Chile’s Seafood Exports Surged to USD 9 Billion in 2023, Led by Fishmeal Industry

Salmon

Chile

Market & Price Trends

Tina Nguyen

Published Jan 26, 2024

In 2023, Chile's seafood export industry significantly increased by 1.8% year-on-year (YoY), reaching USD 9 billion. The fishmeal industry led the way with an export turnover of USD 478 million, up 19.2% YoY, while fish oil increased by 85.7% YoY to USD 459 million, and Atlantic horse mackerel was up by 4.9% YoY to USD 359 million. Brazil emerged as Chile's top market in 2023, with a total value of USD 872 million, marking a 4.4% YoY increase. Meanwhile, salmon exports to Brazil reached USD 830 million, a 3.2% YoY increase, accounting for 9.7% of Chile's total seafood export value.

China secured the second position with an impressive 29.6% YoY growth, highlighted by a remarkable 65.2% YoY increase in salmon exports to USD 311 million. Additionally, fish meal and crustaceans grew by 40.8% YoY to USD 227 million, while king crab increased by 0.5% YoY to USD 53 million. China constituted 8.4% of Chile's total seafood export value, with the overall output surging by 21% to 231,622 metric tons (mt) in 2023. Russia claimed the third spot with a 21% YoY increase, totaling USD 388 million, contributing 4.3% to Chile's total seafood exports. Chilean salmon sales to Russia also witnessed substantial growth, rising by 18.5% YoY to USD 343 million.