August 21, 2024

 

Trade in aquaculture among developing countries doubles over last decade, UN reports

The United Nations Trade and Development agency has reported that trade in fisheries and aquaculture between developing countries has more than doubled over the past decade, Daily Cargo News reported.

 

South-South trade, which refers to commerce between developing nations, rose from approximately US$19 billion in 2012 to US$39 billion in 2022.

 

During the same period, global trade in marine fisheries and aquaculture grew significantly, reaching US$186 billion in 2022, a 63% increase from US$114 billion in 2012.

 

The UN highlighted the shift in trade patterns, noting that the rise in South-South trade contrasts with the traditional focus of developing countries on exporting to advanced markets.

 

Chile, China, Ecuador, India, Peru, Thailand, and Vietnam emerged as leading exporters among developing nations, collectively accounting for 46% of global seafood exports in 2022, an increase from 42% in 2012.

 

These countries also hold a larger share in the higher-value processed seafood segment, with 53% of their exports falling into this category compared to 40% for unprocessed products.

 

The UN stated that South-South trade enables developing countries to retain more economic benefits locally, create jobs, and drive innovation in both food and non-food marine-based industries.

 

David Vivas Eugui, who leads UN Trade and Development's ocean and circular economy section, remarked that these figures underscore the success of developing countries in adding value to their seafood exports.

 

"This shift signifies a new era where developing countries are increasingly trading with each other," Vivas Eugui said.

 

However, the UN also pointed out that the fisheries and aquaculture sector continues to face challenges, including overfishing, harmful subsidies, and the impacts of climate change, which threaten the sustainability of the industry.

 

According to the report, the number of overfished stocks has tripled since 1974, with over one-third of the world's assessed fisheries currently being overfished.

 

Despite these obstacles, the UN remains optimistic, asserting that the fisheries and aquaculture industries present significant opportunities for sustainable and inclusive economic growth. These sectors also play a critical role in advancing sustainable development goals, such as improving food security, eliminating hunger, and protecting marine life.

 

-      Daily Cargo News