31/10/2014 Issue 4/2014 HIGHLIGHTS A quarterly update on world seafood markets Tel.: (+39) 06 57054163 - Fax: (+39) 06 57053020 - Email: [email protected] - Website: www.globefish.org About GLOBEFISH GLOBEFISH forms part of the Products, Trade and Marketing Branch of the FAO Fisheries and Aquaculture Department and is part of the FISH INFOnetwork (see below). It collects information from the main market areas in developed countries. for the benefit of the world’s producers and exporters. Part of its services is an electronic databank and the distribution of information through the GLOBEFISH European Fish Price Report, the GLOBEFISH Highlights, the GLOBEFISH Research Programme and the GLOBEFISH Commodity Updates. 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 4163 Viale delle Terme di Caracalla Fax: (39-06) 5705 3020 00153 Rome, Italy Email: [email protected] Web: 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 Bibliographic reference: GLOBEFISH Highlights 2014 A quarterly update FAO/GLOBEFISH Highlights based on (4/2014): p. 62 the GLOBEFISH databank GLOBEFISH celebrates 30 YEARS! Proud to be part of a strong international network of seafood trade experts Visit our anniversary section at www.globefish.org 1984 – 2014 INSIDE THIS ISSUE... Global fish economy Tighter supply ahead for seabass and seabream as Tur- New forecasts point to a slowdown in world fish supply growth key eases off production this year, to 1.9% compared with 3.1% in 2013. This is largely A recent Federation of European Aq- the result of lower percentage growth of the world aquacul- uaculture Producers (FEAP) report has ture sector, which has been driving all fish production increases highlighted the lower juvenile produc- for many years now while capture fisheries fluctuates around tion last year in Turkey, a trend which the 90 million tonne mark. The slowing expansion is also pro- is expected to continue in 2014. p. 33 jected to be reflected in world export volumes, although rel- atively higher growth in total export value shows that prices Norway adapts quickly as Russian ban prompts global are rising overall and demand is still following a strong upward salmon market shuffle trajectory. p. 2 In the wake of the Russian ban on im- ports of seafood from certain Western International shrimp trade grows countries, exporters and importers During the first half of 2014, the alike have scrambled to secure new volume traded in the international trading partners to minimize disruption to supply chains and shrimp market increased by 5-6% the resulting loss of revenue. p. 38 compared with the same time period in 2013, mostly as a result of import TAC for mackerel, herring, blue whiting and capelin all growth in US and East Asian markets. p. 4 cut Based on scientific advice, ICES has rec- Traditional large markets for canned tuna failed to re- ommended significant cuts in the TACs cover during the first half of 2014 for mackerel, herring, blue whiting and During the first half of 2014, there capelin. At the same time, the organiza- were mixed trends in the global mar- tion claims that several species, such as mackerel, hake, and ket for canned and non-canned tuna monkfish have recovered. The situation for herring, however, is products. While the large traditional not so bright. p. 44 markets imported less compared with last year, import demand improved in both large and small Increased demand and limited volume available keep emerging markets. p. 12 fishmeal and fish oil prices up in the first half of 2014 While Peru’s total allowable catch (TAC) Cod prices rising in spite of record supplies for anchovy for the 2014 winter was set Cod prices are on the rise in major at 2.53 million tonnes, 23% more com- markets with a number of factors con- pared with the same time period for tributing, including a lower TAC, the 2013, the actual catch was lower than Russian ban on imports from western expected. Fortunately, the pressure on countries, and the Russian Federation withholding cod for its the prices from the short supply was offset partially by delayed own domestic consumption. p. 19 buying decisions due to weather uncertainty indicated by ab- normal sea temperatures. Nevertheless, fishmeal prices again Improved supplies of octopus – slower trade in squid showed a significant increase beginning in June when buyers re- and cuttlefish alized that the TAC quota would not be met this season. p. 49 Contrary to expectations, octopus is now in good supply from Northwest First half of 2014 shows a vibrant oyster market Africa, but inventories have built up The first half of 2014 was characterized and put further pressure on prices. by a dynamic market for oysters and the Consequently, fishermen in Morocco consolidation of markets for mussels and and Mauritania stopped landing octopus, and prices in Japan scallops. During this period, interna- are now expected to increase. p. 24 tional trade was impacted by two main factors: water quality issues with the possible presence of virus Steady demand balanced by consistent supply and the appearance of trade obstacles, such as the embargo Global tilapia production is expected on European exports of food products to Russia. On a positive to almost double from 4.3 million front, the free trade agreement between Canada and Europe tonnes per year in 2010 to 7.3 million must be noted. p. 52 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 SPECIAL FEATURE Demand continues to pick up in non-major markets Recent developments and trends in the Spanish seafood With the largest producing country p. 58 Viet Nam planning for higher produc- market tion along with steady production from other producers, supplies of pangasius will remain stable. p. 31 Fish and fishery products statistics p. 62 GLOBAL FISH ECONOMY New forecasts point to a slowdown in world the case of cod, for example, it is possible to fish supply growth this year, to 1.9% compared redirect the substantial Russian catch to meet with 3.1% in 2013. This is largely the result of a domestic demand, while for salmon Norwegian lower percentage growth rate in the world aq- supplies must be replaced by Chilean or Faro- uaculture sector, which has been the driver of ese salmon or perhaps partly by Turkish bass all fish production increases for many years now and bream. The subsequent short-term price as capture fishery supplies fluctuate around the development then depends how swiftly other 90 million tonne mark. The slowing expansion importers and exporters can identify new trad- is also projected to be reflected in world ex- ing partners, match product requirements and port volumes, though relatively higher growth adapt their logistics to move excess supply or to in total export value demonstrates that overall, make up shortfalls. For many countries, and not prices are rising and demand continues to follow only those excluded for the ban, the situation a strong upward trajectory. The major unknown represents an opportunity to gain a foothold in now is the extent to which apparent limits on previously less accessible markets. Although the maximum size of the aquaculture industry the picture is still not completely clear, so far can be overcome by technological advances and it appears that the impact of the ban has been by innovations in feed that reduce farmed fish relatively well absorbed by the markets. 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. World fish market at a glance However, it is in fact the USA that is the stand- 2012 2013 2014 Change: 2014 out performer so far in 2014. On its current tra- estim. f'cast over 2013 jectory, the US market could grow by some 18% million tonnes % in value terms this year, as consumer demand is WORLD BALANCE supporting high prices for multiple species.