June 6, 2007

Australia's seafood sector records increase in profits even as volumes fell

Even though production fell 13 percent by volume in 2005-2006, Australia's fishery production industry raked in an estimated US$2.13 billion, a one percent increase in profits compared to the year before.

The figures reflects the growth in Australian aquaculture production, which compensated for declining production in the wildcatch sectors, ABARE(Australian Bureau of agricultural resource and economic) executive director, Phillip Glyde said.

The gross value of aquaculture production increased by 18 percent (US$114 million) in 2005-06 to US$748 million, driven by a rise in the production of salmonids and southern bluefin tuna.

Meanwhile, wildcatch production fell three per cent to US$1.14 billion.

Glyde said production in Australian fisheries had recently been affected by several factors, such as exchange rates and fuel prices. In real terms, the gross value of Australian fisheries production had fallen 25 percent since 1999-2000 while the value of exports had declined by 36 percent.

The total value of Australian exports rose slightly in 2005-06, increasing by US$5.3 million to US$1.55 billion. Rock lobster (US$489 million) remained Australia's most valuable fisheries export product followed by pearls (US$290 million), abalone (US$246 million) and tuna (US$177 million).

In 2005-06, Hong Kong overtook Japan as Australia's main export market for edible fisheries products.

During the five years to 2005-06 the total value of seafood exports to Japan fell by 56 percent, part of it due to the appreciation of the Australian dollar relative to the Japanese yen.

Meanwhile, the value of Australian seafood imports continued to grow in 2005-06, increasing by eight percent to US$1.26 billion.