FAO releases global squid market report, China plays an important role

Published Jul 22, 2024

Tridge summary

In 2023, China's squid catch rose to nearly 1.1 million tons, accounting for about 36% of the world's squid catch, making it the largest catcher. Peru's squid supply to China increased by 532%, contributing to 45% of China's total squid imports. Meanwhile, Japan experienced a 20% drop in squid supply, leading to a surge in prices. Peru's squid production reached a record high of 621,852 tons, becoming its second most important fishery. Argentina's squid trade also saw a significant growth in January 2024. South Korea's squid and cuttlefish imports increased by 10%. The future outlook suggests that octopus supplies will remain tight and prices high until 2024, but as squid fishing improves, prices are expected to decline.

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

Original content

China: An important player in the global squid market For many years, China has been fishing squid in South American waters through its distant-water fishing fleet, especially outside Argentina's exclusive economic zone. About 600 ships operate in these waters, of which 400 are Chinese. China's large distant-water fishing fleet, with about 1,600 fishing vessels distributed around the world for fishing activities, has greatly increased China's fishery production. In 2023, China's annual catch in distant-water waters was about 1.15 million tons, with an annual output value of about US$1.98 billion. Among them, the squid industry occupies an important position in China's distant-water fishing industry, with catches increasing from 75,500 tons in 1998 to nearly 1.1 million tons in 2022. In terms of imports, China's squid and cuttlefish imports increased by 32.7% in 2023, of which Peru's supply to China increased by 532% to 154,262 tons, accounting for my country's total supply. ...

Source: Foodmate