspending pangasius import licences. The news was confirmed by Argentina’s Chamber of Fish Processing Plants Exporters, which reported that Brazil will stop importing about 10 000 containers of Vietnamese pangasius per year. The Brazilian aquaculture industry is considering increasing the production of catfish domestically in order to fill the

void.

A veterinary doctor from the technical team in charge of the General Coordination of Fishing and Aquaculture Sanitary of the Monitoring and Control Secretariat in Brazil confirmed that “the issuance of new licenses to import aquatic animals and their aquaculture and/or fishing products originating in Viet Nam has been banned since 22 September, 2014.” He added that “import licenses that have already been issued will not be encompassed in the restriction and can be used until their validity expires” (Source: MercoPress).

Outlook

The market will likely remain firm with good supplies from Viet Nam and other producers. On the demand side, sales will remain strong in non-major markets.

Recent news: Insurance challenges for aquaculture

Speakers at the recent Global Aquaculture Alliance’s annual Global Outlook on Aquaculture Leadership (GOAL) conference in October in Ho Chi Minh City, Viet Nam, reported that insurance will be crucial help aquaculture production de-velop more quickly. Speakers noted that current-ly, obtaining insurance for many of the small and medium sized operators, which comprise much of the aquaculture sector, is a significant hurdle.

Paddy Secretan, representing Aquaculture Underwriting Management Services, stated, “There is no specific insurance policy designed for the fish farmer. If you own a hairdresser or a garage, you can get a specific insurance policy. A fish farmer cannot.” This is a challenge due to the significant losses that the sector has sus-tained over the years, leading to insurers think-ing that the risk is not worth it. Though farmed seafood standards were noted as making it easier for insurers to choose companies that have more sophisticated business models, the plethora of standards makes it very confusing for them.

Au Quan Hien of Aegis Insurance Services re-ported that in Viet Nam, the industry does not look like a great option for insurers as the risks currently outweigh the possible benefits. For eve-ry USD 1 of insurance, there is USD 3 of claims, said Hien, creating a very weak case for insurers. Hien suggested the possibility for Vietnamese companies to come together in a cooperative, which would provide more scale and less risk for insurance companies.

Source: Undercurrent News


Tighter supply ahead for seabass and seabream as Turkey eases off production A recent Federation of European Aquaculture Producers (FEAP) report has highlighted the lower juvenile production last year in Turkey, a trend which is expected to con-tinue in 2014. Together with similar scale backs in a number of other producing coun-tries, the net result is expected to be an overall drop in production, particularly for bream, over at least the next two years. Considering that a significant price rise has accompanied flat production growth this year, which suggests that demand is growing, this could well be a positive turn towards more consistent profitability for the industry as a whole.

EUROPEAN SEABASS AND GILTHEAD SEABREAM


Greece and Turkey

So far this year, the relatively higher prices are only bringing some relief to a Greek industry still in turmoil. Selonda is undergoing major restructuring that sees banks take 82% ownership, while industry leader Nireus sinks deeper into the red. Lower biomass this year has meant that the struggling companies have not been able to take full advantage of higher prices, and a large proportion of sales are still being made below cost price. On the positive side, however, major European markets are slowly recovering - a positive development for Greek producers whose dependence on export markets will be an advantage if Greece lags behind overall EU economic performance.

ProductionSeabass (Dicentrarchus labrax): World

Jan-Dec2009 2010 2011 2012 2013* 2014*

(1 000 tonnes)Turkey 47 51 47 66 60 64

Greece 34 40 44 43 45 44

Egypt 7 18 19 15 15 14

Spain 13 12 18 15 15 15

Italy 7 7 7 7 8 8

France 7 9 8 7 7 6

Others 8 9 11 10 10 11

Total 122 146 154 162 160 162Source: FAO (until 2011) (*) Estimate

Production Seabream (Sparus aurata): World

Jan-Dec2009 2010 2011 2012 2013* 2014*

(1 000 tonnes)Greece 61 57 71 72 73 71

Turkey 30 29 33 32 45 47

Spain 24 21 16 17 18 19

Egypt 8 17 16 16 17 17

Italy 6 7 6 6 8 7

Tunisia 2 3 5 6 6 7

Cyprus 3 3 3 3 3 3

Malta 2 2 1 3 3 3

France 1 3 2 2 2 2

Israel 1 1 1 2 2 2

Others 7 8 7 8 8 9

Total 144 151 161 168 185 187Source: FAO (until 2011) (*) Estimate

Due to lower supply this year, Greece posted lower volumes of bass and bream to all major markets except for France in the case of bream, which continues to go against the trend in its continued preference for Greek fish. The Greek export price for both bass and bream was

5.10

4.95

3.03.54.04.55.05.56.06.5

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

Seabass and Seabream - In Italy, origin: Greece

Seabass fresh whole 300-450 gr/pc

Seabream fresh whole 300-450 gr/pcEUR/kg

Seabass24%

Seabream76%

Bass and bream production (2012)

Source : FAO



up in the first six months of the year, by some 13%, and 7% just for bass.

In Turkey, as far as prices in July, August and September 2014 are concerned, bass and bream producers witnessed the most stable period in the last few years thanks to the tourism season and favorable climate for export (i.e. high demand and weak Turkish lira). The mean price of fresh/whole bass which was about USD 6.0 in January and remained about USD 6.32 in August 2014. Increasing demand for 400-600 g bream from Europe had a positive impact on price of this species and mean price of fresh/whole bream, which was USD 5.48 in January went up to 6.55 in August 2014.

Turkey is also being proactive on the marketing side, looking increasingly to value added fillets and ready-to-cook products to diversify their product range and open up access to new markets. Northern Europe in particular is a target in this respect. Turkey continues to work its way into traditionally Greek markets at the same time, and its share of supply to Italy, UK, Spain, Germany and the Netherlands was up in the first six months of 2014. Exports of bass were also up substantially to the USA,

ExportsFresh Seabream: Greece

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Italy 14.2 14.0 10.2 10.7 9.5 9.2

Spain 5.4 4.1 4.2 4.6 4.8 4.8

France 3.5 3.3 3.1 3.0 3.0 3.3

Portugal 2.3 1.2 2.1 2.3 2.4 2.3

Germany 1.2 1.1 1.0 1.2 1.1 1.1

Others 2.7 2.6 2.6 2.9 2.7 2.7

Total 29.3 26.3 23.2 24.7 23.5 23.4

Others 0.5 0.6 0.6 0.6 0.8 0.7

Total 13.9 13.7 11.4 11.2 10.9 11.1Source : EUROSTAT Exports

Fresh Seabass : TurkeyJan-Jun

2009 2010 2011 2012 2013 2014(1 000 tonnes)

Netherlands 1.2 0.9 0.8 0.5 1.5 2.0

Italy 2.3 1.2 0.9 1.2 1.5 1.9

Russian Fed. 0.0 0.3 0.7 0.5 1.1 1.8

Spain 1.5 1.3 1.1 0.4 1.2 1.3

UK 0.3 0.2 0.2 0.6 0.8 1.0

Lebanon 0.5 0.7 0.6 0.3 0.5 0.6

Greece 1.5 1.0 0.4 0.4 0.0 0.0

Others 0.1 0.2 0.3 0.4 1.2 1.9

Total 7.4 5.8 5.0 4.3 7.8 10.5Source : State Institute of Statistics

ExportsFresh Seabream : Turkey

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Russian Fed. 0.0 0.3 0.7 0.8 1.1 1.9

Netherlands 0.5 0.4 0.5 0.5 1.4 1.7

Lebanon 1.0 1.0 1.0 0.7 1.6 1.6

Italy 0.9 1.0 1.0 0.9 1.6 1.6

Spain 0.3 0.1 1.1 1.0 0.8 1.3

Others 0.7 0.6 0.8 1.2 2.0 2.9

Total 3.4 3.4 5.1 5.1 8.5 11.0Source : State Institute of Statistics

ExportsFresh Seabass : Greece

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Italy 7.1 8.9 9.0 7.9 7.1 6.7

France 1.5 1.8 2.0 1.7 1.4 1.2

Spain 2.0 2.8 2.1 1.2 1.9 1.1

Portugal 1.1 1.3 1.3 1.1 1.2 1.1

UK 0.9 1.7 2.0 0.3 1.0 0.8

Others 1.6 1.8 2.3 2.8 1.5 1.4

Total 14.2 18.3 18.7 15.0 14.1 12.3Source : EUROSTAT

while the United Arab Emirates and Lebanon are notable growth markets. Export prices have been increasing for Turkish fish, up by 10% for bass and 18% for bream from January to August 2014.


After the introduction of the food embargo from western countries, which came into force in August 2014, the segment of bass and bream in the Russian fish market was influenced by changes in the geography of exporting countries and logistics, while the assortment of product composition remained the same. Deliveries of bass and bream from Italy, France and Greece were replaced by Turkey and North African countries. The major trend was the further strengthening of Turkey as the main suppliers of bass and bream on the Russian market. The Russian ban is an opportunity for Turkey, not least because bass and bream are the second largest category after salmon on Russian shelves, and the Russian Federation is now facing a shortage of the latter option.

According to the data from Russian Federal State



Customs, by the beginning of October 2014, the Russian Federation imported 3 131 tonnes of bream and 2 963 tonnes of bass. Turkey had a share of 93% in the bream volumes and a share of 92% in the bass volumes. The Russian Federation is now Turkey’s top market for bream and moving rapidly up the ranks for bass as well. Russian growth continues to outpace all other major markets, absorbing larger volumes at rising prices – a sign of an upward trend in underlying demand. In addition to Turkey, deliveries of bass and bream from Northern African countries are increasing, especially from Tunisia and Morocco.

Italy

Import demand for bass and bream on the Italian market shows slight improvement so far this year, although it is likely that the drop in domestic production is a significant contributing factor. The composition of external suppliers is shifting, with Croatian suppliers increasing their share of the market, while imports of cheaper Turkish-origin fish continue to grow each year. The seasonal summer spike in prices was more pronounced than usual this year, suggesting a more active market, but economic slowdown going into the second half of the

ImportsFresh Seabream and Seabass: Spain(value)

Jan-Jun2009 2010 2011 2012 2013 2014

(million Euro)Seabream(all species)

Greece 16.4 16.5 20.2 14.1 18.9 18.7

Turkey 1.1 0.4 5.1 4.6 3.5 6.9

Morocco 0.8 0.6 1.8 1.9 1.5 1.7

Portugal 0.7 0.5 0.5 1.4 1.4 1.4

France 1.7 1.7 0.8 0.6 0.7 0.6

Total 21.0 20.3 28.9 22.7 26.2 30.0SeabassGreece 8.5 10.4 10.9 7.6 11.7 8.5

Turkey 5.8 4.8 4.8 1.8 5.2 7.1

France 2.5 2.0 1.6 1.6 1.6 2.0

Total 17.9 18.2 17.9 11.4 19.2 18.6Gr. Total 38.9 38.5 46.8 34.1 45.4 48.6

Source: Agencia Tributaria

ImportsFresh Seabream and Seabass: Italy(value)

Jan-Jun2009 2010 2011 2012 2013 2014

(million Euro)Seabream(dentex/pagellus)

Spain 2.8 2.9 2.8 3.0 2.7 2.7

Greece 2.8 3.0 2.3 2.9 0.9 1.1

Portugal 1.0 1.1 1.3 0.8 0.8 1.1

Total 7.5 7.8 6.7 7.2 4.8 5.5Seabream(gilthead)

Greece 27.2 35.9 42.2 41.0 38.4 40.5

Turkey 2.9 3.9 4.7 3.6 6.0 7.3

Malta 1.8 3.1 4.2 4.0 2.9 2.7

Spain 2.2 2.2 2.3 3.2 2.4 2.0


Turkey 8.2 4.1 3.8 6.0 6.0 8.6

Croatia 1.7 2.1 4.0 2.8 3.1 3.8

France 6.4 5.2 5.3 4.1 4.3 3.0

Spain 0.6 1.0 0.8 1.5 2.2 1.9

Total 41.5 49.1 57.3 57.6 52.7 57.8Gr.Total 85.8 105.3 121.7 121.4 112.2 121.7

Source: Eurostat

ImportsFresh Seabream and Seabass: Italy(quantity)

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Seabream(dentex/pagellus)

Spain 0.3 0.3 0.3 0.3 0.3 0.2

Greece 0.6 0.6 0.4 0.5 0.2 0.2


Greece 7.5 8.3 8.3 9.4 8.8 8.2

Turkey 0.9 1.0 1.0 0.9 1.5 1.6

Malta 0.5 0.7 0.8 1.0 0.7 0.6


Turkey 2.3 1.2 0.9 1.2 1.5 1.8

Croatia 0.4 0.5 0.9 0.6 0.6 0.7

France 0.8 0.6 0.6 0.5 0.5 0.3

Total 8.8 10.5 11.1 10.1 9.9 10.0Gr.Total 19.5 22.3 22.9 23.4 22.6 22.2

Source: Eurostat

year could stifle demand once again.



ImportsFresh Seabream and Seabass: Spain(quantity)

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Seabream(all species)

Greece 4.7 3.9 3.9 3.2 3.9 4.0

Turkey 0.3 0.1 1.0 1.1 0.9 1.5

Morocco 0.2 0.1 0.2 0.2 0.2 0.2

France 0.2 0.2 0.1 0.0 0.0 0.0


Turkey 1.5 1.3 1.1 0.4 1.2 1.5

France 0.3 0.2 0.2 0.1 0.1 1.3

Total 3.9 4.1 3.5 2.0 4.0 4.8Gr. Total 9.6 8.7 9.0 6.6 9.1 10.6

Source: Agencia Tributaria

Spain

Spain’s economic outlook is generally more positive than its Mediterranean EU neighbours, at least in relative terms, with the bass and bream market showing some signs of life in the Spanish market. By August 2014, wholesale volumes and prices, domestic production and import volumes were all up, although in the case of bass

ImportsFresh Seabream and Seabass: France(value)

Jan-Jun2009 2010 2011 2012 2013 2014

(million Euro)Seabream(dentex/pagellus)

Spain 0.6 0.7 1.2 1.1 0.6 0.6

Greece 1.3 1.4 2.6 1.4 0.2 0.4


Greece 10.4 11.2 11.6 9.4 11.2 11.5

Spain 2.8 3.0 1.4 4.8 6.3 4.8


Spain 0.6 1.3 1.8 2.2 3.9 2.5

Netherlands 0.9 0.9 0.9 1.1 1.1 1.3

Total 10.7 12.4 14.5 14.1 14.6 13.5

Gr. Total 26.7 30.9 34.1 32.4 35.6 33.9

Total 4.5 4.5 5.7 5.4 5.8 5.7Gr. Total 10.9 11.4 13.7 12.8 14.5 14.8

Source: Direction Nationale des Statistiques du CommerceExtérieur – DNSCE

ImportsFresh Seabream and Seabass: France(quantity)

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Seabream(dentex/pagellus)

Spain 0.2 0.2 0.3 0.3 0.1 0.2

Greece 0.3 0.3 0.5 0.3 0.0 0.1


Greece 3.0 2.5 2.3 1.8 3.0 3.1

Spain 0.9 0.7 0.3 0.9 1.3 1.3


Spain 0.1 0.2 0.3 0.4 0.6 0.4

Total 2.3 2.4 2.7 2.3 2.7 2.2Gr. Total 7.0 6.7 6.6 5.9 7.7 7.5

Source: DNSCE ImportsFresh Seabream and Seabass: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)

Seabream(dentex/pagellus)

Greece 0.2 0.3 0.2 0.2 0.2 0.3


Turkey 0.0 0.0 0.1 0.2 0.7 0.7

Greece 0.4 0.5 0.4 0.5 0.7 0.4

Italy 0.1 0.1 0.1 0.0 0.1 0.4


France 0.1 0.1 0.1 0.1 0.1 0.1

Italy 0.0 0.1 0.2 0.0 0.1 0.1

Total 0.4 0.5 0.7 0.8 1.1 1.1Gr.Total 1.4 1.6 1.6 1.8 3.0 3.2

Source: Germany Customs


ImportsFresh Seabass: UK

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Netherlands 0.7 1.0 0.8 0.6 1.2 1.4

Greece 0.9 1.7 2.3 2.3 2.7 1.1

France 0.3 0.2 0.4 0.3 0.2 0.2

Italy 0.4 0.1 0.1 0.0 0.0 0.0

Others 0.3 0.2 0.1 0.6 0.9 0.9

Total 2.7 3.1 3.7 3.9 5.0 3.6Source : Her Majesty's Revenue & Customs

ImportsFresh Seabream: UK

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Greece 0.5 0.5 0.6 1.2 1.7 1.0

Netherlands 0.3 0.3 0.3 0.2 0.4 0.3

France 0.2 0.1 0.2 0.1 0.1 0.1

Germany 0.0 0.0 0.0 0.1 0.1 0.1

Others 0.2 0.2 0.3 0.3 0.0 0.4

Total 1.1 1.1 1.3 1.9 2.3 1.9Source : Her Majesty's Revenue & Customs


result should be achieved in 2014. If it continues, this trend will see Turkey become the dominant supplier to the rapidly expanding US market by next year.

Outlook

In the short-term, prices on the major European markets will begin their annual downward slide as we move into autumn and winter, with the uptrend beginning again in December. Looking slightly further ahead, while Greece can now work to consolidate and push operating costs down, it is Turkey that has undoubtedly maneuvered itself into the best position. Turkish producers are clearly mindful of feed costs and the general rule that ramping up production too quickly has negative impacts. They have also recognized that the current financial limits on Greek expansion means that Turkey can reasonably expect tightening supply on their side to result in boosted prices and thereby widening margins. An additional factor is higher fish mortalities in 2014, said to be slightly above 2013 (around 5% more), adding to expectations for balanced supply and price stability in 2015. On the market side, Turkish exporters have also sought to maximize their growth potential. The Russian Federation, together with emerging markets in the Middle East, are now essentially wholly Turkish markets and are moving upwards rapidly, while Turkish exporters have also secured a firm foothold in the US and major EU markets (with the exception of France). If prices strengthen in line with expectations following supply contractions, then the future of Turkey’s bass and bream sector may well be bright.

this was offset by a substantial weakening of import prices.

France

There has not been much improvement in wholesale prices in France this year, and import demand for both species appears to be weak. Higher prices for Greek product is a contributing factor but increased promotion of domestically sourced fish and a sluggish economy are also no doubt playing a role.

Germany and UK

The German market is developing well, with the growth of the Turkish share of bream supplies standing out. Turkish fish started out much cheaper than its Greek competition on the German market, but it is now catching up fast on the back of strong demand. Meanwhile, the UK is displaying distinct sensitivity to the higher prices and volumes have dropped appreciably for both species.

USA

The US market is another where Turkish suppliers are quickly increasing their share of the market at the expense of Greece. Turkey quadrupled its share of the US market in 2013, and on the current trajectory a similar

ImportsFresh Seabass : USA

Jan-Jun2012 2013 2014

(1 000 tonnes)Greece 0.9 1.1 1.2

Turkey 0.1 0.2 0.8

Guatemala 0.0 0.0 0.2

Trinidad & Tobago 0.0 0.2 0.1

Spain 0.0 0.1 0.1

Others 0.2 0.3 0.2

Total 1.2 1.9 2.6Source : U.S. Department of Commerce, Bureau of Census

ImportsFresh Seabream : USA

Jan-Jun2012 2013 2014

(1 000 tonnes)Greece 0.1 0.1 0.1

Others 0.0 0.1 0.1

Total 0.1 0.2 0.2Source : U.S. Department of Commerce, Bureau of Census


Norway adapts quickly as Russian ban prompts global salmon market shuffle

In the wake of the Russian ban on imports of seafood from certain Western countries, exporters and importers alike have scrambled to secure new trading partners to mini-mize disruption to supply chains and the resulting loss of revenue. In the market for farmed Atlantic salmon, Norway has had to find new markets for more than 100 000 tonnes of fish, while Chile has sought to take full advantage of the gap left in the vast Russian market by the exit of its main competitor.

SALMON

ProductionFarmed salmon: World

Jan-Dec2009 2010 2011 2012 2013* 2014*

(1 000 tonnes)ATLANTIC SALMONNorway 863 940 1065 1232 1100 1250

Chile 233 123 264 400 515 528

UK 133 155 158 163 155 160

Canada 100 101 102 108 115 120

Faroe Islands 51 45 60 77 60 65

Australia 30 32 35 44 31 32

Ireland 12 16 12 12 15 12

USA 14 20 19 19 15 16

Others 3 6 10 12 3 4

Total 1440 1438 1726 2067 2009 2187PACIFIC SALMONChile 158 123 161 164 160 115

New Zealand 12 13 14 12 12 13

Japan 16 15 0 10 8 8

Total 186 151 175 186 180 136Gr. Total 1626 1589 1901 2252 2189 2323

Source: FAO (until 2012) (*) Estimate

Recent news

Prior to the Russian ban, analysts were somewhat divided as to the magnitude of the impact on the Norwegian industry, but the general feeling was that the globalized nature of the market and the continuing strength of demand in alternative export destinations would prevent prices and revenues from fall-ing substantially. As we enter the fourth quar-ter, the picture is still not completely clear, but it appears that these forecasts were es-sentially correct. After a concerted effort by the Norwegian salmon sector to identify new markets and reroute supply volumes, togeth-er with a regulatory decision to temporar-ily increase the Maximum Allowable Biomass (MAB) for farms by 6% to prevent a spike in supply volumes, Norwegian export revenue in August and September 2014 was actually higher than last year.

Meanwhile, in Chile, the outlook is look-ing more positive after some difficult years. Sanitary conditions are improving, and boom-ing demand in core markets is pushing up prices even as production continues to grow, albeit at a slower rate. The additional oppor-tunities presented by the Russian ban have been a further boost to the Chilean industry, although the transfer from Norwegian to Chil-ean salmon is not straightforward, as the lat-ter supplies mainly frozen and value-added product and logistical constraints make it dif-ficult to focus on fresh whole salmon as Nor-way has traditionally done. The fresh whole segment in the Russian Federation is now sup-plied primarily by the Faroe Islands, who are benefiting from the exceptionally high prices resulting from the lack of competition.

Atlantic salmon69%

Pink(=Humpback)

salmon14%

Chum(Keta=Dog) salmon

6%

Coho(=Silver) salmon

6%

Sockeye(=Red) salmon

5%

Salmon production (farmed and wild) by species (2012)

Source : FAO


Prices

The full effect of the Russian ban on Norwegian salmon price levels is difficult to identify precisely, as there have been a range of other factors influencing price trends over the last couple of months. Prices did indeed drop directly prior and following the ban, particularly for the larger sizes that the Russian market tends to favor, but some commentators point to the seasonal increase in harvesting volumes at the end of the summer as the primary factor behind the drop. The price fall was, in any case, short-lived and the NASDAQ salmon index showed prices for fresh whole Atlantics stabilizing around NOK 32 per kg in late August 2014. In fact, the average price of Norwegian exports in September 2014 was higher than the same month last year.

For Chilean salmon on the US market, recent prices have been slightly down compared with last year’s, despite the diversion of a proportion of Chilean supply to the Russian market. Brazilian importers, however, are reporting having to pay higher prices as a consequence of the willingness of their Russian counterparts to pay over the odds. Meanwhile, Chilean Coho prices on the Japanese market are much improved so far this year, boosted by low production volumes.

In the market for wild salmon, the ban has seen Russian pink salmon catches absorbed to a greater extent by the domestic market, and the lack of an alternative source of raw material is creating problems for Chinese processors who must now pay more for US fish.

Norway

Despite a relatively small increase in biomass at the beginning of the year compared with 2014, good water temperatures this year have allowed for faster growth and Norwegian export volumes are up significantly this year. The Norwegian Seafood Council (NSC) put the figure for

the first three quarters at 725 000 tonnes, 9% higher than compared with the same period last year, for a total value of NOK 31.9 billion, representing a 17% increase.

In September, the Russian ban and continuing tensions in Ukraine saw a decrease of 56% in export value to Eastern Europe compared with September 2013. However, the effectiveness of the Norwegian strategy to redirect supply volumes is reflected in September value increases of 15%, 19% and 10% to the EU, the USA and Asia respectively, combined with a 4% rise in the average export price compared with the same month in 2013. In the EU, it is mainly demand from Polish smokehouses that is pushing up prices and revenues, but the substantially weaker Norwegian krone this year is also a significant factor.

The USA is a prime example of where Norwegian exporters have been able to take full advantage of Chile’s Russian distraction, ramping up exports of fresh whole Atlantics but at the same time focusing on the value-added fillets that the US market prefers. These products, particularly frozen fillets, are currently in high demand in the USA, with Norway able to make sales at considerably higher prices than last year. If the current trajectory continues, 2014 could be a record year for Norwegian exporters in the USA.

Exports (value)Salmon and Trout: Norway

Jan-Jun2009 2010 2011 2012 2013 2014

(bill. NOK)Salmon 10.4 13.7 14.9 15.2 18.9 23.6Fresh 8.1 10.2 11.4 12.1 15.7 19.3

Frozen 0.4 0.6 0.8 0.6 0.4 0.6

Fresh fillet 1.2 1.8 1.6 1.4 1.7 2.2

Froz. Fillet 0.7 1.1 1.1 1.1 1.1 1.5

Trout 0.6 0.5 0.4 0.8 1.0 1.2Source: Norwegian Seafood Council

Exports (quantity)Salmon and Trout: Norway

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Salmon 312.1 358.1 359.6 493.7 460.8 503.7Fresh 256.0 280.9 292.1 415.7 392.0 428.8

Frozen 16.8 21.6 22.2 24.3 16.1 18.6

Fresh fillet 24.3 34.7 26.9 31.4 32.5 35.7

Froz. Fillet 15.0 20.9 18.4 22.3 20.2 20.6

Trout 18.1 12.3 9.2 25.6 25.2 25.7Source: Norwegian Seafood Council

SALMON

Salmon fillet prices (FOB Miami, chilled, C-trim, Alt. fresh, 3-4 bs)


2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14


On the negative side, sea lice levels continue to concern the industry in Norway, adding to production costs and resulting in forced harvesting when regulatory limits are breached. An additional recent setback is the ban imposed by Chinese authorities at the beginning of September, banning all imports of whole Norwegian salmon due to concerns over infectious salmon anemia (ISA).

Trout

Despite taking a substantial and inevitable hit in August following the Russian ban, dropping by 30% in volume and 28% in value, the Norwegian trout industry appears to have coped remarkably well with the overnight disappearance of by far their most important market. After a 20% increase in the trout MAB was approved in August, NSC figures for September put total export value 4% higher compared with September 2013, to NOK 207

Exports (quantity)Salmon and Trout: Chile

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Japan 94.0 71.8 87.8 120.2 98.1 77.8

USA 42.0 23.1 29.2 49.7 64.8 71.9

EU 15.0 4.2 4.2 7.1 18.4 16.6

Latin America 29.0 26.5 22.9 38.9 48.5 56.8

Others 36.0 26.0 39.9 36.6 67.9 61.9

Total 216.0 151.6 184.0 252.6 297.6 285.1Source: IFOP

Exports (value)Salmon and Trout: Chile

Jan-Jun2009 2010 2011 2012 2013 2014

(million USD)Japan 471.0 429.5 599.2 776.4 437.9 595.0

USA 316.0 218.2 328.1 409.8 541.4 754.1

EU 134.0 32.0 41.3 47.9 110.3 135.4

Latin America 87.0 166.7 177.8 214.4 286.3 413.5

Others 137.0 140.2 257.9 194.5 312.5 415.9

Total 1146.0 986.6 1404.2 1643.0 1688.4 2313.9Source: Boletín de Exportaciones del IFOP

Exports (unit value)Salmon and Trout: Chile

Jan-Jun2009 2010 2011 2012 2013 2014

(in USD/kg) Salmon 5.22 6.33 7.54 6.26 5.59 7.85 Frozen 4.78 5.52 6.55 5.91 4.70 7.38

Fresh 6.29 7.98 9.56 6.57 7.24 8.51

Canned 6.54 7.31 10.54 13.33 9.48 9.43

Salted 5.22 6.01 6.75 6.67 3.31 7.34

Smoked 12.52 13.23 15.73 15.00 14.76 17.46

Trout 5.56 6.77 7.91 6.90 5.95 9.82 Frozen 5.32 6.50 7.67 6.74 5.52 9.41

Fresh 6.81 7.63 8.72 8.33 7.85 11.46

Canned 6.96 8.66 10.74 0.00 0.00 0.00

Salted 5.52 6.15 6.82 3.72 5.60 6.52

Smoked 11.60 12.40 14.30 15.00 14.13 18.93

Average 5.31 6.51 7.68 6.46 5.67 8.12Source: Boletín de Exportaciones del IFOP

Exports (value)Salmon and Trout: Chile

Jan-Jun2009 2010 2011 2012 2013 2014

(million USD)Salmon 823.0 567.7 859.6 1100.2 1293.9 1931.4 Frozen 557.9 339.2 512.5 640.5 714.0 1123.3

Fresh 238.4 198.4 316.3 419.9 554.6 781.7

Canned 9.9 5.3 3.3 3.8 1.7 3.0

Salted 1.8 8.2 7.4 12.0 4.4 5.3

Smoked 15.0 16.6 20.1 24.0 19.2 18.1

Trout 323.4 418.9 578.2 542.8 394.5 382.4 Frozen 283.2 338.5 489.1 458.4 323.8 313.9

Fresh 20.1 48.9 51.8 34.9 32.8 47.0

Canned 0.5 0.4 0.1 0.0 0.0 0.0

Salted 2.3 10.7 10.9 16.3 7.6 3.7

Smoked 17.3 20.4 26.2 33.2 30.3 17.9


Exports (quantity)Salmon and Trout: Chile

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Salmon 157.6 89.7 114.0 175.8 231.4 246.1 Frozen 116.8 61.5 78.2 108.2 152.0 152.2

Fresh 37.9 24.9 33.1 63.9 76.6 91.8

Canned 1.5 0.7 0.3 0.3 0.2 0.3

Salted 0.2 1.4 1.1 1.8 1.3 0.7

Smoked 1.2 1.3 1.3 1.6 1.3 1.0

Trout 58.1 61.9 73.1 78.7 66.3 39.0 Frozen 53.2 52.1 63.7 68.0 58.6 33.4

Fresh 2.9 6.4 5.9 4.2 4.2 4.1

Canned 0.1 0.0 0.0 0.0 0.0 0.0

Salted 0.4 1.7 1.6 4.3 1.4 0.6

Smoked 1.5 1.6 1.8 2.2 2.1 0.9


SALMON


SALMON

imports from the USA have risen significantly in the first seven months of 2014, although prices have fallen as Alaskan exporters seek to clear inventories left over from last year.

USA

Chile continues as the main salmon supplier to the USA with import volumes during the first half of 2014 increasing by 17% and value by 39% compared with the same period in 2013. Canada was the second most important supplier, though volumes dropped by 40%.

In the wild salmon market, catches in Alaska have exceeded forecasts, particularly for sockeye, which should eventually exert some pressure on prices. For pink salmon, suppliers are actively working to shift an oversupply from the record catches last year by increasing canned exports to the UK and frozen raw material to Chinese processors. For chum, the market is a difficult one for buyers, as catches dropped by 50% this year.

ExportsSalmon: UK (by product and country)

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)FRESH WHOLEUSA 9.3 12.5 16.8 16.5 17.4 22.9

France 7.2 11.1 7.0 8.1 7.0 11.4

China 0.0 0.2 2.0 2.8 4.1 7.0

Ireland 1.6 1.0 1.5 1.8 1.9 2.6

Poland 0.2 1.0 2.7 3.7 1.9 1.1

Germany 0.8 0.8 0.8 0.4 0.3 0.6

Others 2.4 2.8 2.5 4.5 6.5 5.8

Total 21.5 29.4 33.3 37.8 39.1 51.4FROZEN WHOLEFrance 0.4 0.9 1.5 0.7 0.5 0.8

Russian Fed. 0.3 1.6 0.7 1.7 0.4 0.5

Others 1.9 0.8 1.5 1.7 2.1 2.5

Total 2.6 3.3 3.7 4.1 3.0 3.8

CANNEDIreland 0.5 0.5 0.5 0.4 0.3 0.3

Others 0.2 0.2 0.1 0.4 0.5 0.4

Total 0.7 0.7 0.6 0.8 0.8 0.7

Gr. Total 24.8 33.4 37.6 42.7 42.9 55.9

Others 0.7 0.5 0.8 0.7 0.6 0.8

Total 1.0 1.4 1.8 2.0 1.4 1.9OTHER SALMONTotal 1.4 2.1 2.2 1.8 1.6 1.5Gr. Total 13.5 18.7 23.1 25.2 23.0 27.5

Source: Her Majesty's Revenue & Customs

billion. It is the Eastern European markets of Belarus (now the number one market for Norwegian trout), Poland and Ukraine that are absorbing the surplus volumes, and it is likely that at least a proportion of this fish is making its way into Russia.

Chile

According to the report of the Undersecretary of Fisheries and Aquaculture, in the first half of 2014, harvests of Atlantic salmon were up by 12% compared with the same period last year. Coho harvests, on the other hand, were down 31.1%, while trout harvests were down 18.1%. In terms of trade, salmonids exports (excluding fishoil and meal) during the first six months of the year were down slightly by volume (-4.2%) but demonstrated a 37% increase in value in comparison with the same period in 2013.

IFOP reports that Atlantic salmon was the most exported species throughout the first six months of the year, with a 21.5% increase registered, while a significant raise of 52% is noted in the exported value. However, by the end of September, a downward trend was observed in prices of Atlantic salmon in the US market, due to an adequate supply from Chile for the current demand. Coho salmon was the second species in importance, though exports were down 21% in the first half of 2014 compared with 2013.

Chilean salmon farmers estimate that they could triple their exports to the Russian Federation due to the seafood import ban. It is estimated that Chilean exports to the Russian Federation could grow from 2 500-3 000 tonnes a month to 7 000-8 000 tonnes. However, instead of the fresh salmon that Norway was supplying the Russian Federation, Chilean exports would be dominated by frozen salmon.

Despite these estimations, the Chilean industry still has issues to face. Though sanitary concerns seem to be under control, the industry is continuing its process of consolidation, reflected by a series of acquisitions and fusions, especially among foreign investors.

UK

Minimum exposure to the Russian market has seen the Scottish salmon industry’s upward growth trajectory continue uninterrupted so far in 2014. The USA, France and China are now the top three markets for UK exporters, and all three have absorbed greater volumes at higher prices so far this year (data available up to July). UK suppliers have also been focusing on developing Asian markets, and are hoping to capitalize on the growing popularity of sushi in markets closer to home.

The UK’s domestic market is also performing well, and retail sales are up so far this year. Canned pink salmon


Markets

Of the world’s major salmon markets, it is the USA that is currently looking more promising for suppliers. Despite the high price levels, the economic situation is generally better than in the EU and Japan, meaning that the average consumer has more to spend on premium proteins such as salmon. Recent growth in the USA has been impressive, and consumption levels are still well below saturation point, particularly for smoked product. The EU is also looking more positive as the economic recovery puts more money in consumer pockets. Meanwhile, demand continues to grow in emerging markets, and the spectacular increases in Chinese and Brazilian import volumes are deserving of particular attention.


The recent food embargo from some western countries in the Russian Federation, which was introduced in August 2014, has inevitably shifted suppliers, logistics and prices. Imports of Norwegian Atlantic salmon have been replaced by imports of Atlantic salmon from the Faroe Islands and Chile, although some Norwegian salmon was distributed to the Russian market through Belarus post-processing. In August 2014, exports of Norwegian salmon to the Russian Federation declined by 82% compared with July. With a more restricted supply, retail prices for salmon products domestically have been booming in the

past two months. According to the X5 Retail Group, the prices for salmon and trout products from suppliers went up 10-15% in August, with a further 20% increase assumed for the September-October period. Popularity of salmon in the hotel, restaurant and catering sector, especially sushi, has declined due to the high prices.

Japan

Chilean exporters, the primary suppliers to the Japanese market, are benefiting from the improved price situation resulting from reduced Coho production volumes. Another significant trend is the shifting preferences of Japanese importers towards frozen fillets rather than the traditional headed and gutted Coho. Import volumes of frozen fillets almost doubled in the first seven months of the year compared with 2013, while prices followed a distinct upward trend, pointing to strong underlying demand.

France

French buyers’ aversion to Norwegian prices is clearly evident in 2014, with import volumes of fresh whole Norwegian Atlantics falling by some 22% in response to a 7% increase in price. The shortfall in supply is currently being made up primarily by cheaper UK salmon. Demand for frozen fillets appears to be growing in France also, although Chilean suppliers are facing stiff competition in this segment from China.

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 related to this trend is the growth in fresh whole salmon

ImportsSalmon: France

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Fresh whole 45.5 50.0 46.4 54.8 49.2 45.2 Norway 31.6 36.4 32.8 39.0 36.3 28.6

UK 7.7 8.5 8.8 9.5 8.4 11.6

Frozen Pac 1.4 1.5 1.1 1.2 0.9 1.0 USA 1.1 1.3 1.1 1.1 0.7 0.9

Frozen Atl 1.0 2.0 4.3 0.1 0.1 0.1Smoked 2.5 2.9 3.2 3.9 3.9 3.2Poland 1.6 2.1 2.4 3.1 3.1 2.2

UK 0.3 0.3 0.3 0.2 0.3 0.3

Fresh fillets 4.5 5.4 5.5 8.0 9.5 8.3 Norway 4.0 4.8 5.1 7.2 8.2 7.0

Frozen fillets 10.5 9.9 10.3 8.9 11.1 11.3 Chile 4.9 2.4 2.0 2.7 4.4 3.4

China 2.5 3.7 4.5 3.0 2.4 2.8

Grand Total 66.8 73.4 72.1 78.1 76.1 70.1Source: Direction Nationale des Statistiques du CommerceExtérieur – DNSCE

ImportsSalmon: Germany (by product)

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Fresh salmon 24.3 23.2 24.3 21.4 20.3 29.9

Frozen salmon 2.3 2.7 2.3 1.6 2.6 3.3

Smoked salmon 15.5 15.3 17.7 15.9 18.3 15.6

Fresh fillets 3.8 4.1 3.5 3.6 4.5 3.9

Frozen fillets 16.3 16.7 16.1 12.9 15.6 17.7

Salted salmon 0.1 1.1 2.2 3.0 4.1 0.7


SALMON


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.

Outlook

Global salmon supply growth in 2014 is expected to be above the recent average at around 8%, but this should be seen as only temporary relief from the now prevailing norm of low supply, growing demand and high prices. For 2015 to 2017, industry growth forecasts range from 3 to 5% annually, a rate that will undoubtedly be outpaced by the increase in global demand for salmon, with continuing high prices the likely consequence. Regulatory limits in Norway and biological constraints in Chile mean it is difficult to see where future growth is going to come from, at least while terrestrial farming remains too expensive to be viable.

These limits on supply expansion mean that revenues cannot simply be reinvested in maximizing production. Instead, the salmon industry now has the opportunity to lead the rapidly growing global aquaculture sector in terms of sustainability, technological innovation and business development. In the latter respect, there is still considerable scope for further consolidation, particularly in Chile, and vertical integration of intermediaries in the supply chain.

In the shorter term, the full impact of the Russian ban is still obscured by a number of uncertainties. The increase in the Norwegian MAB may have reduced downward price pressure for the time being, but the additional harvest volumes will have to hit the markets eventually, likely in early 2015. Whether this will have a significant price effect is difficult to say, given the projected decrease in supply growth next year. For the remainder of 2014, the current lull in prices should soon be reversed by seasonal demand in the fourth quarter.

ImportsSalmon: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Fresh fillets

Chile 26.7 10.5 17.8 29.5 42.5 48.3

Norway 7.7 13.4 5.3 2.0 2.3 5.7

Canada 2.1 3.9 3.0 1.8 3.2 2.0

Other 3.7 4.0 6.3 5.1 5.9 7.7

Total fresh fillets 40.1 31.8 32.4 38.4 53.9 63.7Frozen fillets 26.8 28.6 30.4 28.0 34.2 38.4Smoked 1.8 2.0 1.9 2.6 2.5 2.2Salted 0.0 0.0 0.0 0.0 0.0 0.0All salmon 123.9 116.4 112.6 137.1 149.1 154.9

Source: NMFS

ImportsSalmon: Germany (by origin)

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Norway 24.4 27.5 27.5 24.2 23.0 25.2

Poland 13.9 13.4 14.1 16.0 20.7 14.0

Denmark 4.6 4.4 4.7 4.3 5.0 11.4

China 6.4 8.5 8.5 6.9 5.2 7.4

Lithuania 1.1 1.6 2.9 2.6 2.0 3.0

Sweden 2.6 1.4 1.9 1.2 1.5 1.3

Others 9.6 5.8 6.0 3.3 8.2 8.8


ImportsSalmon: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Fresh *Atlantic 10.3 10.1 10.1 14.1 11.1 9.5 Norway 8.9 8.7 8.5 13.0 9.5 8.6

UK 0.2 0.2 0.3 0.3 0.3 0.2

Australia 0.5 0.6 0.8 0.6 0.5 0.2

Pacific 0.3 0.4 0.4 0.3 0.4 0.2Total fresh 10.6 10.5 10.5 14.4 11.5 9.7Frozen*Atlantic 4.0 0.5 1.0 1.1 0.4 0.8 Norway 0.2 0.2 0.6 0.4 0.2 0.1

Chile 3.5 0.1 0.1 0.6 0.1 0.5

Denmark 0.2 0.2 0.3 0.1 0.1 0.1

Pacific 58.8 59.8 74.9 91.1 88.9 61.1 Canada 0.1 0.3 1.0 0.3 0.6 0.1

USA 3.1 2.9 3.2 2.1 0.9 1.0

New Zealand 1.3 1.2 0.7 0.3 1.5 1.4

Chile 52.6 53.6 67.5 85.6 78.8 55.3

Russian Fed. 1.7 1.7 2.5 2.8 7.2 4.6

Total frozen 62.8 60.3 75.9 92.2 89.3 61.9Grand Total 73.4 70.8 86.4 106.6 100.8 71.6

Source: Japan Customs* mainly Atlantic **mainly Pacific


TAC for mackerel, herring, blue whiting and capelin all cut

Based on scientific advice, ICES has recommended significant cuts in the TACs for mack-erel, herring, blue whiting and capelin. At the same time, the organization claims that several species, such as mackerel, hake, and monkfish have recovered. The situation for herring, however, is not so bright.

The Barents Sea survey, undertaken by Norway’s Institute of Marine Research (IMR), showed that while some stocks like cod and mackerel are strong, the situation for her-ring and capelin gives cause for concern. Herring stocks have been greatly reduced (perhaps as a result of heavy cod stocks feeding on herring), and researchers found reduced stocks of adult capelin as well. ICES has recommended reductions in the TAC for Norwegian spring spawning herring, and it is expected that the joint Norwegian-Russian Fisheries Commission will set a lower TAC for capelin next year as well.

SMALL PELAGICS

Mackerel

Supplies

According to Undercurrent News, the Atlantic mackerel TAC was reduced from 927 000-1.011 million tonnes to 831 000-906 000 tonnes, a reduction of 100 000 tonnes. Though survey results from this summer found

ImportsFrozen Mackerel: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)UK 0.8 1.1 3.6 5.7 5.4 5.0

Ireland 2.9 3.1 2.8 2.2 2.7 2.2

Netherlands 2.0 2.5 3.1 3.0 1.9 2.0

Poland 1.7 1.4 1.8 0.2 0.6 0.8

Denmark 2.4 1.7 1.9 0.8 0.6 0.3

Others 1.0 1.9 2.5 2.0 1.5 1.5

Total 10.8 11.7 15.7 13.9 12.7 11.8

Total 5.9 6.4 7.5 8.5 7.9 6.1Source: Germany customs

ExportsFrozen Mackerel: Norway

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 4.9 6.6 9.4 15.0 9.8 13.2

Nigeria 0.2 0.3 2.9 3.9 1.1 11.1

Nethrlands 0.3 0.3 1.7 4.2 1.4 7.2

Japan 5.8 3.2 2.6 9.5 6.7 5.4

Turkey 5.7 8.5 7.6 8.7 4.9 5.4

Russian Fed. 10.9 9.1 10.7 12.7 8.1 5.0

Lithuania 0.7 0.2 1.3 3.6 3.4 4.1

Poland 2.8 3.6 3.8 2.7 2.0 3.8

Rep. of Korea 4.7 3.0 6.4 1.9 2.3 2.7

Ukraine 3.8 3.1 4.3 3.7 5.6 1.8

Others 8.1 4.7 7.4 11.2 13.8 11.0

Total 47.9 42.6 58.1 77.1 59.1 70.7

Others 6.1 3.7 5.5 7.6 9.4 4.2

Total 36.2 38.0 48.1 57.3 46.7 52.4

Nigeria 0.8 0.3 24.9 3.0 7.5 1.1

Belarus 1.7 1.3 2.5 1.3 1.2 1.1

Others 4.3 4.8 13.6 7.2 11.6 11.3

Total 52.0 78.5 176.3 128.1 115.7 97.0Source: Statistics Norway

that the total mackerel biomass has increased slightly to about 9 million tonnes, about two thirds of the stocks were found to be less than six years old, which that is why ICES recommended the TAC cut.

The researchers noticed that due to higher surface

temperatures in the ocean attributed to global warming, mackerel had moved further north and west than before. This has, in turn, pushed the herring even further northwest.

By mid-September, Greenland had caught over 77 000 tonnes of mackerel out of a total quota of 100 000 tonnes. Fishing will continue until the quota is filled. Iceland, however, is ending its mackerel season, having caught about 134 000 tonnes out of a total quota of 161 000 tonnes. The Faroe Islands also have considerable quantities left of their quota: 65 905 tonnes have been landed out of a quota of 156 240 tonnes. Norway has


landed 52 000 tonnes of its 227 000 tonne quota.

When the Norwegian mackerel season kicked off, there was concern that the size of the fish was very small. As a consequence of the small sizes initially caught, there was also worries that prices might come under pressure, and that the smaller fish would be diverted to markets that are less size and quality conscious, such as Egypt, Nigeria, and Turkey.

Trade

The Russian import ban on seafood from some western countries has led to a shortage of mackerel and herring on the Russian market. While the authorities claim that domestic production can replace imports, traders active in this market say this is not the case due to difficult distribution logistics. It was estimated that the Russian Federation had lost access to about half a million tonnes of seafood, which has until now been imported.

During the first half of 2014, frozen mackerel exports from Norway showed a significant increase. The total volume exported amounted to 70 700 tonnes, which was 19.6% more than compared with the same period in 2013. The most important markets were China, accounting for 13 200 tonnes (or 18.7%), Nigeria (11 100 tonnes or 15.7%) and the Netherlands (7 200 tonnes or 10.2%). Norway registered declining exports to important markets like Japan (-19.4%) and the Russian Federation (-38.3%).

Frozen mackerel imports into Germany fell slightly by 7% during the first half of 2014. The main suppliers were the UK, Ireland and the Netherlands.

Mackerel supplies from Norway are particularly high this year, and the Russian Federation was expected to take over 50 000 tonnes of this. Now Norway must look for alternative markets, or an alternative way to sell mackerel to the Russian Federation via other countries

if possible. Nigeria is seen as a potential market for larger amounts of Norwegian mackerel in the longer term, but this market presents several challenges, such as import restrictions recently introduced under the new Agriculture Minister.

In Japan, demand is strong, with the market importing about 15 000 to 20 000 tonnes by the end of September. Japan has a preference for Norwegian mackerel of good quality. Nigeria, on the other hand, also imports large quantities of mackerel, but will settle for smaller sizes and lower quality.

Prices

Frozen mackerel prices took a deep dive during July and August. Norwegian export prices for frozen mackerel >600 g fell from NOK 35.83 per kg (fob Norway) in May to just NOK 13.97 per kg in August. Prices for smaller sizes (<600 g) also fell, but not so dramatically, from NOK 12.76 per kg in May to NOK 9.87 per kg in August. Information from European markets indicates that prices have been more level, such as in Italy.

Herring

Supplies

According to the Norwegian IMR, the Norwegian spring spawning herring stocks have been deteriorating since 2004. The spawning biomass has fallen below 4 million tonnes, and if it falls as low as 2.5 million tonnes, researchers will advise a total stop to this fishery. Next year, IMR estimates that the spawning stock will be at around 3.5 million tonnes.

After the disastrous Exxon Valdez oil spill in 1989, Alaska’s herring stocks suffered a serious set-back. However, the stock is now recovering, and some are hoping that the Alaska herring fishery may be re-opened in 2015 albeit with a small TAC.

Trade

After the Russian Federation imposed the import ban on seafood from Norway, Norwegian exports to the Russian Federation fell by a massive 82% in August. Herring and trout were the most affected products. Herring exports dropped from 2 841 tonnes in July to just 1 130 tonnes in August (-60%). The export price to the Russian Federation went up by almost 5%, though. The Russian Federation is the single largest import market for Norwegian herring, and during the first 8 months of 2014, the Russian Federation had imported 31 725 tonnes of frozen whole herring from Norway, accounting for 31% of Norway’s total exports of frozen herring. Thus, Norwegian herring exporters are feeling the import ban particularly hard.

SMALL PELAGICS

Source: NSC/Central Bureau of Statistics, Norway

Norwegian frozen mackerel export prices


Currently, Russian fish processing companies are ready to substitute Norwegian Atlantic herring with Atlantic herring from Iceland and the Faroe Islands, and to a lesser extent with Pacific herring from the Russian Far East. The Russian herring market is estimated at 430 000 tonnes annually, and 45% of market demand was previously covered by imported Atlantic herring.

Overall supplies of herring have been a little tighter this year, and this is reflected in international trade figures. Norwegian exports of frozen whole herring declined from 86 000 tonnes during the first half of 2013 to 81 500 tonnes during the same period in 2014 (-5.2%). These trends were before the Russian import ban, so the Russian Federation was still by far the largest market, taking 28 200 tonnes, or 35.3% of total Norwegian frozen herring exports.. Other main markets like Ukraine and Lithuania took 13 500 and 13 300 tonnes, respectively. While Ukraine demonstrated a slight decline in imports

SMALL PELAGICS

ExportsFrozen Whole Herring: Norway

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Russian Fed. 82.7 79.4 44.0 36.7 27.0 28.2

Ukraine 44.2 37.3 30.8 28.3 15.7 13.5

Lithuania 10.5 12.6 10.0 12.1 10.5 13.3

Netherlands 12.3 15.0 13.6 7.5 7.9 9.4

Latvia 1.2 2.8 1.9 1.8 2.2 4.1

Egypt 8.5 21.8 16.1 14.2 9.4 2.8

Kazakhstan 5.0 6.1 4.4 1.6 1.1 1.8

Germany 1.8 2.2 3.2 2.5 1.8 1.6

Poland 3.1 3.0 1.8 2.1 2.0 1.3

Nigeria 81.1 62.3 43.2 4.2 2.9 0.5

UK 2.8 5.7 1.6 0.4 0.2 0.2

Others 14.6 12.8 12.9 8.2 5.3 4.8

Total 267.8 261.0 183.5 119.6 86.0 81.5Source: Statistics Norway

ExportsDutch Frozen Herring

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Egypt 4.2 16.3 5.8 7.0 9.2 22.1

Nigeria 26.7 3.0 21.1 10.6 25.1 19.4

China 5.0 9.6 10.1 7.1 7.0 7.1

Germany 1.9 0.9 1.3 1.0 1.2 1.8

Japan 0.6 0.8 0.9 0.3 0.3 0.2

Others 5.3 5.0 3.1 3.9 6.8 9.0

Total 43.7 35.6 42.3 29.9 49.6 59.6

Others 1.8 1.5 1.6 3.5 4.1 0.0


ImportsFrozen Herring Fillets: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Norway 6.2 9.1 5.8 6.2 3.3 4.8

Denmark 1.2 0.9 0.9 2.8 2.6 2.4

UK 0.0 0.0 0.1 3.3 1.1 1.1

Iceland 0.0 0.3 1.2 0.6 1.0 1.1

Netherlands 0.6 0.6 0.7 0.6 0.6 0.7

Others 0.9 0.5 0.4 0.4 2.6 0.1

Total 8.9 11.4 9.1 13.9 11.2 10.2


likely due to the war, there was an increase in shipments to Lithuania.

Dutch exports of herring increased considerably during the first six months of 2014. Total Dutch herring exports grew by +20.2%, with Egypt and Nigeria as the main markets.

German imports of frozen herring fillets fell slightly during the first half of the year, by -8.9%. Norway, the main supplier, strengthened its position on this market.

Japan is importing more fresh and frozen herring this year. Imports during the first six months of the year increased by 48.1% compared with the same time period in 2013. The main supplier, the USA, strengthened its position considerably, while the Russian Federation lost market share.

Prices

Prices for herring have been on a declining trend for


SMALL PELAGICS

ImportsFresh and Frozen Herring: Japan

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)USA 13.7 15.2 16.9 11.7 11.3 18.7

Russian Fed. 3.4 4.1 3.1 3.5 4.1 3.7

Canada 0.0 0.0 0.0 0.1 1.2 2.7

Norway 2.6 2.7 2.6 1.6 1.9 1.9

Netherlands 0.6 0.6 0.2 0.4 0.3 0.3

Others 0.6 0.7 0.2 0.1 0.1 0.7


some time, and this continued in the past quarter. Export prices for Norwegian whole frozen herring slid from NOK 11.82 per kg in June to just NOK 6.36 per kg in August. This is a seasonal trend, though the longer-term trend is still slightly downward. Export prices for frozen herring fillets also declined, although not so dramatically, from NOK 11.82 per kg in June to NOK 10.87 per kg in August.

Anchovies and sardines

Supplies

In an effort to maintain sustainability in the artisanal anchovy fishery, Chilean authorities announced a ban on fishing sardine and anchovies from late July. The ban will be in effect until 21 October, and was based on several scientific studies undertaken by the Fisheries Development Institute.

In Peru, the first anchovy season of the year was extended by ten days until 10 of August because of El Niño. By the end of July, about 65% of the total TAC of 2.53 million tonnes had been landed. The extension of the season was expected to bring the catch to 70-75% of the quota. Temperatures on the Peruvian coast have been higher than usual (due to El Niño), but since July they have started to return to normal.

The Spanish Ministry of Agriculture, Food and Environment closed the anchovy fishery in southern Galicia in August because the fleet had exceeded their 75 tonne quota by 500%. Not surprisingly, the Galician fishermen were unhappy about this closure. In the Gulf of Cadiz, the quota is much larger at 6 000 tonnes. Following this, in September, the sardine fishery in area VIIIc and area IX was closed as the quotas were filled. In response, the Association do Cerco Galicia of Galicia demands larger pelagic quotas for the second half of 2014.

Spain’s modest catches of sardines this season is causing concern for the canning sector. Also, the fish are smaller, which affects the industry. The result is that the canning industry in the region of the Bay of Biscaine is facing issues in getting enough raw material for their operations. Representatives of the Canners Association of Cantabria claim that the resource is poorly managed, and that this is part of the reason why the industry is now facing problems.

In an effort to maintain supplies of sardines to Brazil, the Government reduced the import duty on frozen sardines from 10% to 2% in August. The new tariff

Source: NSC/Central Bureau of Statistics, Norway

Norwegian frozen herring export prices

Recent news: Thai Union takes over King Oscar

The Thai canned fish company Thai Un-ion has acquired 100% of the shares of one of the best-known seafood brands in the world, King Oscar sardines. Thai Union expects that the acquisition of the brand will enhance the company’s position on the market and help expand its turnover, which has been in-creased to over USD 8 billion by 2020.

Over the years, the King Oscar brand has expanded into new markets, introduced new product lines, and was eventually ac-quired by several different parent compa-nies as the sardine canning industry evolved in Norway.


applies to an import quota of 60 000 tonnes of frozen sardines.

Canned sardines

Portuguese canned sardine exports grew in 2013. Total canned fish exports from Portugal grew by 16%, valued at about EUR 206 million in 2013, mainly driven by sardine exports. Canned sardines accounted for about one third of the total canned fish exports of 50 000 tonnes, which is 9.8% higher than in 2012. However, the value increased by 15.7%, as prices in the main markets increased.

Producers and exporters in Peru are now showing interest in developing the Portuguese market for its products. Peru participated at the recent Conxemar exhibition in Vigo, Spain in early October, and planned to hold a business conference after Conxemar, where Peruvian entrepreneurs would meet with 10 Portuguese fishing companies.

Sardine prices have shown strength in the past few months, and prices for fresh whole sardines in Italy have increased significantly over the past quarter.

Outlook

Supplies of herring, capelin and blue whiting may become quite tight over the next six months, while supplies of mackerel will be slightly restricted as a result of the reduced TAC, though this will improve again in about a year’s time. For herring and capelin, on the other hand, the outlook is bleaker and for a longer period. Prices are on a slightly downward trend for mackerel and herring, while sardine prices are going up. If low supplies of herring continues for some time, prices will most likely come up.

ImportsCanned sardine: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Morocco 3.1 3.0 1.9 2.0 2.2 2.0

Peru 0.2 0.4 0.3 0.9 0.5 0.5

Netherlands 0.4 0.5 0.4 0.2 0.2 0.4

Others 0.2 0.3 0.4 0.2 0.2 0.2


ImportsCanned sardine: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Canada 2.9 3.1 3.0 2.0 1.6 2.5

Ecuador 1.7 1.6 1.1 2.2 2.1 2.3

Thailand 3.1 2.5 2.3 3.5 2.6 2.1

Morocco 1.9 1.9 1.7 1.7 2.2 2.0

Poland 0.7 1.9 2.9 2.0 2.9 1.9

China 0.2 0.7 0.8 1.5 0.7 1.3

Philippines 0.9 0.8 1.3 1.0 0.8 1.1

Others 2.8 1.6 1.4 1.7 1.6 1.9


ImportsCanned sardine: UK

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Morocco 2.3 2.3 1.2 1.6 2.1 2.7

Portugal 2.0 2.7 2.5 2.6 2.2 1.8

Others 1.1 2.3 1.3 2.8 2.3 1.9

Total 5.4 7.3 5.0 7.0 6.6 6.4Source: Her Majesty’s Revenue & Customs

SMALL PELAGICS

ImportsCanned sardines: France

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Morocco 5.9 4.8 3.8 4.6 6.6 5.2

Portugal 2.2 2.2 2.1 2.4 2.5 2.3

Spain 0.3 0.4 0.3 0.2 0.3 0.1

Others 0.2 0.3 0.1 0.4 0.2 0.3



Increased demand and limited volume available keep fishmeal and fish oil prices up in the first half of 2014

While Peru’s total allowable catch (TAC) for anchovy for the 2014 winter was set at 2.53 million tonnes, 23% more compared with the same time period for 2013, the actual catch was lower than expected. Fortunately, the pressure on the prices from the short supply was offset partially by delayed buying decisions due to weather uncertainty indicated by abnormal sea temperatures. Nevertheless, fishmeal prices again showed a significant increase beginning in June when buyers realized that the TAC quota would not be met this season. Going forward, El Niño effects are less likely to hit the industry as se-verely as anticipated at the beginning of the year. Strong demand from aquaculture and animal farm-ing will uphold the market in the long-term, while countries increasingly seek supply diversification.

FISHMEAL AND FISH OIL

Production

During the first half of 2014, total production from five of the major fishmeal producers registered at 1 107 000 tonnes, a slight increase compared with the same time period in 2013 and 2012. Despite the early start, the anchovy catch in Peru was very low mainly due to the abnormally high sea temperatures forcing anchovy stocks to deeper and cooler waters or to the south where industrial catches were prohibited within a 10 mile zone. A short ban to suspend fishing operations for a few days due to high juvenile levels worsened the situation further. Even with an extension to 10 August, only 1.71 million tonnes were caught, accounting for just 68% of the TAC. For fish oil, production was in a similar situation with only slightly higher volumes reported for the first half of the year when compared with the same time period in 2013. However, 2014 volumes remained lower than the average of years before 2013. The fish oil yield had been very low this season as the fish have had a low fat content.

Exports

For fishmeal, although Peru doubled its export volume in the first half of the year, it was still lower than what was exported for the same period in most of the years before 2013. China imported the majority of fishmeal, taking almost 60% of Peruvian exports. Viet Nam became the fourth largest destination for Peruvian exports right after Japan, which is diversifying its fishmeal supply sources to include African countries in order to reduce the high cost triggered by yen’s depreciation. In Chile, the growing salmon and shrimp farming sector consumed a significant amount of fishmeal traditionally destined for export, and as a result, Chile exported less fishmeal during the first half of 2014 than compared with the same time period last year.

In terms of fish oil, the USA exported 42 900 tonnes of fish oil in the first half of 2014, most of which originated from gulf menhaden. It is anticipated that the menhaden fishery will maintain its high level of fish oil supply and export because of a positive stock assessment. Peru almost tripled its fish oil export, reaching 84 900 tonnes.

ProductionFishmeal: 5 major producers

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Peru/Chile 1324 1102 1334 851 672 667

Denmark/Norway 182 350 166 74 153 186

Iceland 70 156 81 130 93 107

Total 1576 1608 1581 1054 918 1107Source: IFFO * these figures refer only to IFFO member countries

Fishmeal84%

Fishoil16%

Fishmeal and Fish Oil production (2011)

ProductionFish oil: 5 major producers

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Peru/Chile 304 179 273 206 147 197

Denmark/Norway 25 72 53 29 42 47

Iceland 20 22 35 44 27 16

Total 349 274 361 278 216 289

Source: IFFO * these figures refer only to IFFO member countries


ExportsFishmeal: Peru

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 529.1 305.1 453.1 426.1 165.7 316.8

Germany 73.6 51.9 47.5 90.5 12.5 64.5

Japan 67.6 51.8 34.3 58.5 20.0 37.6

Viet Nam na na 25.2 39.9 4.2 30.0

Taiwan PC 34.4 13.7 17.7 31.4 4.2 16.2

UK na na 11.6 11.6 1.3 6.0

Others 207.7 109.1 70.8 7.9 33.1 63.4

Total 878.0 531.6 660.2 665.9 241.0 534.4Source: Produce

ExportsFishmeal: Chile

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)China 235.0 94.3 63.1 70.2 75.8 49.9


Japan 31.0 26.0 15.0 13.1 15.6 11.6

Spain 13.0 14.2 9.3 8.8 6.5 10.7

Italy 10.0 8.6 7.0 7.1 5.5 7.2

Germany 22.0 3.7 9.0 10.3 0.5 3.0

Others 41.0 40.1 23.2 42.8 31.4 43.6

Total 378.0 196.6 133.7 161.0 140.8 138.5Source: Produce

ImportsFishmeal: Germany

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Peru 106.4 86.1 18.5 53.0 20.0 61.7

Denmark 4.6 6.3 10.2 2.7 14.0 11.2

Morocco 0.0 21.1 19.2 13.5 18.1 4.6

France 2.0 1.5 1.6 2.5 8.6 1.7

Iceland 0.0 0.0 1.5 1.3 20.1 1.5

Others 13.6 9.6 10.5 24.0 14.9 19.3



ImportsFishmeal*: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Chile 3.4 7.8 5.7 7.6 7.0 15.7

Mexico 11.0 4.4 5.2 6.9 8.3 7.2

Canada 1.5 2.9 2.7 2.2 1.9 2.5

Others 4.0 3.5 1.7 2.9 3.5 2.4

Total 20.0 18.6 15.3 19.6 20.7 27.8Source: NMFS * excluding solubles

ImportsFishmeal: UK

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Peru 16.3 18.3 10.9 12.7 1.4 7.4

Ireland 12.5 9.6 1.2 3.8 6.8 5.8

Germany 1.0 6.8 6.1 4.3 4.0 5.5

Denmark 7.0 15.9 9.9 1.1 4.4 2.6

Iceland 0.0 1.3 1.4 6.0 3.3 0.0

Norway 1.2 2.4 3.1 0.1 1.1 3.4

Others 6.9 3.9 4.0 5.5 4.5 6.7

Total 44.9 58.1 36.7 33.5 25.5 31.4Source: Her Majesty’s Revenue & Customs

Markets

Germany

Germany reported 100 000 tonnes of fishmeal imports in the first six months of 2014, which was relatively stable. The majority was supplied by Peru at 61 700 tonnes. Both Morocco (-75%) and Iceland (-93%) significantly reduced their exports to Germany.

USA and UK

The USA and the UK imported slightly more fishmeal during the period. For the UK, the major origin was Peru while for the USA it was mainly supplied by Chile.

Prices

Starting at the beginning of 2014, fishmeal prices began to increase again, staying firm beginning in March/April. The market stayed quiet as buyers were reluctant


0

500

1000

1500

2000

2500

Sep-02Sep-03Sep-04Sep-05Sep-06Sep-07Sep-08Sep-09Sep-10Sep-11Sep-12Sep-13Sep-14

USD/tonne

Fishmeal*

Soymeal**

* all origins, 64-65% cif Hamburg; 44% cif Rotterdam

PricesFishmeal and Soymeal

Source: Oil World, GLOBEFISH

although prices were still lower than what was registered during the same period of 2013.

Soymeal prices were relatively stable during the period. It is expected that its substitution role for fishmeal will continue to strengthen.

Outlook

In the long-term, growing demand from aquaculture and the terrestrial farming industry will continue to push up prices of both fishmeal and fish oil. In the near future, China will demand more super prime fishmeal for their pig farms before the Chinese New Year. Japan and the Republic of Korea will also be seeking increased supplies in order to feed eels and other high value fish. Increasingly, countries will begin to diversify their supplies from non-traditional suppliers. Production from by-products of processing will also definitely grow.

In terms of Peruvian stocks, Peru’s El Niño institute ENFEN said the El Niño phenomenon affecting catches should lessen in August with little risk of returning by the end of 2014. With the low catches of anchovy in the past season, it was expected that a second season’s quota would be around 2 million tonnes. However, recently Peru’s marine institute IMARPE advised not to open the country’s second anchovy fishing season, at least until another survey is carried out in November. This advisement is a result of survey findings that estimated very limited anchovy biomass at just 1.45 million tonnes in the north-center region of Peru.

More and more studies demonstrate that the health benefits of farmed salmon are hardly reduced by cutting the amount of fishmeal in the salmon diet. These findings may encourage farmers to apply more substitutes such as rapeseed oil and soymeal in the future in order to respond to the rising prices of fishmeal and fish oil while not compromising the health benefits of their products.

ExportsFishoil: Peru

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Belgium 34.0 21.9 14.5 25.4 6.4 23.3

Denmark 25.0 7.6 21.2 45.5 10.3 22.8

Chile 12.0 19.7 26.2 33.4 3.0 22.0

China 17.3 8.7 8.6 * 1.3 3.9

Norway 10.4 7.8 3.0 13.6 1.2 3.8

Canada 5.8 10.4 5.1 16.3 1.9 0.9

Australia 4.2 5.2 1.0 4.2 1.5 0.4

Others 23.6 11.9 15.7 7.3 4.2 7.7

Total 132.3 93.3 95.4 145.6 29.9 84.9Source: Produce * included under "others"

to confirm orders while weather uncertainty still lingered. In addition, according to Undercurrent News, China had preemptively built up considerable fishmeal stock of about 253 000 tonnes. From June onwards, fishmeal prices strengthened quickly as it became clear that the quota could not be achieved during the season. Indeed in September, the super prime fishmeal reached USD 1 900 per tonne FOB Peru. Fish oil prices continued to increase


ExportsFishoil: Chile

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Denmark 0.0 4.0 0.0 0.0 0.0 13.7

Belgium na na 0.0 5.4 1.4 1.5

Japan 4.0 3.5 3.3 5.1 3.9 1.4

China 10.7 8.8 2.8 3.5 5.3 0.6

Norway 1.0 2.4 0.0 1.4 2.3 0.0

Others 40.1 7.8 18.7 7.1 25.9 25.2


ExportsFish oil: USA

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Menhaden 10.8 27.8 7.8 6.1 7.1 34.1

Other 11.3 6.8 10.5 9.7 8.7 8.8



BIVALVES

First half of 2014 shows a vibrant oyster market

The first half of 2014 was characterized by a dynamic market for oysters and the consolidation of markets for mussels and scallops. During this period, international trade was impacted by two main factors: water quality issues with the possible presence of virus and the appearance of trade obstacles, such as the embargo on European exports of food products to Russia. On a positive front, the free trade agreement between Canada and Europe must be noted.

Mussels

World

During the first half of 2014, world exports of mussels increased by 9 000 tonnes or 6% overall compared with the same time period in 2013. Exports from Chile, the number one global exporter, registered a pale increase of 2%, while Spain’s exports rose much more significantly, by 30%. Denmark, another large scale European exporter, recorded a dramatic 57% increase. Sales of green-lipped mussels (Perna canaliculus) from New Zealand expanded by 20% to place this southern hemispheric country as the world’s third largest mussels exporter, exporting a total of 19 400 tonnes, behind Chile (37 700 tonnes) and Spain (21 700 tonnes).

EU

France consolidated its position as the number one EU importer, with a 4% increase in imports to reach 29 100 tonnes to take 31% of the market share. French sources of supplies are diversified, with Spain, Chile, the Netherlands and Italy as the top suppliers in that order. Spain registered a 41% increase in sales to France, and Chile a 34% increase during the time period. During the summer of 2014, mussel growers in France along the west coast suffered severe losses, with the bacterium Vibrio splendidens suspected as the main culprit, although poor water quality and the presence of pesticides is also blamed. The next GLOBEFISH Highlights issue will report if the drop in landings stimulates imports.

In Italy, the second largest market for mussels, imports increased by 5% in the first half of 2014 compared with the same time period for 2013.

In Spain, mussel production reached 231 754 tonnes at EUR 108 million ex-farm value during 2012, when the latest global data is available (Source: La Acuicultura i Espana, Apromar 2014). Galicia is the dominant production region, supplying 98% of all production. Between 2009 and 2013, a total of EUR 25.8 million was granted in aid for productive investment in aquaculture, with EUR 18.7 million of this total destined to the holders of the mussel farming facilities (Source fis.com).

Imports/ExportsMussel: World

Jan-Jun2013 2014

(1 000 tonnes)IMPORTSFrance 27.9 29.1

Italy 19.7 20.6

USA 16.7 17.8

Spain 13.6 10.9

Netherlands 11.1 9.4

Germany 7.0 8.1

Belgium 6.5 6.5

UK 2.8 3.1

Thailand 2.0 2.8

Republic of Korea 2.5 2.4

Total 131.7* 130.3*EXPORTSChile 36.8 37.7

Spain 16.6 21.7

New Zealand 16.1 19.4

Denmark 9.5 14.9

Netherlands 14.5 13.7

Italy 7.1 8.2

Canada 8.0 7.6

Greece 5.6 5.5

Ireland 6.4 4.8

China 4.3 4.1

Total 139.8 148.7*

Ireland 4.7 3.6

Total 74.0 72,7*Source: GTIS * estimates

Chile

Over the first 4 months of the year, the main export companies of mussels (Mytilus chilensis) in Chile were Blueshell and Saint Andrews Smoky Delicacies, followed


ImportsMussels: EU-27

Jan-Mar2009 2010 2011 2012 2013 2014

(1 000 tonnes)France 14.4 18.5 16.9 14.9 13.8 13.8

Italy 10.0 11.5 10.5 10.2 12.1 11.1

Belgium 4.7 4.1 4.7 4.4 4.4 3.7

Netherlands 4.7 7.2 6.3 9.1 8.5 4.8

Spain 2.5 4.5 4.8 3.5 5.0 2.8

Germany 4.0 2.9 4.5 7.5 3.0 4.6

UK 1.2 1.1 1.6 1.4 1.3 1.3

Portugal 0.6 0.7 0.6 0.5 0.8 0.7

Others 3.8 2.3 2.3 2.1 2.0 2.3

Grand Total 45.9 52.8 52.2 53.6 50.9 45.1Total Intra 36.6 41.5 39.4 45.4 39.9 37.0Total Extra 9.3 11.3 12.8 8.2 11.0 8.1

Source: EUROSTAT and Customs

BIVALVES

Market focus: France

France is the world’s largest market for mussels, with over 180 000 tonnes consumed in all processed forms every year, an average of 3 kg per annum per inhabitant. According to the latest mussel study commissioned by FranceA-griMer, the public body in charge of seafood pro-motion, the preferred format is live mussel, with about 100 000 tonnes consumed per annum, of which roughly 40% are imported (source: FAM, L’image de la moule). Mussels enjoy a very posi-tive consumer image, with eight out of ten con-sumers reporting they consume mussels at least once a year and three out of ten at least six times a year. For six consumers out of ten, the favourite dish is the famous “moules frites”, or mussels with French fries. French consumers have a rather good knowledge of the production mode: eight out of ten know that they are domi-nantly farmed, but few can describe the farm-ing techniques. The study also revealed that in the past, mussel consumption was concentrated in the summer and autumn seasons, from July to December, to coincide with the local produc-tion. Thanks to the development of logistics and preservation techniques, live mussels are now supplied all year long to restaurants, super-markets and traditional fishmongers. In 2013, France imported about 2 000 to 4 000 tonnes per month of live mussels from European countries (The Netherlands, Spain, UK, Denmark, Italy, Ireland, Greece).

ImportsMussels: France

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Spain 6.9 7.1 6.4 7.1 4.9 6.9

Chile 4.6 6.1 6.2 5.7 4.1 5.5

Netherlands 6.8 7.2 7.6 6.9 6.3 5.2

Italy 2.2 4.8 4.2 3.3 4.9 4.8

Denmark 0.8 1.2 0.4 0.6 1.2 2.9

UK 1.9 1.9 1.6 2.0 2.8 1.2

Ireland 3.5 6.8 4.6 3.0 1.6 1.0

Greece 1.8 0.8 0.8 1.2 1.3 0.5

Others 1.1 1.2 0.9 0.9 0.8 1.1


by Sud Maris Chile and Sociedad Comercial Ria Austral. According to Infotrade and fis.com, the harvests of mussels accumulated through July totalled 197 380 tonnes, 9.7% less than in the same period in 2013. 100% of harvests came from region 10.

Canada

Cape Breton Bivalve Inc., based in St. Anns Harbour, Nova Scotia, will establish a new mussel processing line. The project will expand and upgrade the former 5M AquaFarms in St Anns Harbour. The company intends to export fresh mussels locally and cooked frozen products to Europe, China and Japan.

ImportsMussels: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Spain 8.7 8.4 7.0 9.7 9.9 9.9

Chile 2.3 4.4 6.3 2.8 4.4 4.8

Greece 4.5 1.6 2.6 3.3 3.8 4.4

Ireland 0.6 0.8 0.5 0.2 0.6 0.3

New Zealand 0.4 0.2 0.4 0.1 0.2 0.3

Germany 0.4 0.3 0.3 0.2 0.2 0.3

Turkey 1.1 1.2 1.0 0.0 0.0 0.0

Others 0.5 0.3 0.2 0.2 0.5 0.6



USA

According to Nielsen quoted in SeafoodSource, during the 52 weeks ending 9 August, 2014, 1.1% of US households purchased mussels, which is steady compared with the previous year. Mussel sales peaked during the week of Christmas, averaging sales of USD 39 per store. The second highest-selling period occurred during the week of New Year’s.

Oysters

World

World imports of oysters during the first half of 2014 reached 25 800 tonnes, which is 1 800 tonnes more than during the first half of 2013, a growth of 8%. Japan, the world’s number one importer, grew imports steadily by 2%. The USA, the second largest importer, grew imports by 3%.

The Republic of Korea is the world’s largest supplier of oysters with 6 500 tonnes sold in the period from January to June 2014, demonstrating an 8% increase compared with the same time period in 2013. Ireland,

ImportsMussels: Spain

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Chile 5.1 6.9 10.1 6.5 9.8 7.5

New Zealand 1.1 1.5 1.7 0.9 0.7 0.7

France 0.6 1.0 0.7 0.6 0.7 0.5

Others 1.2 1.4 1.3 1.6 2.4 2.2


Imports/ExportsOyster: World

Jan-Jun2013 2014

(1 000 tonnes)IMPORTSJapan 4.9 5.0

USA 4.4 4.5

Hong Kong SAR 3.2 3.6

Italy 2.0 2.2

France 1.7 2.2

Canada 1.3 1.4

Spain 0.6 1.2

Belgium 0.8 0.8

Singapore 0.8 0.7

China 0.6 0.7

Taiwan PC 0.5 0.7

Total 24.0* 25.8*EXPORTSRepublic of Korea 6.0 6.5

China 4.3 3.9

France 3.4 3.6

Ireland 1.9 2.7

USA 1.9 2.1

Canada 1.8 1.8

Malaysia 0.5 1.2

Japan 0.7 0.8

Mexico 0.4 0.7

Netherlands 0.9 0.5

Total 24.4* 26.2*Source: GTIS * estimates

though a modest exporter in comparison, broke growth records by increasing their oyster exports by 42%, up to 2 700 tonnes. According to an aquaculture survey in 2013 published by Bord Iascaigh Mhara (BIM), the oyster farming sector employed 1 100 persons, responsible for a total production of 8 700 tonnes. Ireland’s oyster economy is export oriented, with France as their top client and Hong Kong SAR now second.

EU

France occupies a unique position in Europe’s oyster business, being simultaneously both an important importing and exporting country. During the first half of 2014, the country exported 7% more compared with the same period in the year before. This strong growth is likely not to be duplicated in the coming months as

BIVALVES


9.84

5.006.007.008.009.00

10.0011.00

Sep-

08Ja

n-09

May

-09

Sep-

09Ja

n-10

May

-10

Sep-

10Ja

n-11

May

-11

Sep-

11Ja

n-12

May

-12

Sep-

12Ja

n-13

May

-13

Sep-

13Ja

n-14

May

-14

Sep-

14

Monthly average consumerprices in metropolitan France -Medium-caliber cupped oysters

EUR/dozen

Oyster - Crassostrea gigas, origin: France - Source Insee


the European export embargo on agriculture products are reported to have an impact on Breton oyster sales to Russia. Exports from producers such as Cadoret, Parc de St Kerber and Prat ar Coum, which use to sell flat and cupped oysters to Russia, have been interrupted.

In 2012, Spain’s production of oysters (Ostrea edulis) and (Crassostrea gigas) reached 1 756 tonnes for an ex-farm value estimated at EUR 4.4 million. This is the lowest level the country has recorded in the past 30 years, other than for 2002 quality (Source: La Acuicultura i Espana, Apromar). The factors for the decline in production include the presence of parasite Bonamia as well as the alteration of water.

USA

Due to historically low production (see GH July 2014), Louisiana is importing oysters from Gulf and East Coast states. In contrast, the oyster stocks in the Chesapeake Bay are poised for the highest harvest since 1987. Overall, oyster demand in the USA continues to grow, with oyster bars becoming a rising trend. The climbing demand, combined with the reduced local supply, has increased retail prices by 20% over last year’s season.

Scallops

World

Global imports of scallops reached an estimated 82 600 tonnes from January to June 2014, demonstrating a stabilisation compared with the same period in 2013 (+0.9%). In this global picture, several countries have shown a dramatic change, such as the USA with a 26% increase and China with 12%. During the same period for exports, China also grew their exports by 32% compared with the same period a year earlier.

France, the world’s largest importer of scallops, bought 8 900 tonnes in the first half of 2014. After 2013, this is the second lowest record in the past six years. Peru remains the largest supplier with 3 200 tonnes of Argopecten purpuratus and an improved market share from 23% in the first half of 2013 to 36% during the same time period in 2014.

British Channel

After years of disagreement on scallops (Pecten maximus) fishery management in the British Channel, which separates France from England, French and English fishermen agreed to meet to set up a regional management plan. The meeting, as part of the European four year project GAP 2 founded by the European Commission, was held in England in April 2014 and the final report was published in September 2014. The report concluded that fishers would welcome the opportunity to support scientific studies directed towards a full scallop

BIVALVES

Imports/ExportsScallop: World

Jan-Jun2013 2014

(1 000 tonnes)IMPORTSChina 20.1 22.5

USA 12.9 16.3

France 8.6 8.9

Hong Kong 5.3 5.0


Canada 2.8 3.0

Italy 3.2 2.8

Netherlands 1.6 2.7

Belgium 2.0 2.3

Spain 3.4 2.1

Taiwan PC 3.0 2.0

Total 81.9* 82.6*EXPORTSChina 15.2 20.0

Peru 4.5 6.3

USA 5.8 5.9

UK 5.8 5.7

Canada 3.1 4.3

Argentina 3.3 2.9

Belgium 2.1 2.4

Netherlands 0.9 2.3

France 1.3 1.9


Japan 2.3 1.0

Italy 1.4 0.9

Total 54.5 58.8*Source: GTIS* estimates

ImportsScallops: France

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)Peru 2.1 3.4 3.7 1.8 2.0 3.2

UK 2.4 1.7 1.9 1.8 2.2 2.0

Argentina 2.7 2.7 2.6 2.3 1.3 1.1

USA 2.6 1.5 1.7 1.2 1.5 0.7

Canada 0.6 0.7 0.6 0.4 0.5 0.5

Viet Nam 0.2 0.6 0.3 0.4 0.3 0.2

Chile 1.2 0.7 0.3 0.3 0.0 0.0

Others 0.6 1.3 1.3 1.4 0.8 1.2



stock assessment. In addition, the report confirmed that greater resources should be directed towards this kind of participatory scientific research and that a full capacity assessment of scallop boats operating in the Channel should be undertaken.

EU

During the first half of 2014, Italy’s imports of scallops dropped by 13% compared with the same period last year. Italian shipments to the UK dropped even more significantly (-20%) and overall were down to the low level recorded 6 years ago.

In Spain, imports of scallops during the first half of the year reflected a severe 37% decline compared with the same time period in 2013. Imports from France, Spain’s largest supplier, were especially reduced, dropping by 65%.

Imports/ExportsClam/Cockle/Ark shell

Jan-Jun2013 2014

(1 000 tonnes)IMPORTSRepublic of Korea 30.4 35.8

Japan 37.8 33.1

Spain 10.7 11.9

USA 10.2 10.7

Portugal 4.1 5.2

Italy 4.3 4.8

China 4.6 4.1

Thailand 3.3 3.8

Singapore 2.6 2.5


Total 118.3* 119.7*EXPORTSChina 74.6 78.7


USA 5.1 4.4

Thailand 4.8 4.3

Canada 3.8 3.8

Italy 4.9 3.6

Portugal 2.1 3.6

Netherlands 2.5 2.9

Taiwan PC 1.4 0.6

Chile 1.0 1.6

Total 112.2 115.2*Source: GTIS * estimates

BIVALVES

ImportsScallops EU

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)France* 12.4 12.6 12.4 9.6 8.6 8.9

Italy* 2.8 3.2 3.6 3.2 3.2 2.8

Netherlands 1.3 2.0 1.2 2.1 1.6 2.7

Belgium 1.6 2.2 2.6 2.1 1.9 2.3

Spain* 4.8 4.3 4.0 2.6 3.4 2.1

Denmark 0.4 0.5 1.2 1.4 1.4 1.1

Others 3.7 3.5 3.1 2.8 2.6 2.6

Total 27.0 28.2 28.1 23.8 22.7 22.5Total Intra 13.1 5.7 6.0 6.0 6.8 4.9Total Extra 15.2 8.5 7.6 5.6 5.9 6.0Total Extra 0.6 0.4 0.6 1.0 1.5 1.2

Source : EUROSTAT and Customs*

ImportsScallops: Italy

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)UK 1.4 1.5 1.8 1.9 1.7 1.4

France 0.5 0.7 0.7 0.6 0.6 0.7

Peru 0.2 0.2 0.4 0.2 0.2 0.3

Spain 0.1 0.2 0.2 0.1 0.1 0.1

Others 0.6 0.6 0.5 0.5 0.5 0.5


ImportsScallops: Spain

Jan-Jun2009 2010 2011 2012 2013 2014

(1 000 tonnes)France 0.5 0.9 1.0 0.4 1.7 0.6

UK 0.4 0.7 0.4 0.6 0.6 0.6

Italy 3.2 2.1 1.5 0.9 0.5 0.3

Peru 0.1 0.1 0.2 0.0 0.1 0.1

Netherlands 0.1 0.2 0.2 0.2 0.1 0.1

Others 0.5 0.3 0.6 0.4 0.3 0.4



Clams, cockle, ark shells

World

Total imports of small bivalves (clams, cockles, ark shells) reached approximately 120 000 tonnes during the first half of 2014, demonstrating very modest growth (+1%). The Republic of Korea, the world’s number one importer with a 30% market share, imported 18% more than compared with the same period in 2013, while Japan’s imports fell by 12%.

Oysters60%

Mussels24%

Scallops12%

Clams4%

Bivalves production by species (2012)

Also during this time period, the European Rapid Alert System for Food and Feed (RASFF) reported 33 border rejections of molluscs shipments, compared with 16 the same period a year earlier. Out of the products stopped at the EU border, 28 shipments (85%) concerned clams (Meretrix spp, Ruditapes decussatus, and Venus spp.). Norovirus was the number one cause for rejection. In the same period in 2013, 15 concerned clams.

Outlook

“Molluscs such as clams, scallops and mussels are expected to witness the fastest growth over the next few years”, reported the Transparency Market Research experts, with the segment “expected to grow at an annual rate of 2.6% from 2013 to 2019, owing to their rising use in polyculture systems such as rice and fish farming worldwide” (Source: Aquaculture Market for Carp, Molluscs, Crustaceans, Salmon, Trout and Other Fishes - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019, Transparency Market Research). Trade barriers or their abolishment may have a strong impact on the international trade of these species. Indeed, duty free access of Canadian products into the European market is expected to stimulate trade of fresh and frozen mussels and scallops, while embargoes on exports of food product from Europe to Russia will most likely impact oyster trade.

International trade developments: Canada-Europe Free Trade Agreement

The Canadian-European free trade deal, called the Comprehensive Economic and Trade Agreement (CETA) will come into force after the signature of both the Canadian and the Euro-pean parliament. The agreement will include an immediate tariff elimination for frozen scallops (currently have an 8% rate), chilled and frozen mussels (currently at a 20% rate), and other sea-food products.

BIVALVES


SPECIAL FEATURERecent developments and trends in the Spanish seafood market

Background Spain has an exploitable area of more than 850

square kilometers with the largest fishing fleet in the EU in terms of gross tonneage (internal volume of ships). According to the Ministerio de Agricultura, Alimentación y Medioambiente, the capture fisheries sector is worth about EUR 1 784 million, while the aquaculture sector is valued at EUR 489 million, In macroeconomic terms, the primary sector represents 2.3% of the Spanish GDP (EUR 1 022 988 million in 2013), compared with the EU-28 aver-age of 1.7% in 2011. Even with the economic crisis, fish consumption in Spain remains significant and in 2012 was estimated to be valued at EUR 8 860 million.

Despite significant production capacity, it is not sufficient to meet local demand and thus imports are needed. Indeed, imports of fish and seafood products into Spain are valued at EUR 4 800 million. while its ex-ports are worth EUR 2 905 million, 74% of which is traded within the EU. It is estimated that the distribution and processing industries add a 47% value to the product that reaches the end consumer.

Fleet size

Spain currently has 9 871 boats as part of its fleet, which are distributed amongst 11 fishing regions. This is the largest fleet in the EU in terms of gross tonnage, around 370 000 tonnes, almost twice the volume of the second largest European fleet, the UK. The Spanish fleet is 29 years old on the average, which is one year older than the European average.

In terms of units, the Spanish fleet represents 11.3% of the total number of fishing vessels in the EU, which is

third after Greece and Italy. However, Spain captured the second largest volume in the EU with only slightly less than Denmark.

In terms of size, the majority are inshore fishing vessels, with a length of up to 12 meters, mainly using gears and techniques that are only slightly invasive to the marine environment. Regions with the greatest num-ber of vessels in the national fleet are Galicia (48%) and Andalusia (16%).

Fishing fleet data comparison between Spain and the EU, 2013

Spain EU % Total EU

Gross tonnage (GT) 372 617 1 659 363 22.40%

Number of vessels 9 871 86 982 11.30%

Captures (million tonnes) 813 197* **pending data publication

* Data 2012 ** 15% in EU-27 in 2010 Source: European Parliament Source: Fishery Statistics, Magrama, 2010, 2012, 2014

Employment in the sector

There is a very strong fishing heritage along the en-tire Spanish coast, with certain areas highly dependent on this activity in economic and social terms, both di-rectly and indirectly. Fishing communities in Spain are organized into guilds.

5.8% of men employed in Spain are dedicated to the agricultural and fisheries sector. In the first trimester of 2014, this percentage increased, which is the first time for this growth since 2010.


RECENT TRENDS IN THE SPANISH SEAFOOD MARKET

Survey data of the active population in fisheries, 2014

Type of employment January-March 2014 (thousands of people)

Variation from October-December 2013

Variation from January-March 2013

Difference Percentage Difference Difference Percentage

difference

Active 42.4 108 4.43% 1.5 3.67%

Employed 36.1 0.1 0.28% 0 0.00%

Unemployed 6.3 1.7 36.97% 1.5 31.25%

Unemployment rate (*) 14.86% 3.53 - 3.12 -

(*) In the economic sectors, the number of unemployed only includes those who have left their jobs within the last year

Source: Source: INE, 2014

Over 95% of the jobs are on board of a ship, and in 77% of cases take place within national waters. Women’s participation in the harvesting industry is seemingly mini-mal, reflecting only 4% of the employees. In 30% of the cases, they work in towed dredges for shellfish fishing.

Maritime fishing employment data by location and gender, 2012

On shore On board Total % Women

% Men

Atlantic North 648 20 123 20 771 5.81% 94.19%

Mediterranean 73 8 312 8 385 1.45% 98.55%

Others 550 5 966 6 516 1.64% 98.36%

Total 1 271 34 401 35 672 4.03% 95.97%Source: Economic survey of marine fisheries, 2012

Production

The majority of Spain’s production comes from cap-ture fisheries, representing 75% of total production. Aq-uaculture constitutes 25%, and has remained fairly stable within the last 5 years.

Share of aquaculture in total fish production, 2007-2012 (tonnes and %)

Source: Author’s personal compilation based on Magrama’s data

Landings of fresh fish follow a linear trend at around 400 000 to 500 000 tonnes per year, however, with fro-zen fish, strong variations are observed. With sustained growth between 2009 and 2012, the value of frozen pro-duction is relatively stable, absorbing production devia-tions by the correction in unit value.

Spanish vessel captures by preservation technique, 2007-2012 (tonnes and thousand EUR)

Source: Author’s personal compilation based on Magrama’s data

By volume, most of the captures take place in the Northeastern Atlantic, while the ones that take place in the Mediterranean stand out for their value.

Captures by origin, 2012

Tonnes Millions of EUR

Northeastern Atlantic 282 176 640

Southwestern Atlantic 116 879 295

Mediterreaean 78 985 281

Eastern central Atlantic 115 372 169

Indian 99 684 191

Pacific 47 023 69

Other 73 078 138

Total 813 197 1 784Source: Author’s personal compilation based on marine fishing

statistics



According to importers, due to consumption rates and capture volumes, the references that set the market price development in Spain are hake and anchovy. The highest unit value per tonne corresponds to the squid/cuttlefish/octopus category for both fresh and frozen. The highest catches in volume correspond to the sardine/anchovy/herring category although its value is slightly less than a third of the previous category.

Capture ranking per product family, 2012Fresh Frozen

Tonnes Millions of EUR Tonnes Millions

of EUR

Hake/cod 62 441 176 54 310 116

Herring/sardine/anchovy 83 169 126 - -

Tuna/albacore/pipefish 37 519 121 201 396 393

Squid/cuttlefish/octopus 27 486 115 26 298 110

Total 394 535 1008 41 8117 776Source: Author’s personal compilation based on marine fishing

statistics

Spain produces 40% of mussels in the EU, 76% of which comes from aquaculture. However, because the unit value of seabass is much higher, it is the first prod-uct in terms of value (21% of total aquaculture products value) though it only notes 5% of the weight of total pro-duction.

Aquaculture ranking per product family, 2012

Tonnes Millions of EUR

Seabass 14 455 107

Mussels 203 664 100

Gilt-head bream 16 607 96

Trout 16 320 53

Total 266 703 489Source: Author’s personal compilation based on marine fishing

statistics

Trade

In terms of imports, Spain is the fourth largest im-porter of fish and seafood in the world, with imports val-ued at about EUR 4 810 million in 2012 according to the Spanish Magrama, the Ministry in charge of the agricul-ture, food and environment sector (Ministerio de Agri-cultura, Alimentación y Medioambiente).

Spain is a diverse market, importing from 150 coun-tries, with imports trends also affected by demand for ethnic and foreign fish from immigrants. The tables be-low present the origin and value of the top imported products.

Top ten suppliers of Spanish fish and seafood imports and top products supplied, 2012

(value in million EUR)

Rank CountryTotal

import value

Top product suppliedTop

product value

World 4 421* Frozen shrimp and prawns 656

1 Morocco 346 Frozen, salted, dried octopus 96

2 Ecuador 298 Prepared/preserved tuna/skipjack/albacore

162

3 Argentina 287 Frozen shrimp and prawns 190

4 France 256 Fresh/chilled hake 31

5 China 149 Frozen shrimp and prawns 68

6 Portugal 208 Fresh/chilled turbot 15

7 UK 169 Frozen Norwegian lobster 20

8 Namibia 168 Frozen hake fillets 90

9 Netherlands 147 Fresh/chilled codlet fillets 19

10 Chile 141 Prepared/preserved mussels 27

Source: Global Trade Atlas, 2013

*Any discrepancies are due to rounding and exchange rates

Top ten Spanish fish and seafood imports 2012 (value in million EUR)

Rank Product Value

Frozen shrimp and prawns 656

1 Frozen, dried or salted cuttlefish and squid 391

2 Prepared or preserved tunas/skipjack/bonito 381

3 Frozen, dried or salted molluscs 223

4 Frozen yellowfin tuna 188

5 Frozen, dried or salted octopus 180

6 Frozen hake fillets 126

7 Fresh or chilled hake 119

8 Fresh or chilled fish 91

10 Fresh or chilled Atlantic and Danube salmon 80

Source: Global Trade Atlas, 2013

According to traders and the Spanish Institute for Foreign Trade, Spanish exports tend to be more processed products, where squid rings, tuna fillets, anchovies and other products with certificates of origin playing an im-portant role.



Consumption

Per capita, Spain is the second-largest fish and sea-food consuming country in the EU, right behind Portugal. Per capita consumption in the country increased by 1.8 percent in 2013 over 2012, averaging 26.8 kg per person per year. On average, Spaniards earmarked about 13% of their food budget in 2013 to fish and seafood products, an expense that has increased 4% compared with 2012. With these consumption rates, it is estimated that Spain’s total market volume is 1 218 949 tonnes worth EUR 9 084 million.

The most popular type of fish consumed is hake, fol-lowed by tuna. Results from a food consumption panel organized by Magrama demonstrates that fresh fish is the most consumed (44.6%), followed by seafood and pre-served fish. Demand and consumption of the latter has increased in 2013 and this trend is expected to continue in the period 2014-2017. The tables below present past and forecasted fish and seafood volume sales by species category and product form.

Fresh

Fresh fish and seafood volume sales (past and forecasted) in Spain by category (volume in thousand tonnes)Category 2010 2011 2012 2013* 2014 2015 2016 2017

Crustaceans 183.6 184.7 179.3 177.3 177.8 180.1 185.4 186.7

Fish 856 842 832.7 825.6 835.8 849.5 856.3 860.3

Molluscs and cephalopods

315.3 294.2 289.6 282.5 285.2 288.3 293.2 294.7

Total 1354.61320.91301.61285.41298.71317.91334.91341.7

Source: Euromonitor, 2013.

* Data of 2013 is an estimate of closure. The real total consumption was of 1 219 thousand tonnes.

Please note: Volume sales for the fresh fish and seafood market include both foodservice and retail sales. Any slight discrepancies in column totals are due to rounding

Fresh fish and seafood volume sales in Spain(sales in kilograms per capita)Category 2010 2011 2012 2013* 2014 2015 2016 2017

Crustaceans 4 4 3.9 3.8 3.9 3.9 4 4.1

Fish 19 18.2 18 17.9 18.2 18.5 18.7 18.8

Molluscs and cephalopods

6.9 6.4 6.3 6.1 6.2 6.3 6.4 6.4

Total 29.5 28.6 28.2 27.9 28.2 28.7 29.1 29.3

*Data of 2013 is an estimate of closure

According to the results of the a food consumption panel, fishery consumers are often households of cou-ples with or without children, elderly and retired couples who live in small towns of less than 2 000 habitants. The regions that consume the most in Spain include Castile Leon, Galicia and Asturias.

Concerning the point of purchase, 67.2% of the fish products (by weight) are bought in supermarkets. In the last 12 months, purchases from discount grocery stores have increased the most (+5%). Purchases from tradition-al shops on the other hand have dropped 3.5% in the same time period, although these shops continue to be the sec-ond most important purchase place for fishery products.

In terms of information for consumers, Spanish la-belling provides the commercial name of the species, price per net of kilo drained, mode of presentation and processing, production method, capture or breeding zone and percentage of glazing (the water content covering the fish to protect it from oxidation or dehydration). La-beling also allows identifying organic products, though organic practices are still very minor in the country.

Conclusion

Despite the economic crisis, Spain remains one of the largest markets for fisheries in the EU. The country’s market continues to have great potential, especially with the introduction of new species such as cobia, a newly licensed cultivation species in Spain. Other exotic species demanded by immigrants also present significant oppor-tunities for growth.

Packaged fish and seafood retail sales in Spain by category (sales in thousand tonnes)Category 2010 2011 2012 2013* 2014 2015 2016 2017Chilled 23.1 22.8 22.6 22.4 22.4 22.5 22.6 22.8

Canned/pres 220 226.5 232.8 238.4 243.4 247.6 250.8 253.3

Frozen proces 30.2 31 31.8 32.4 32.9 33.4 33.8 34

Total 273.2 280.3 287.2 293.2 298.7 303.5 307.2 310.1*Data of 2013 is an estimate of closure*

Packaged fish and seafood retail sales in Spain (sales in kilograms per capita)Category 2010 2011 2012 2013* 2014 2015 2016 2017Chilled 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5

Canned/pres 5 4.9 5 5.2 5.3 5.4 5.5 5.5

Frozen proc 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7

Total 6 6.1 6.2 6.4 6.5 6.6 6.7 6.7*Data of 2013 is an estimate of closure

Packaged


Fish and fishery products statistics1

Capture fisheries production

Aquaculture fisher-ies production Exports Imports

2011 2012 2011 2012 2012 2013 2014 2012 2013 2014estim. estim.

Million tonnes (live weight equivalent) USD billion

ASIA 48.9 50.2 54.8 58.9 51.2 53.4 55.7 43.9 42.5 43.3

China2 16.8 17.2 38.9 41.5 20.8 22.2 23.1 12.2 12.9 14.1

of which China, Hong Kong SAR 0.2 0.2 0.0 0.0 0.7 1.1 1.0 3.7 3.8 3.7

& Taiwan PC 0.9 0.9 0.3 0.3 2.0 1.8 1.9 1.0 1.0 1.2

India 4.3 4.9 3.7 4.2 3.4 4.6 6.5 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 18.0 15.4 14.9

Republic of Korea 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 0.3 0.2

Thailand 1.8 1.8 1.2 1.2 8.1 7.0 6.3 3.1 3.2 2.6

Viet Nam 2.5 2.6 2.8 3.1 6.3 6.3 6.3 0.8 0.9 0.9

AFRICA 7.7 8.2 1.4 1.5 5.5 5.5 5.6 5.3 6.8 7.0

Ghana 0.3 0.4 0.0 0.0 0.0 0.0 0.0 0.2 0.4 0.4

Morocco 1.0 1.2 0.0 0.0 1.6 1.8 1.7 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 2.4 2.3

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 0.4 0.5 0.5

CENTRAL AMERICA 2.4 2.2 0.3 0.3 2.3 2.4 2.6 1.7 1.9 2.4

Mexico 1.6 1.6 0.1 0.1 1.1 1.1 1.1 0.6 0.8 1.1

Panama 0.2 0.1 0.0 0.0 0.1 0.2 0.3 0.1 0.1 0.1

SOUTH AMERICA 14.0 10.1 2.1 2.3 12.8 13.7 16.4 2.8 3.3 3.7

Argentina 0.8 0.7 0.0 0.0 1.3 1.5 1.6 0.2 0.2 0.1

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 5.9 0.4 0.4 0.5

Ecuador 0.5 0.5 0.3 0.3 2.8 3.6 4.5 0.2 0.1 0.1

Peru 8.2 4.8 0.1 0.1 3.3 2.7 3.6 0.1 0.2 0.2

NORTH AMERICA 6.2 6.2 0.6 0.6 10.4 10.8 11.2 20.3 21.8 25.3

Canada 0.9 0.8 0.2 0.2 4.2 4.4 4.5 2.7 2.8 2.9

United States of America 5.2 5.1 0.4 0.4 5.8 6.0 6.3 17.6 19.0 22.4

EUROPE 13.3 13.1 2.7 2.9 44.2 47.6 50.7 53.6 58.1 61.6

European Union 2 5.1 4.6 1.3 1.3 28.7 30.4 32.2 47.2 50.9 54.5

of which Extra-EU " " 0.0 5.7 5.9 6.0 24.9 26.5 28.4

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 11.7 1.4 1.3 1.5

Russian Federation 4.3 4.3 0.1 0.1 3.2 3.4 3.4 2.7 3.3 3.1

OCEANIA 1.2 1.3 0.2 0.2 3.1 3.0 3.1 2.0 2.0 2.3

Australia 0.2 0.2 0.1 0.1 1.0 1.0 1.2 1.6 1.6 1.8

New Zealand 0.4 0.4 0.1 0.1 1.2 1.2 1.2 0.2 0.2 0.2

WORLD 3 93.7 91.3 62.0 66.6 129.4 136.4 145.3 129.5 136.6 145.6

World excluding Intra-EU " " " " 106.5 111.9 119.1 107.3 112.1 119.5

Developing countries 69.3 67.2 58.0 62.3 70.5 73.7 78.7 35.1 38.4 40.6

Developed countries 24.4 24.1 4.0 4.3 58.9 62.7 66.7 94.4 98.2 105.0

LIFDCs 14.0 14.8 6.5 7.3 7.5 9.1 11.0 3.6 5.1 5.0

LDCs 9.4 9.8 2.7 3.0 2.7 2.6 2.7 0.9 1.1 1.2

NFIDCs 21.3 18.5 4.0 4.3 10.2 10.0 10.8 3.9 4.3 4.61 Production and trade data exclude whales, seals, other aquatic mammals and aquatic plants. Trade data include fish meal and fish oil. 2 Including intra-trade.

Cyprus is included in Asia as well as in the European Union. Starting with 2013 data, EU includes Croatia. 3 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 other aggregates. Totals may not match due to rounding.

The GLOBEFISH Research Programme provides detailed analysis of selected markets, species and products of relevance in international fish trade. In addition, studies are published on specific issues of importance to the sector.

❏ I would like to order _____ copy(ies) of volume number _____________________for a total of €_______

❏ By bank cheque in € made out to FAO GLOBEFISH for €_______________________

❏ By bank transfer in Euro to: FAO GLOBEFISH FAO Trust Fund (EUR) Bank Name: HSBC Bank, Plc 8 Canada Square London E14 5HQ, UK Swift/BIC: MIDLGB22 Account Number: 67115083 IBAN: GB04MIDL40051567115083

or By credit card: ❏ Visa ❏ MasterCard

Credit Card Number: ____________________ Expiry Date: _____________________

Signature: ______________________________ For € :__________________________

Please provide the following information:

NAME: ..........................................................................

COMPANY: ..................................................................

POSTAL ADDRESS: ....................................................

CITY: .............................................................................

COUNTRY: ...................................................................

TEL.: ..............................................................................

FAX: ..............................................................................

E-MAIL: .............................. @......................................

Date: ........./ ........./ .........

Glo

befis

h R

esea

rch

Pro

gram

me

Kindly return this form to:GLOBEFISH - FIPMFood and Agriculture Organization of the UNViale delle Terme di Caracalla, 00153 Rome, ItalyTel: (+39) 06 570 544163Fax: (+39) 06 57053020E-mail: [email protected]

Research ProgrammeVol. 116 The European market for bivalves other than mussels May 2014 €30Vol. 115 The European market for mussels April 2014 €30Vol. 114 Eel (Anguilla spp.): Production and trade * July 2014 ----Vol. 113 Exchange rates and the seafood trade* Jan 2014 €30Vol. 112 By-products of tuna processing Jul 2013 €30Vol .111 Technical guide to fish canning May 2013 €30Vol. 110 Innovative uses of fisheries by-products Feb 2013 €30Vol. 109 Seafood markets in Southern Africa Jan 2013 €30 Vol. 108 Risks and benefits of seafood consumption* Jan 2013 €30 Vol. 107 El eco-etiquetado de productos pesqueros en España Sep 2012 €30Vol. 106 El mercado de productos pesqueros en España Aug 2012 €30Vol. 105 The European market for shrimp Aug 2012 €30 Vol. 104 The Seafood Market in France Aug 2011 €30 Vol. 103 Turbot – Production Technology and Markets Feb 2011 €30 Vol. 102 The Ornamental Fish Trade Nov 2010 €40Vol. 101 Markets for Tilapia Jul 2010 €30Vol. 100 Importance of APEC in world fisheries and aquaculture Mar 2010 €30Vol. 99 Viet Nam - Seafood from Waterland Mar 2010 €30Vol. 98 The seafood market in Greece Mar 2010 €30

* free electronic version available at www.globefish.org/globefish-research-programme.html

Food and Agriculture Organization of the United NationsFisheries and Aquaculture Policy and Economics DivisionViale delle Terme di Caracalla00153 Rome -ITALYTel: (+39) 06 57054163Fax: (+39) 06 57053020E-mail: [email protected] site: www.globefish.org

Documents

Globefish Highlights - Issue 4/20142014 estim. f'cast over 2013 million tonnes % WORLD BALANCE Production 158.0 162.9 165.9 1.9 Capture fisheries 91.3 92.4 92.0 -0.4 Aquaculture 66.6