May 26, 2008

Global seafood trade on rapid growth, export value hits US$86 billion
 
 

The worldwide seafood industry is growing rapidly with global seafood export and import value reaching US$86 billion and US$90 billion, respectively, in 2006, according to Valdimarsson, director of FAO's Fish Products and Industries Division.

Global seafood consumption is now at an all time high of 17.4 kg per capita and in 2006, about 37 percent of all fish caught or farmed was traded internationally, Valdmarsson said.

Valdmarrson said large retailers play a key role as they increase the availability of products to consumers, which stimulates consumption. The large retailers are also indirectly shaping the industry as they set high standards on quality and the environment impacts of the fish they purchase, which place new production standards on producers and exporters.

Developed countries are consuming more fish as they become more health-conscious. Extra demand is met by overseas suppliers, with 80 percent of total production taking place in developing countries, driving the growth of the aquaculture sector, according to Valdmarrson.

Valdmarrson said overall fish import value in 2006 reached US$90 billion, with developed countries accounting for 80 percent of it as they were importing high value products such as shrimp or salmon.

The seafood trade also helps poor countries, as the trade brings in about US$25 billion in net export revenues, said Valdmarrson.

Valdmarrson said, "This means jobs and income - not only in the fishing and aquaculture sector but in fish preparation and processing, or supply and transport or other related sectors - and is also a source of revenues for governments. So in addition to making crucial contributions to nutrition and protein intake in the developing world, fisheries and aquaculture boosting food security there in this way, too."

Valdmarrson also said prices have fallen compared to earlier decades despite rising energy and feed costs, enabling consumers to buy wholesome, nutritional and safe seafood products at affordable prices.