Seafood Trade Overview 2023

•Squid imports are booming as prices decline from multi-year highs in late 2022. This includes imports from Spain.
•China’s overall seafood demand is booming, and the major explainer is that it lifted most of the pandemic restrictions in early 2023. Overall, China is increasing its seafood dependence on imports.
•Shrimp demand in the US remains considerably subdued despite low prices, as this market remains considerably oversupplied. In turn, shrimp demand is also declining in Japan, but this is due to higher prices in terms of the Japanese yen. The Japanese currency has weakened sharply over the past year, making imports more expensive.
•Meanwhile, Norwegian exports of fresh Atlantic salmon declined in H1-2023 due to multi-decade high prices but have improved in recent months as prices are now easing. China’s imports of Norwegian salmon are booming.