Global trading platform Tridge
Maximize your business opportunity with our Intelligence & Data Solution. Get started now.

Analysis & Reports

Tridge Analysis

W9: Weekly Seafood Update

Updated Mar 7, 2023
Tridge's global market analysts and country representatives take a deep dive into what happened during W9 in the global seafood landscape. In summary, the Russian wild salmon fishing season is expected to reach 551K MT in 2023, more than double compared to the 2022 campaign. Vietnamese tuna exports to South Korea in January 2023 registered a growth of 457% compared to the same period in 2022. In Indonesia, blue swimming crab prices continue to show an upward trend in W9 driven by a decline in supply while Bahrain's providers of blue swimming crabs have excess inventory due to the low global demand in W9. Lastly, Tridge’s analysis indicates that US imports of frozen shrimp declined 7.4% YoY and 10.3% YoY in value and volume respectively in 2022.


Indonesia: Increasing Prices of Blue Swimming Crabs in Indonesia in W9 (Feb 28)

In Indonesia, blue swimming crab prices continue to show an upward trend in W9. This increase was driven by a decline in supply, while the demand for crab meat products from the export market increased. Prices are expected to continue rising until March or April 2023 at a range of about 10% each week. However, producers continue to resist imports since the cost of imported frozen crab is still more expensive than the price of local crab. The reference prices for W7-W9 stood as follows:

  • W7: USD 16.36/kg (IDR 250k/kg)

  • W8: USD 17.66/kg (IDR 270k/kg)

  • W9: USD 19.63/kg (IDR 300k/kg)

Bahrain: Declining Prices of Blue Swimming Crabs From Bahrain in W9 Due to Low Demand (Mar 3)

Bahrain's providers of blue swimming crabs have excess inventory due to the low global demand in W9. Moreover, exporters have begun lowering prices to clear their supplies since export will not be possible from May 15, 2023, unless the catching ban in Bahrain is lifted. W9 saw a price decrease in the range of 0.25-.050/kg of crabs if compared to the prices in W7-8. Before the ban starts, the lower prices are likely to draw in fresh orders from the markets in the Far East and South East Asia.


US: Suspension of the MSC Certificate for the Gulf of Maine Lobster Fishery (Feb 28)

The suspension came into effect on December 15, 2022, 30 days after the notice of suspension was issued by a third-party assessor responsible for monitoring fisheries compliance with the MSC standard. Since then, Gulf of Maine lobster can no longer be sold as MSC-certified sustainable or carry the MSC bluefish eco-label. This fishery was certified for the first time in December 2016. The reason for this suspension is to protect the right whales because, for several years, there have been more and more interactions between whales, fishing gear, and shipping vessels.


Canada: Fishy Aquaculture Decision in British Columbia Under Fire (Mar 2)

The Trudeau government’s move to close down open net-pen salmon farms in the Discovery Islands of British Columbia lacks transparency, accountability, and sound scientific reasons according to the opposition Conservative Party of Canada. Mel Arnold, MP for the North Okanagan-Shuswap said Fisheries Minister Joyce Murray has not detailed the science behind her decision and delivered it without a plan being in place to support affected workers and communities. “After eight years, the Trudeau government continues to fail to provide transparency and accountability in its fisheries and oceans decisions,” said Arnold, who is also the Associate Shadow Minister for Fisheries, Oceans, and the Canadian Coast Guard.

Russia: 2023 Wild Salmon Season Expected to Yield More Than Double Compared to 2022 (Mar 1)

The Russian wild salmon fishing season, which starts in June, is expected to yield a total harvest of approximately 511K MT, significantly higher than the catches recorded in 2022 of 247K MT. Among the expected catches, Pink salmon is anticipated to account for more than half of the total harvest at 75%, followed by Chum salmon at 15%, Sockeye salmon at 8%, and Coho salmon at 2%.

US: Stable Prices of Fresh Chilean Atlantic Salmon Fillets During W8 in the United States Market (Feb 28)

During W8, the price for fresh Chilean Atlantic salmon fillets in the North American market stabilized. Pricing stood at USD 7-7.20/lb for the 2/3 lbs and USD 7.10-7.30 for the 3/4 lbs, both FOB MIA prices. The supply of Chilean fillets into the US market has been steady and adequate amid a moderate demand.

US: Plummeting Salmon Population Could Trigger Closure of Fishing Season in California Waters (Mar 3)

California Chinook salmon populations have fallen to their lowest levels in years, according to new estimates released by state and federal scientists. This is a decline that could trigger a shutdown of the commercial and recreational fishing season along the coast. The department said scientists estimated that the number of 3-year-old fall-run Chinook likely to return to the Sacramento River this year to spawn would be fewer than 170K, one of the lowest forecasts in 15 years. They also estimated that fewer than 104K are likely to return to the Klamath River, the second-lowest estimate since 1997. In its announcement on Mar 1, the department said returning fall-run Chinook "fell well short of conservation objectives" in the Sacramento River last year, and may now be approaching a point of being declared overfished.

UK: Shrinking Age Distribution of Spawning Salmon Raises Climate Resilience Concerns (Feb 27)

By returning to spawn in the Sacramento River at different ages, Chinook salmon lessen the potential impact of a bad year and increase the stability of their population in the face of climate variability, according to a new study by scientists at UC Santa Cruz and NOAA Fisheries. Unfortunately, spawning Chinook salmon are increasingly younger and concentrated within fewer age groups, with the oldest age classes of spawners rarely seen in recent years. The study suggests changes in hatchery practices and fishery management could help restore the age structure of the salmon population and make it more resilient to climate change.

Norway: Fish Continue to Die on Norwegian Farms (Feb 28)

In 2022, 58M salmon died on Norwegian farms, 1M more than the previous year. This is one of the indicators that are collected in the annual risk report of the Norwegian Institute of Marine Research, which analyzes and addresses the mortality and problems in the aquaculture industry in the country. An additional 15M salmon were brought into cages last year, which Grefsrud believes could also be the reason for this increase in mortality. In the north, the mortality rate is about 10%. In western Norway, the mortality rate is higher, reaching even 27% in some areas. This higher mortality is largely due to problems associated with sea lice. 

Norway: Norwegian Politicians Look at the Faroes Salmon Tax Model (Mar 2)

A group of Norwegian politicians has traveled to the Faroe Islands to look at its fish farming tax model, which is generally regarded as being less hostile towards the industry. The initiative for the visit came from the employer organization Seafood Norway and the five-strong group including national and local representatives on the right and left of the political spectrum. There has been some criticism of the Faroese system from the country’s salmon farmers, but it is generally seen as being less damaging than the Norwegian “ground rent tax” proposal. The Faroes tax model is based on the monthly harvest weight multiplied by the average spot market price. It means the rate varies according to the selling price and can go up or down. Production costs are also taken into account, so the tax liability can rise or fall depending on profitability. Iceland is considering adopting a similar model.

Chile: Retail Activity of Fresh Chilean Atlantic Salmon in W8 (Feb 28)

The average retail price and promotions are higher for fresh salmon heading into ash Wednesday. The retail feature activity for the fresh Atlantic salmon boneless fillets shows that its average price in stores has been on an upward trend over the last two years, from USD 7.64/lb in 2021 to USD 9.41/lb in January 2023. The fresh Chilean salmon fillet market has been steady and firm since the beginning of 2023. As of W8, the market is 16.4% higher than at the beginning of the year. Commonly, the first half of the year typically sees a more active demand than post-Memorial Day and into the summer months. January sees healthier eating habits, February has Valentine’s Day, and usually the beginning of Lent, Ash Wednesday; all are higher demand periods for farmed salmon.

Chile: The Price of Chilean Atlantic Salmon Is Forecasted to Continue Increasing in the Upcoming Months (Feb 28)

In Chile, reprocessing companies forecast prices for Atlantic salmon will continue to increase until October due to the ending season of Coho salmon and suppliers pushing quick shipping out of cargo. The closure of various salmon farms in Canada has impacted the United States market. Industry forecast that Norwegian Premium salmon mix has decreased, and Lent starting in W8 increases prices due to the high seafood consumption. High prices are forecasted for the upcoming months. Atlantic salmon is priced at USD 8.90/kg HON CFR main ports during W8.

Turkey: Turkish Salmon Brand Is Internationally Recognized, With Export Value Reaching USD 312.3M in 2022 (Mar 3)

The Turkish Salmon Project started in 2017, with the "Turkish Salmon" brand created by directing the producers to salmon fish farming which is accepted and demanded globally. Turkish salmon production was approximately 5K MT in 2017 and reached 32K MT in 2021 and 45K MT in 2022 with the projects and support models implemented by the Ministry of Agriculture and Forestry. Salmon exports, which were USD 56.8M in 2020, increased to USD 130.9M in 2021 and reached USD 312.3M in 2022. Turkey ranks first among EU countries in fish farming, first in the world with its sea bream and sea bass production, and second in rainbow trout production.


Ecuador: High Costs, Poor Security Are Threatening the Ecuadorian Shrimp Industry in 2023 (Feb 28)

According to Undercurrent News, Ecuador's National Aquaculture Office (CNA) said the future performance of the Ecuadorian shrimp industry through 2023 is of great concern. The policy of supporting energy prices is no longer in effect, while rising feed prices, looting, and other problems related to the shrimp supply chain could be major problems in 2023. "The above has caused the cost of shrimp farming in 2022 to increase by 24% compared to 2021, making Ecuadorian shrimp products less competitive," CNA said. According to Mr. Antonio Camposano, Director of CNA, shrimp production and export figures in 2022 do not fully reflect the reality of the difficulties that this industry is facing. 2022 was the most difficult year that the shrimp industry had to face with increasingly fierce competition in the market, an appreciation of the US dollar, high farming costs, and an uncertain security situation.

Vietnam: Inflation and the Ukrainian Crisis Were the Main Reasons for the Fall in Exports of Shrimp From Vietnam to the EU (Mar 2)

Shrimp exports to the EU, Vietnam's second-largest market, were USD 24M in January, down 55% from the same period in 2022. The impact of inflation and the uncertainty associated with the Ukrainian crisis are largely behind these figures. According to the Association of Seafood Exporters and Producers (VASEP), “In the face of increasingly strong competition from other suppliers such as Ecuador and China in the EU market and greater market diversification, companies must innovate and diversify both products and supply chains and also focus on market research to increase exports. " Japan was the main market for Vietnamese shrimp in the first month of the year, accounting for 20.3% of shipments. Shrimp exports to Japan reached USD 29M in January this year, down 47% from the same period in 2022. Vasep predicts that sales to Japan will remain stable in 2023 as processed shrimp from Vietnam continues to enjoy good demand in this market.

Vietnam: Shrimp Exports Face Many Difficulties in 2023 (Mar 4)

In 2023, although it is forecasted that it will continue to face many difficulties, based on the analysis of advantages, opportunities, and challenges, the shrimp industry in the whole country still sets a target of 750K ha of shrimp farming area. Shrimp production is expected to be over 1MT, of which black tiger shrimp accounts for 280K MT, white-leg shrimp 750K MT, the rest are giant freshwater shrimp and other shrimp, and export turnover of over USD 4.3B. Although many positive results have been achieved, according to many experts, Vietnam's shrimp industry will face many difficulties in 2023. Vietnamese Shrimp exports in 2023 will have to compete more strongly with shrimp from Ecuador and India. Besides, the price of imported shrimp in the world market has gradually decreased since the second half of 2022 and is expected to continue to decrease when the global supply increases to about 6M MT. Meanwhile, the domestic price of raw shrimp tends to increase, making it difficult to mobilize raw materials for export processing.

Vietnam: Shrimp Industry Sets Record Export Target in 2023 (Mar 4)

On March 3, the Ministry of Agriculture and Rural Development held the 2023 Shrimp Industry Development Conference to review the results in 2022 and discuss finding solutions to develop the brackish water shrimp industry in 2023. In 2022, the total area of brackish water shrimp farming in Vietnam reached 737K ha, basically unchanged compared to 2021. The area of black tiger shrimp farming is estimated at 622K ha while Vannamei shrimp farming at 115K ha. The output of brackish water shrimp is estimated at 745K MT, of which the output of black tiger shrimp is 271K MT and white-leg shrimp is 474K MT. In 2022, the shrimp industry had significant growth in output and export value where export turnover was estimated at USD 4.1- 4.2B, an increase of over 10% compared to 2021 is a notable bright spot.

Tridge Analysis: US Frozen Shrimp Imports Decline YoY for First Time in 9 Years (Feb 28)

US import volume of frozen shrimp experienced its first YoY decline in 9 years in 2022, as demand waned on inflationary pressures and supply remained high. The ongoing price decline might help to lift demand by Q2 2023. US imports of frozen shrimp (HS Code 030617) declined 7.4% YoY in value and 10.3% YoY in volume in 2022. This was the first decline in value in three years, while in volume, it was the first decline in nine years. The total import value was USD 5.62B and the volume was 621K MT. (Continue Reading)

China: The Price of Ecuadorian Vannamei Shrimp Continues to Drop In W8 in the Chinese Market (Feb 27)

In the Chinese market, the selling price of Ecuadorian Vannamei shrimp continues to drop in W8, and some small manufacturers' prices have decreased by roughly USD 0.2-0.3/kg. The essential price point for the widely used size of 40/50 water-frozen shrimp is USD 5.0/kg.


UK: Tuna Species Productivity and Size May Decrease Due to Climate Change (Feb 28)

Understanding how climate change and fishing pressure affect major commercial species' productivity and body size is key to being able to adapt and ensure the future sustainability of the fisheries. In this context, a team from Spain's Ciencia y tecnología marina y alimentaria (AZTI) has coordinated a study, published in Global and Planetary Change, in which the projections in tuna species and swordfish productivity and body size in the future under different climatic and fishing scenarios have been analyzed. A model that includes many mechanisms that represent the population dynamics of different species and the competition between them has been used for this purpose. The study concludes that climate change and fishing pressure will affect main commercial tuna species and swordfish productivity in the future. On average, analyzed stocks are projected to decrease their global potential productivity by 36% by 2050. 

South Korea: A Bright Spot in Vietnam’s Tuna Exports (Mar 3)

In the context that Vietnam's tuna exports to main markets declined in January 2023, exports to South Korea had an impressive growth of 457% over the same period in 2022. As a result, South Korea became one of the eight main tuna import markets of Vietnam in the first month of 2023. The Korean fishing fleet is one of the largest fishing fleets in the world and has continuously achieved high catches over the years. However, in recent years, due to the ban on the use of fish lure devices (FADs) and the depletion of tuna stocks in fishing grounds, the country's tuna catch has decreased. The decrease in catches has led to a decrease in the supply of raw materials for canned processed tuna production, and Korea has to increase imports of canned processed tuna and raw/fresh/frozen tuna from other countries. With the increase in imports of frozen tuna and raw materials for production, Korea has gradually reduced imports of processed canned tuna from outside. 

Everything you love about a trade show, made 24/7
Sponsored by

Recommended exhibitors for you

By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.