Argentina: Frozen wild-caught hake supply exceeds demand and prices get more attractive to wholesalers

The hubbsi hake fillets sales campaign for the 2020 season fell in all major markets. In total, 47 thousand tons of these products were exported (-14% decline in volume), valued at US$ 127M, representing 24.5% fall YoY, due to a drop in the average price of 12%. Brazil demanded 13% less than in 2019 and paid 13% cheaper, benchmarking it at US $ 2,700/metric ton. $ 200 lower than the minimum price, Spain purchased 11,000 tonnes, reducing demand by 5%. For the United States,, about 4,500 tons had been shipped so far and US $ 2,900 was paid for each ton. Italy was the 4th importer in line by taking a little more than 2 thousand tonnes. Consumption shifting behavior and the pandemic effects had set the demand mood down.