December 20, 2012

Australia's value of aquaculture has increased by 8% to around US$948 million in 2010-11, as shown by figures released by the Australian Bureau of Agricultural and Resource Economics and Sciences.

Upon releasing 'Australian fisheries statistics 2011', ABARES Executive Director Paul Morris said aquaculture has steadily increased its share of Australian fishery product earnings over the decade to 2010-11, from 29-43% with the farmed fish sector, particularly atlantic salmon, contributing most to this increase.

"Farmed salmonid species remained Australia's highest earning fisheries product in 2010-11, at US$408.8 million, after increasing its earnings by 11% or US$39.3 million."

South Australian farmed tuna production also increased its earnings in the year, by 22% or US$22.9 million, to reach US$125 million following a global recovery in tuna prices. Farmed barramundi increased earnings by US$3.7 million to US$35.7 million.

Other aquaculture products produced in 2010-11 include pearl oysters (US$120 million), edible oysters (US$99 million), prawns (US$57 million), abalone (US$16 million) and mussels (US$10 million).

The increase in aquaculture value contributed to a rise in the total gross value of production of Australian fisheries of 2% to reach US$2.23 billion in 2010-11. In the same year the value of wild catch fisheries production decreased by 2% to US$1.31 billion.

The value of Australian fisheries exports remained steady at US$1.2 billion in 2010–11 with rock lobster being the most valuable fisheries export (valued at US$369 million), followed by pearls (US$241 million), abalone (US$212 million), tuna (US$131 million) and prawns (US$77 million).

Hong Kong and Japan were the main export markets for Australian fisheries exports in 2010–11, accounting for 44% and 22% in value terms respectively. Other major export markets include China (12%) and Singapore and the US (both 4%).