MFR PAPER 1167 species of commonly landed in southern California show many in­ teresting fluctuations over the years. An examination of these time series A brief look at regional reveals some of the many considera­ fish-price fluctuations since 1941. tions which determine the price of fish paid to fishermen (ex-vessel price). These price and catch histories are presented with little more than a brief discussion of trends and events which Fish Prices: Historical Trends in appear to have been influential. For detailed technical analyses see Perrin Southern California Commercial and Noetzel (1970) and O'Rourke and Fisheries DeLoach (1971). Commercial fish transactions in Cali­ fornia require sales receipts recording such information as species, quantity, GARY STAUFFER, ALEC MacCALL, and BRUCE WAHLEN and price. The information on these landings receipts is processed by the California Department of Fish and Game and is published annually as a ABSTRACT-Ex-vessel prices for southern California commercial fishery Fish Bulletin entitled C a/~rornia Marine resources are reviewed for the period 1941 to 1972. The annual average prices Fish Landings. Included are extensive were deflated by the wholesale price index. Prior to 1960 the ex-vessel prices tables of catch information such as for wettish species, Pacific sardine (Sardinops caeruleus), Pacific mackerel species, location oflandings, poundage, (Scomber japonicus), jack mackerel (Trachurus symmetricus), northern and value. Average prices paid for ( mordax), and market squid (Loligo opalescens), were fish landed were calculated by dividing dominated by the scarcity of sardines and Pacific mackerel. Anchovy prices total value by total California landings. in the mid-1960's declined as the result of the instigation of a reduction fish­ This average will tend toward the price ery. More recently, anchovy prices have increased as a result of the collapse paid for the largest quantities of fish, of the Peruvian anchoveta fishery. Prices for the tunas-yellowfin tuna and may not reflect prices paid in pe­ (Thunnus albacares), (Katsuwonus pelamis), bluefin tuna riods of low landings. (Thunnus thynnus), and albacore (Thunnus alalunga)-surged upward with Since the purchasing power of the post-World War /I inflation, but domestic prices dropped in the mid-1950's dollar was generally falling during the due to Japanese imports of frozen and canned tuna. Prices in the 1960's in­ period 1941 to 1972, the prices have creased with expansion of the world tuna market. The market for the U.S. been deflated by the wholesale price production of Pacific bonito (Sarda chiliensis) was taken over by Peruvian index (all commodities) with 1941 as imports in the mid-1950's and domestic ex-vessel prices declined. By the mid­ the base year'. By adjusting for infla­ 1960's, Peruvian imports had decreased, bonito prices increased, and the tion in this way, comparison of fish U.S. fishery was rejuvenated. The market fish, the larger migratory coastal prices between years is more meaning­ species-yellowtail (Seriola dorsalis), white seabass (Cynoscion nobilis), ful, particularly during the post-World California barracuda (Sphyraena argentea), and the less migratory rockfishes War II and recent inflationary periods (Sebastes spp.)-are sold fresh and frozen in local retail fish markets. Prices (Fig. I). Discussion of prices will gen­ for this group have been relatively constant except during periods ofincreased erally refer to adjusted prices. The scale availability. of prices changes from graph to graph in order to present the most possible detail. INTRODUCTION Gary Stauffer is with the South­ For convenience we have divided west Fisheries Center, National Fish prices, like other high-protein the fish species into three broad cate­ Marine Fisheries Service. NOAA, food prices, have been rising drastically gories: wetfish, the tunas, and market La Jolla, CA 92038. Alec MacCall in recent years. Conditions of limited fish. Species in the same category tend is with the California Department to share traits such as similar (or identi­ of Fish and Game (present ad­ supply, increasing demand, and in­ dress: Southwest Fisheries Cen­ creasing operating expenses, appear cal) fishing fleets, processing, and mar­ ter, National Marine Fisheries to be fundamentally responsible for keting, and thus often show similar Service, NOAA, La Jolla, CA this rise in prices, which, spurred on price relationships. Some species such 92038). Bruce Wahlen, with the by inflation, is quickly putting many as market squid do not conveniently NMFS Southwest Fisheries Cen­ ter, is now employed by the Naval kinds of fish in the category of luxury fall into any category while Pacific Electronic Laboratory, Naval Per­ foods. While recent changes in prices 'See "Economic Reporl of the President," trans­ sonnel Research and Develop­ tend to be most easily remembered, mitted to the Congress January 1973 together with the annual report of the Council of Economic ment Center, San Diego, CA 92152. price and catch histories of various Advisors (Table C-48).

22 The sardine industry had an extensive fect in California since 1973, with catch .~WHOLESAL.E PRICE IM)EX ALL COMMOOtTIES (194j"'I.00) taken incidental to other fishing opera­ o·PuRCHASING POWER OF DOLLAR market as well as an immense invest­ RELATIVE TO 1941 ment in processing equipment, resulting tions going for canning and reduction in prices that were very sensitive to only. changes in availability. The degree Pacific Mackerel to which the sardine dominated the The Pacific mackerel (Fig. 3) fish­ wetfish industry is reflected in the trends ery and market was conducted inde­

Il PACIFIC MACKEREL bonito and California yellowtail could SARDINE on a possibly be included in more than one a . category. ~ -

Q ability in the species accepted by the ril SARDINE PACIFIC MACKEREL canneries, particularly between sar­ b e·PRtCE PAID TO FlSH[RMEN b ••PRICE PAlO TO FlSHERW:N dines, Pacific mackerel, and jack o-AOJUSTEO PRICES o·AOJUSTED PRICES mackerel. The wetfish species are similar in habitat and behavior, tending to school in open waters in the southern 2 California bight, and are fished inter­ m lD ...... J ...... J ..

largest fisheries in the world, but a long ~ ~~ 60 50 55 60 70 period of decline, punctuated by brief YEARS YEARS recoveries, led to final collapse of the Figure 2.-Annual Pacific sardine a) landings In Figure 3.-Annual Pacilic mackerel a) landings In California, and b) average ex-vessel prices paid California, and b) average ex-vessel prices paid sardine stocks and fishery in the 1960's. to fishermen for the years 1941 through 1972. to fishermen for the years 1941 through 1972.

23 catch. The extreme shortage in 1953 JACK MACKEREL JACK MACKEREL coincided with a sardine shortage, re­ a .-PRICE PAID TO FISHERMEN b sulting in record prices. Pacific mack­ 0-ADJOSTEO PRICES erel were also sold to fresh fish markets - Il in small quantities, fetching plices con­ VIz o siderably higher than those paid by the f- g o canneries. The Pacific mackerel fishery o m gg ...J also experienced collapse in the mid­ VI" .. f- I Z 1960's, aggravating wetfish processor U 0 ~ f- '" '"

0 40 45 55 60 65 70 70 "" YEARS

~ SQUID

.·PRICE PAID TO FISHERMEN b o ·AOJUSTED PRICES

_0 CD ­ ....-' ....(/) z w u

w U Ct' 0.. '"

Unloading luna from well of purse selner in San Diego. 50 55 60 &5 70 YEARS mediate values in 1974 (Kolhonen, TUNAS Figure 5.-Annual markel squid aj landings In California, and b) average ex-vessel prices 1974). paid 10 fishermen for the years 19411hrough 1972. Market Squid The tuna group includes yellowfin For many years squid (Fig. 6) have tuna (Thllllllll.1 aliJacares), skipjack tuna has dominated the fishing industry been landed regularly at both San Pedro tuna (Katsu\I'uIIlIS pelamis). bluefin and Monterey. somewhat independ­ tuna (Thunllus thynllus). albacore in southern California. Ex-vessel price for yellowfin tuna ently ofthe other wetfish species. Squid (ThunnllS alalunga). and the Pacific has maintained an adjusted ex-vessel bonito (Sarda chiliensis). These species has generally regulated those of skip­ jack and bluefin tuna. Albacore prices price of about one cent per pound since share the same processing facilities, 1955. Price peaks occurred in 1952 and which are different from those used for are established separately from the 1960 when California production was wetfish processing in that these fish U.S. yellowfin market, but the two low. Approximately 90 percent of the are cooked prior to canning. Albacore are related through the world tuna mar­ U.S. squid production is harvested in are fished along the Pacific coast from ket. Fluctuations in ex-vessel prices California. About half of the annual Baja California to British Columbia. have been influenced by changes in de­ harvest is canned for export to Medi­ Bluefin and bonito are important in mand, U.S. imports, and domestic terranean and Japanese markets. 4 A local southern California fisheries and production. More detailed summaries large portion of the remainder is sold are fished by both the tuna fleet and of catch and price information for the as bait for recreational and commercial the San Pedro wetfish fleet. Yellowfin U.S. tuna industry are reported in the series" Food fish: Market review and fisheries. A smaller portion is marketed and skipjack tuna. which are caught uutlook" prepared by the Market Re­ through restaurant and retail fish out­ in the tropical waters off the west coast of Central America, are processed in search and Services Division of the lets. southern California. where much of National Marine Fisheries Service. 0 50 60 6' 70 75 40 45 !lO 50 60 60 70 70 of a worldwide tuna market in the YEARS YEARS 1960's. Figure 7.-Annual yeltowfln tuna a) landings in Call1ornla, and b) average ex-vessel prices paid 10 lishermen Yellowfin, Skipjack, for the years 1941lhrough 1972. and Bluefin Tunas 8 SKIPJACK TUNA SKIPJACK TUNA Historically, the U.S. tuna fishery a .-PRICE PAID TO fiSHERMEN b has been based in southern California. o-AD.AJSTEO PRICES Tuna landings in California, including -iil Ul foreign shipments, increased substan­ Z ~ g tially in the late 1940's as the sardine a -10 a m harvest declined. California landings 0 ...J a ..... =.. Ul of raw tuna and the pack of canned f­ Z W ~ tuna for all species have been relatively U - stable since 1950, while the total U.S. pack has generally increased over the years to the point that the 1970 pack more than doubled the 1950 pack. U.S. tuna deliveries to Puerto Rico and tuna imports from the Japanese fishery to American Samoa account for the major portion of this increase. 50 ~ 60 65 70 75 M> ~!S 60 65 70 7(5 The general downward trend in YEARS YEARS

adjusted ex-vessel prices from the Figure e.-Annual skIpJack luna a) tandlngs In CaUtornla, and b) average ex-vessel prices paid 10 fishermen postwar period reflect the increasing lor Ihe years 1941 Ihrough 1972. production of canned tuna;. Heavy domestic production and Japanese tuna, and average prices gradually de­ plunged again in 1967. This price drop imports in 1950 resulted in a large in­ clined. Imports of frozen tuna doubled provided the stimulus that unified boat ventory carryover and lower prices between 1957 and 1959. This jump co­ owners and organized the "empty in 1951. Successful marketing cam­ incides witn low prices of 1959 and 1960. boat" auction under the American paigns in the subsequent years helped The 1962 price buildup began in the Tuna Sales Association. This auction reduce canners' inventories, and ex­ latter half of 1961, and the case pack system has continued to the present vessel prices increased. Prior to 1953, reached an all-time high for California time. Ex-vessel prices have increased seasonal tuna prices were negotiated in 1962. With supplies high, ex-vessel since 1968, even under increases in the between major canners and leading prices began dropping in the latter half annual production of tuna. boat owners, but beginning in 1953, of 1962. The decline continued into Ex-vessel prices for skipjack and the American Tunaboat Association 1963 with large inventory carryovers. bluefin tuna have almost always been collectively negotiated the tuna sales. These prices continued until the be­ less than those for yellowfin (Figs. 7, These negotiations resulted in the peak ginning of 1966 when U.S. and import 8,9). Prior to 1952, skipjack prices were plices of 1954. In the years following, supplies reached an all-time January routinely I cent per pound ($20/ton) less this system became ineffective owing low. As a result, ex-vessel prices soared and bluefin were 0.5 cent per pound to the increased supplies of imported to record levels in the first half of 1966. ($ IOlton) less. Since then the price dif­ Imports and domestic production of ferential for skipjack has averaged 'The information source for this paragraph is the tuna, particularly skipjack, increased about 2 cents per pound ($40/ton). It series of "Pacific Fisherman Yearbooks," 1951­ 1967. to the point that ex-vessel prices increased to as much as 4 cents in 1966. 26 The bluefin price differential increased I'l BLUEFIN TUNA BLUEFIN TUNA to 2 cents per pound in 1961 and reached a e-PRICE PAID TO FISHERMEN b o-ADJUSTED PRICES a maximum in 1966-67. Since 1968, skip­ jack price differential has declined from 2.5 to 1.5 cents per pound and the bluefin differential has remained I cent per pound. Albacore The albacore (Fig. 10) fishery occurs off the Pacific coast from Baja Califor­ nia to British Columbia. Landings in southern California were the major portion of the domestic catch for the years 1948 through 1964. For the other years the major portion was landed in O+40TT".-n:40~"""00""""""""55C"'""'"...-r:60':"M""""6""""""'~70T-'""'"'""'='70· 5~ 60 the Pacific Northwest. The geographic YEARS YEARS location ofthe fishery has little influence

Figure 9.-Annual bluefln tuna a) landings In California, and b) average ex-vessel prices paid to fishermen on price trends. lor the years 1941 through 1972. Ex-vessel prices jumped to unprec­ edented levels during the postwar in­ ~ flationary period. These high prices ALBACORE TUNA a ~ ALBACORE TUNA • -PRICE PAID TO FISHERMEN b encouraged fishing. Good fishing in o -AO.AJSTEO PRICES California in 1950 resulted in a large carryover into 1951, and as the Pacific rJl i5 ~ Northwest fishery did not develop in >- o 1951, canneries imported frozen tuna o ~ Q N from Japan to keep the processing plants in operation. As a result of the large inventories, prices declined. During the following 3 years, an ex­ panding market assisted recovery of the ex-vessel prices. A large-scale surge of imported al­ bacore, both frozen and canned in brine, began in 1955. Domestic albacore prices dropped in response to the increased 45 50 55 60 65 70 75 00 55 60 6. 70 70 supplies. The downward price trend YEARS YEARS continued until 1966. Major price drops Figure 10.-Annual albacore tuna a) landings in California, and b) average e)(~vessel prices paid to fishermen of 1955, 1957. 1960, and 1962 cor­ at the buying stations for the years 1941 through 1972. respond to years with increased im­ ports. In recent years imports offrozen 2 BONITO a " BONITO albacore have accounted for as much .-PRICE PAID TO FISHERMEN b o-ADJUSTED PRICES as 75 percent of the white meat tuna canned domestically. rJl Z" After 1967, a price trend reversal 0 >- occurred. The increase is due to the 0 -Q 0 m ~ -' general increase in ex-vessel price of "- rJl >- all fishery resources, unified collective Z Gil w bargaining by the Western Fishboat >- u u" Owners Association, continual adver­ w -' u tisement and sales promotion, and U ~ ~ "Q: increased demand for Japanese tuna w ~~ by other world markets. 8 Pacific Bonito Prior to the mid-1950's the major

0 0 portion of the bonito (Fig. II) catch 40 4' 55 60 50 70 40 40 00 .. 60 50 70 "" YEARS " YEARS " was taken in waters off Baja California by purse seiners. Many of these were Figure 11.-Annual Pacific bonito a) landings In Caillornla. and b) average ex-vessel prices paid to fishermen for the years 1941 through 1972. tunaboats topping off their load with 27 bonito and yellowtail on their return ~ YELLOWTAIL to southern California ports. During a 2 YELLOWTAIL b e-PRICE PAID TO FISHERMEN this time, ex-vessel prices reflected o-AD.AJSTEO PRICES those of the other tuna species. As tuna landings increased in the late 1940's, adjusted prices for the less desirable bonito declined. In 1952 tariffs on '",J :I: canned bonito and yellowtail were U ....Vl z reduced from 21 percent ad valorem to 5 ~ ~2 15 percent (Pacific Fisherman, 1952, J « p. 167). Imports from and Chile U ei § increased as a result. These added im­ ~ N ports tended to further reduce the price U paid to southern California fishermen. As a result of the necessity to market the increasing supplies of the more widely accepted white and light meat oL.,...,..,...,..,...,..,..,...~~~~~n::'. o.j..,...~~~....,..,n-r~""""'''''''''''''''''''''''''''''''''''''rTT'''''''' ~ ~ ~ ~ ~ 60 ~ ~ 4~ ~ ~~ ~ 6~ ro 7~ tuna products in the early 1950's, the YEARS YEARS industry ceased marketing canned Figure 12.-Annual Canlornla yellowtail aj landings In Canlornla, and b) average ex-vessel prices paid 1o products ofthe tuna-like species, bonito Iishermen lor the years 1941 through 1972. and yellowtail, and the canned bonito market was taken over by the Peruvian white seabass (Cynoscion nobi/is), ~ product. Domestic ex-vessel prices California barracuda (Sphyraena WHITE SEABASS a declined to a level comparable to that of argentea), and the rockfishes (Sebastes the wetfishes, and California landings spp.). These species tend to be sold became negligible. Later, a local Cali­ fresh or occasionally frozen and are fornia purse-seine fishery developed utilized locally in southern California, in 1958, probably in response to in­ fetching high prices but with relatively creased availability in southern Cali­ small volume. Yellowtail and California fornia waters. At these low ex-vessel barracuda are highly migratory, with the prices the U.S. product was probably main center of population occurring in competitive with the Peruvian prod­ Baja California waters. The market ucts. As the anchoveta fishery de­ species are harvested by a southern veloped in the early 1960's, Peruvian California fleet employing gill nets 6 production of canned bonito declined • and a variety of hook-and-line gear. U.S. imports of Peruvian bonito for Local availability of migratory species 1965-67 dropped to 20 percent of the in the late spring and summer allows 195 I-59 average and for 1968-70 to 5 o-h--.-TT~rTT"""'"TTTT'l""""'TT'l-rr-,...,...... ,...,..,...,...... " most vessels to concentrate their ac­ ~ 4~ ~ ~ ro 6~ ro ~ percent1. In response to price increases, tivities in the southern California area, YEARS the U.S. fishery expanded considerably while in the winter months many boats to supply the market vacated by the venture far down the Baja California Peruvian bonito. Prices jumped again coast. The years 1957-60 were char­ WHITE SEABASS in 1970 when the availability of bonito acterized by extraordinarily warm • -PRICE PAID TO FlSHERMEN b o -ADJUSTED PRICES off California was down from earlier waters in California, and many migra­ years. In recent years, tariffs on im­ tory species appeared to have shifted ported bonito have been reduced twice, their population centers northward. from 15 percent ad valorem to 12 per­ This is reflected in the large local south­ cent in January 1969 and to 7.5 percent ern California catches of these species. in January 1972 (Economic Research Prices of migratory market species for Laboratory 1973). This has encouraged these years were generally depressed the importation of Peruvian bonito to by oversuppl y. .... U o 1965-67 levels but has not greatly in­ ii' N fluenced U.S. prices. Yellowtail ll. The yellowtail (Fig. 12) could be con­ MARKET FISH sidered a member of the "tuna" group The' 'market fish" group is composed as well as the market fish group. While of some of the large predatory coastal not a true tuna (family Scombridae) but : yellowtail (Seriola dorsalis), o,:h-,...,....~rTT~~....,..,.....,..~...,..,..l"T'T....,...rTT,...,.., a jack (family Carangidae), the yellow­ 40 4!) !)O ~ 60 "FAD Yearbook of Fishery Statistics, 1959-73. tail has contributed to the tuna fisheries YEARS 'Fishery Statistics ofthe U.S., 1951-70. (Published of California. Prior to 1954, a consider­ Figure 13.-Annual white seabass a) landings In as Statistical Digests 30-64 by Ihe NatIonal Manne Canfornla, and b) average ex-vessal prices paid Fisheries Service, NOAA.) able fishery existed with most fish 10 Iishermen lor the years 1941 through 1972. 28 caught in waters off Baja California. commercial fishermen has remained ~ ROCKFISH In the mid-1950's, the industry ceased remarkably constant and shown little a canning and marketing yellowtail to tendency to rise as catches declined. § concentrate on the more profitable However, the price did fall when fish tuna products (Baxter, 1960). Subse­ were temporarily plentiful in the late ~~ quently yellowtail became a market 1950's. The recent price increase is g fish, being sold primarily as fresh fish, characteristic of the general price in­ :x: 8 u • and being landed by the market fleet crease of fishery products and is not >-