Fall in Peruvian seafood exports reflects dependence on China

Published 2024년 7월 22일

Tridge summary

Peru's agricultural exports have seen a significant decline in April 2024, with a decrease in both indirect and direct human consumption exports. This decline is largely due to a sharp decrease in fishmeal sales to China, which was the top destination for these exports. Despite the decrease in fish oil sales, most of which were exported to the United States, the overall export value of fish oil increased slightly. Exports of products for direct human consumption, such as frozen and canned foods, also saw a decrease, with the exception of canned foods, which saw a significant increase due to increased supplies of tuna and anchovies.

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Original content

The decline was attributed to sharp declines in exports destined for both indirect human consumption (down 69.4%) and direct human consumption (down 72.7%). The negative performance of exports of products for indirect consumption can be explained by a sharp decline in fishmeal sales, which fell from 44,500 tons valued at $77.5 million in April 2023 to 10,500 tons valued at $18.6 million in April 2024, by 76 .5% and 76%. The top destination was China, accounting for 89.9% of total export value, followed by Ecuador (5.1%) and Japan (5.0%). “This dependence on China as a major export destination amplifies the impact of any downturn in demand, highlighting the need to diversify Peru’s export markets and make the seafood sector more resilient to external market fluctuations,” an industry source in the sector told Undercurrent. Conversely, exporting fish oil has proven to be expensive. Sales of this product increased slightly in value, totaling $10.9 million, up $700,000 from the same ...

Source: Fishretail