FAO predicts further decline in global seafood trade in 2024

Published 2024년 6월 27일

Tridge summary

The article highlights the dynamics of the global fish market in 2024, noting a recovery from the El Niño impact with a decrease in temperatures, leading to increased production of aquaculture shrimp and oysters. However, this is offset by a decline in cod and tuna production, despite high pollock and anchovy catches, particularly in Russia. The low prices of aquaculture products in conjunction with rising production costs are expected to slightly diminish global fish trade, estimated at $183.3 billion in 2024. As of June 2024, Russia's fishing industry is experiencing a 1.5% increase from the previous year, with significant growth in the catch of Pacific herring, sardines, and capelin.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Main growth factors - increasing the production of aquaculture shrimp and oysters; - decrease in temperature after El Niño. The impact of the natural phenomenon on global reserves has been decreasing since the beginning of 2024. As a result, for example, Peruvian anchovy quotas, having decreased last year, have returned to normal; - increase in pollock production. Fishing for this species is expected to reach a ten-year high in 2024. Russia's catch, the world's largest producer, will exceed 2 million tons. At the same time, the increase in anchovy and pollock will be balanced by a decrease in the production of other main types of fish - cod and tuna. And low prices for aquaculture products coupled with rising production costs will continue to negatively impact farmers’ profitability. This will lead to a slight decline in global trade, which is projected to be $183.3 billion in 2024 (-1% by 2023). From VARPE, we note that Russian fishing this year is increasing: by June 17, 2.35 ...

Source: Fishretail