Significance of trade and latest trends
A significant share of aquatic products enters international trade, contributing to employment, value addition, food supply and diversification, revenue generation, and overall economic growth and development. Moreover, trade plays a pivotal role in enhancing food and nutrition security by expanding access to a variety of nutritious aquatic foods.
Significance of trade
Aquatic animal products represent some of the most extensively traded food commodities on a global scale. The proportion of total aquatic animal production entering international trade has increased significantly. It rose from 25 percent in the mid-1970s to approximately 38 percent in 2022 – attesting to the sector’s increasing integration in the global economy. The trade of aquatic products is crucially important in numerous countries and regions. It is particularly important for communities in coastal, riverine, insular and inland areas, where exports of aquatic products constitute a substantial portion of overall merchandise trade, generating export earnings, jobs, income and socioeconomic growth. For example, exports of aquatic animal products contribute to over 30 percent of the total value of merchandise trade in countries and territories such as the Faroe Islands, Maldives and Seychelles (Figure 42). Globally, trade of aquatic animal products represented more than 9.1 percent of total agricultural trade (excluding forest products) and about 1 percent of total merchandise trade in value terms in 2022.
FIGURE 42TOP 30 COUNTRIES AND TERRITORIES WITH HIGHEST SHARE OF AQUATIC ANIMAL PRODUCT EXPORTS IN TOTAL MERCHANDISE EXPORTS, 2000–2022
Merchandise export data are based on FAO. 2023. FAOSTAT: Crops and livestock products. [Accessed 29 February 2024]. https://www.fao.org/faostat/en/#data/TCL. Licence: CC-BY-4.0.
Long-term trends
Trade in aquatic products has expanded considerably in recent decades. Increased aquatic production provides the incentive to expand trade, but this expansion is enabled by improved storage, preservation, transportation and logistics together with competitive prices and liberalization policies. Indeed, reduced transportation costs, and improved technology, logistics and storage have facilitated the processing of aquatic products in locations far from their production site. Similarly, the trade of fresh aquatic products has resulted in competition from producers located thousands of miles away from the high-end fresh markets traditionally served only by local fishers and farmers. Such trends have resulted in the emergence of complex supply chains in which aquatic products often cross several national boundaries before final consumption. In parallel, control of the aquaculture production process has enabled producers to cater for consumer needs and innovate more effectively within supply chains. An increasing number of markets have gone from regional to global, and ever more producers are seizing new market opportunities. These transformations are most apparent in the expanded geographical participation in trade. In 2022, more than 200 countries and territories engaged in aquatic trade during the year compared with 150 in the mid-1970s.
World trade in aquatic animal products has grown significantly in value terms, with exports rising from USD 7.9 billion in 1976 to a record high of USD 192 billion in 2022,w at an average annual growth rate of 7.2 percent in nominal terms and 4.0 percent in real terms (Figure 43). Exports of algae contributed an additional USD 1.6 billion and exports of other aquatic products such as sponges, corals, shells and inedible by-products added an extra USD 0.9 billion in 2022. The total export value of all aquatic products reached a record high of USD 195 billion in 2022.
FIGURE 43WORLD MERCHANDISE AND AQUATIC ANIMAL EXPORT VALUE, FIXED-BASE INDICES (1976=100), 1976–2022
Merchandise export data are based on FAO. 2023. FAOSTAT: Crops and livestock products. [Accessed 29 February 2024]. https://www.fao.org/faostat/en/#data/TCL. Licence: CC-BY-4.0.
Deflator data are based on World Bank. 2024. World Bank national accounts data, and OECD National Accounts data files. [Accessed 29 February 2024]. https://data.worldbank.org/indicator/NY.GDP.DEFL.ZS. Licence: CC-BY-4.0.
Similarly to the trade of other merchandise, trade of aquatic animal products is closely tied to the broader economic context. World merchandise exports have experienced strong growth since 1976, reaching USD 25 trillion in 2022, almost 25 times the value recorded in 1976. This is equivalent to an annual growth rate of 7.3 percent in nominal terms and 4.0 percent in real terms.
Despite its upward trend, aquatic animal trade has contracted on six occasions since 1976: in 1982, 1998, 2009, 2015, 2019 and 2020. Preliminary estimates for 2023 point to another decline of about 4 percent in the value of exports of aquatic animal products compared with 2022.
Short-term trends
Between 2020 and 2022, the international trade landscape was significantly influenced by the COVID-19 pandemic, and aquatic products were no exception. Compared with 2019, global aquatic animal exports and merchandise exports witnessed declines estimated at −6.7 percent and −6.9 percent, respectively (Figure 44). This severe downturn in 2020 was a consequence of widespread lockdowns, disruptions in supply chains, and reduced consumer demand. Nevertheless, there was a rapid rebound, as recovery commenced before the end of 2020.
FIGURE 44ANNUAL GROWTH RATE OF WORLD MERCHANDISE, AGRICULTURAL AND AQUATIC ANIMAL EXPORTS BY VALUE, 2010–2022
SOURCES: Preliminary data. Final data available here: FAO. 2024. Global aquatic trade statistics. https://www.fao.org/fishery/en/collection/global_commodity_prod. Licence: CC-BY-4.0
Merchandise and agricultural product exports data are based on FAO. 2023. FAOSTAT: Crops and livestock products. [Accessed 29 February 2024]. https://www.fao.org/faostat/en/#data/TCL. Licence: CC-BY-4.0.
In 2021 and 2022, the value of global trade, including aquatic trade, experienced a rapid rebound, driven by a robust recovery in global demand and increasing commodity prices. Trade of aquatic animal products in 2022 increased by 19 percent relative to the pre-pandemic levels of 2019. The value of world merchandise exports recovered even more rapidly than that of aquatic animal exports, particularly in 2021, with a rise of 32 percent over the period 2019–2022.
Slower growth in traded volumes
From 2020, the dynamics of aquatic trade have been influenced not just by changes in worldwide demand since the COVID-19 pandemic but also by variations in prices. A significant proportion of the increase in the global trade of aquatic products has been in value, with trade in volumes experiencing a more moderate expansion. Between 2019 and 2022, world exports of aquatic animal products increased by 5.7 percent in volume, compared with 19 percent in value over the same period reflecting a steady increase in unit value. In 2022, the unit value of exported aquatic animal products averaged USD 2.7 per kg (live weight equivalent), up from USD 2.4 in 2019 and an increase of 12 percent.
According to the FAO Fish Price Index (Box 5), average international fish prices in 2022 were 19 percent higher than 2021 prices, which in turn were 6.4 percent higher than 2020 prices. They then stabilized over 2023, marginally down compared with their level in 2022 (Figure 45). Such inflation was not specific to aquatic products but extended to food prices in general. The FAO Food Price Index (which excludes fish prices) increased by 28 percent in 2021 and by another 15 percent in 2022. However, a notable reversal occurred in 2023, with food prices (excluding fish) experiencing a decline of 14 percent.
BOX 5FAO FISH PRICE INDEX
Food prices are an important factor in the global food system, as they can impact all value chain actors – from producers, processors and distributors to consumers. They are carefully studied and monitored by policymakers, marketing strategists and traders. Fluctuations in food prices can have significant economic and social repercussions, affecting the availability, accessibility and affordability of foods around the world. Information on food prices and their structures provides an essential economic indicator and is indispensable for a proper understanding of food value chain economics.
The FAO Fish Price Index (FPI), disseminated for the first time in June 2010, is a key barometer of the world market of aquatic products. It was developed in collaboration with the University of Florida, United States of America and the University of Stavanger, Norway. The index measures monthly changes in international prices of a basket of fisheries and aquaculture commodities, with data stretching back to January 1990. The FPI is calculated as a weighted average of five subindices associated to the main traded species groups: pelagic fishes, salmons, shrimps, tunas and whitefishes. Subindices are calculated as an average of the normalized prices of each species group.
Over time, the methodology of the index has evolved, and efforts have been made to ensure comparability of the index across time. The index currently consists of 15 individual price series representing the five main species group categories. Prices originating from different countries around the world are used to best capture the global characteristics of sourcing and trade of aquatic products. Due to the relatively low number of auctions and exchanges for aquatic products in comparison with crops and meats, different price types are used (auction, wholesale and trade prices).
For the largest traded species groups, the fish market is global, meaning that all price types provide a fairly accurate representation of the price fluctuations over time for the species in question. The prices collected can be daily, weekly or monthly and they are averaged accordingly when computing the index. The export value shares observed for each species group over the period 2014–2016 are used to weigh its contribution to the FPI. The species group accounting for the largest weight in the FPI is salmons, followed by shrimps and whitefishes. The index is set to 100 for the average of the years 2014, 2015 and 2016, making the average price for the basket of fisheries and aquaculture commodities in those three years the baseline.
The prices are sourced from the European Market Observatory for Fisheries and Aquaculture Products, Statistics Norway, the Danish Fisheries Agency and the FISHINFONetwork (FIN). The FIN, consisting of seven independent intergovernmental and governmental organizations plus the FAO-based GLOBEFISH unit (see GLOBEFISH: 40 years of market monitoring and marketing intelligence, p. 174), plays an important role in collecting and disseminating worldwide market and price information.
A webpage dedicated to the FAO Fish Price Index is on the FAO website and is updated on a monthly basis to report the latest trends. It is available at: https://www.fao.org/fishery/en/fishstat/fishpriceindex and will be updated on a monthly basis to report the latest trends.
FIGURE 45ANNUAL CHANGES IN FAO FISH PRICE INDEX, 1990–2023
SOURCE: FAO. (forthcoming). FAO Fish Price Index. https://www.fao.org/fishery/en/fishstat/fishpriceindex. Licence: CC-BY-4.0.
Key players
Top exporters
Since 1976, Asia has experienced the highest average annual growth rate in the export value of aquatic animal products, followed by Africa, Europe, the Americas and Oceania. In 2022, Europe and Asia maintained their positions as the leading exporting continents for aquatic animal products, accounting for 37 percent and 35 percent of the total export value, respectively. They were followed by Latin America and the Caribbean (15 percent), Northern America (7 percent), Africa (4 percent) and Oceania (2 percent).
High-income countries and middle-income countries each contributed to approximately half of the total value of aquatic animal exports in 2022. Conversely, the share of low-income countries was negligible. Regarding the destination of exports in 2022, high-income countries were the destination for 81 percent of the value of exports from high-income countries compared with 63 percent of the value from non-high-income countries. Figure 46 shows the top exporting countries of aquatic animal products.
FIGURE 46TOP TEN EXPORTING COUNTRIES OF AQUATIC ANIMAL PRODUCTS BY VALUE, 2022
China
In addition to being by far the major producer of aquatic products, China has also been the main exporter of aquatic products since 2002. In 2022, China’s contribution to world exports of aquatic animal products stood at 12 percent, which is comparable to – although slightly less than – the country’s 14 percent share in total merchandise trade.
Chinese aquatic animal product exports have experienced a dynamic evolution over the past decades, registering a robust average annual growth rate of 14.2 percent between 1976 and 2009. However, during the 2010s, the pace of expansion decelerated to an average of 4.7 percent per year. Overall, Chinese exports of aquatic animal products increased from approximately USD 0.1 billion in 1976 to an estimated USD 22.4 billion in 2022, despite noticeable fluctuations. Notably, there were declines in 2019 and 2020 – of 7.3 percent and 7.9 percent, respectively – driven by the trade tensions between the United States of America and China and the impact of the COVID-19 pandemic. Nevertheless, positive rebounds were observed in 2021 and 2022, with annual increases of 15 percent and 5.1 percent, respectively.
China’s aquatic animal product exports showcase a rich diversity of species and product forms. Notably, China is a major exporter of cephalopods, tilapias, Alaska pollock, mackerels, tunas and shrimps. A distinctive feature of Chinese exports is the prevalence of processed aquatic products originating from both domestic and imported raw material. Chinese exports include a wide array of products, ranging from frozen whole fish to frozen fillets and canned cuttlefish. This illustrates the versatility of the Chinese processing industry and its capacity to adapt to international demand for a variety of processed and value-added aquatic products.
China maintains exports to over 170 countries and territories. In 2022, Japan remained by far the largest export destination in value terms, followed by the United States of America and the Republic of Korea. These top three export destinations accounted for, respectively, 16 percent, 12 percent and 8 percent of China’s aquatic animal product export value. In 2022, the value of aquatic animal product exports to the United States of America and the Republic of Korea grew by 6.6 percent and 6.4 percent, respectively, against only 1.8 percent for exports to Japan.
Norway
Following China, Norway is the second-largest exporter of aquatic animal products. Norway exports mostly farmed salmonids and some wild fish such as cod, herring, mackerel, other whitefish and small pelagic species. In 2022, Norway experienced a surge in the value of its exports of aquatic animal products, which increased by 12 percent from 2021. This outpaced the overall global annual growth rate of aquatic animal export value, which stood at 8.8 percent, elevating Norway’s share in the global value of aquatic animal product exports to 8 percent. Norwegian exports of aquatic animal products reached USD 15.5 billion in 2022, a new record high, while quantities in live weight equivalent were down by 6.7 percent compared with 2021. This was primarily attributed to elevated prices, particularly for salmonoids, the predominant species group in Norwegian exports.
Norway distinguishes itself from China by its specialization in salmonoids. Salmon products constitute over 73 percent of Norway’s aquatic animal export revenue, destined to a wide range of markets, reaching more than 140 countries and territories. In 2022, the top three destinations for Norwegian aquatic animal product exports were Poland and Denmark – where it is processed before re-export – and the United States of America.
Viet Nam
Viet Nam, the third-largest exporter of aquatic animal products, recorded export values totalling USD 11.2 billion in 2022. The primary exports from Viet Nam are farmed shrimps, farmed catfish (Pangasius spp.) and tuna products. The United States of America, China and Japan were the top destinations for Vietnamese exports of aquatic animal products, accounting together for 51 percent of Viet Nam’s aquatic animal export revenue. While exports to each of these destinations increased in 2022, the strongest export growth was to China and Japan.
Ecuador
Ecuador has witnessed a substantial upswing in its exports of aquatic animal products over the past decade (+13.3 percent on average per year), primarily driven by a notable increase in farmed shrimp production. In 2022, Ecuador became the largest exporter of shrimps and prawns globally, ahead of India and Viet Nam, and was ranked the fourth-largest exporter of aquatic animal products. In 2022, Ecuador’s total exports reached USD 10.1 billion, increasing by nearly USD 3 billion, equivalent to a 42 percent growth from 2021. The key drivers behind Ecuador’s success include a slowdown in shrimp production in several Asian countries, modernization efforts in the shrimp farming programme enhancing Ecuador’s competitiveness, and the implementation of local breeding programmes. Ecuador’s export trade initially revolved around exporting shrimp to the United States of America and European markets. Nevertheless, in recent years, China has emerged as the primary destination for Ecuadorian exports, contributing 43 percent to the country’s total export revenue of aquatic animal products.
Chile
In Chile, aquaculture production of Atlantic salmon, coho salmon and rainbow trout has developed into a highly competitive and modern export-oriented industry. Chile has witnessed consistent growth in export revenue driven by strong global demand for salmonids and high prices. In 2022, Chilean exports of aquatic animal products totalled USD 8.5 billion, up 25 percent from 2021.
India
India slipped to sixth position in 2022, having previously been the fourth-largest exporter of aquatic animal products in 2019. This drop was mainly due to a decrease in shrimp prices in addition to exported volumes not increasing as much as from other shrimp-exporting countries such as Ecuador. Nevertheless, shrimp exports accounted for 70 percent of the USD 7.9 billion generated by Indian aquatic animal product exports in 2022.
Other exporters
Other major exporters include the European Union, the Russian Federation, Canada and the United States of America. The European Union is the largest exporter with USD 39.8 billion in 2022, although the vast majority (80 percent in value) is attributed to intra-European Union trade. Moreover, a large proportion of these trade flows consist of re-exported products, either after processing within the European Union or after import into the EU market from non-EU countries.
In 2022, the Russian trade data were estimated through mirroring due to the absence of reported data at the time of writing. Consequently, observed changes may be the result of disparities in data sources compared with previous years. The estimates indicate substantial growth in both volume and value of aquatic product exports in 2022. The total value of Russian exports of aquatic animal products was estimated at USD 7.4 billion in 2022, marking an increase of 14 percent compared with 2021 and positioning the Russian Federation as the seventh-largest exporter of aquatic animal products. The Russian Federation exports a range of aquatic products, including Alaska pollock, cods, crabs and salmons.
The collective contribution of Canada and the United States of America to the global export value of aquatic animal products was 6.4 percent in 2022, with a substantial portion of this trade occuring bilaterally between the two nations.
Top importers
Europe has traditionally held the position of leading importing region for aquatic animal products. However, its dominance has been gradually declining since the late 2000s, while other regions such as Asia and Latin America and the Caribbean have witnessed an upward trend in their import shares. In 2022, Europe accounted for 39 percent of the total import value of aquatic animal products, followed by Asia (35 percent), Northern America (19 percent), Latin America and the Caribbean (3 percent), Africa (3 percent) and Oceania (1 percent).
High-income countries overwhelmingly dominate global imports of aquatic animal products. In 2022, they accounted for 74 percent of the total import value. With regard to the origin of imports in 2022, high-income countries were the origin of 56 percent of the value of imports in high-income countries compared with 36 percent of the value in non-high-income countries.
European Union
The European Union was the largest single market for aquatic animal products in 2022, with imports valued at USD 62.7 billion. While intra-European Union trade flows are significant, it is noteworthy that even when exclusively considering EU imports originating from non-EU countries, the European Union remained the top importer of aquatic animal products, with an import value of USD 33.2 billion in 2022. About 27 percent of aquatic animal products imported into the European Union from non-member countries were sourced from Norway, with China (6 percent), Ecuador (6 percent), Morocco (5 percent) and the United Kingdom of Great Britain and Northern Ireland (5 percent) following. While the European Union imports a wide variety of aquatic animal products, nearly 80 percent of its imports comprise salmonids, cods, shrimps, tunas and squids. In 2022, the European Union experienced a 9.7 percent growth in the value of imports of aquatic animal products from non-member countries and a 0.8 percent increase in volumes measured in live weight equivalent. This dynamic resulted in an 8.9 percent increase in the unit value of imports into the European Union in 2022 and is consistent with the observed inflation, particularly in the food sector, experienced across Europe over 2022.
United States of America
The largest individual importing country in 2022 was the United States of America (Figure 47). The value of its imports reached USD 32.1 billion, representing 17 percent of the world import value of aquatic animal products and reflecting a growth of 7.3 percent in 2022 compared with 2021, along with a 4.9 percent increase in volume (live weight equivalent). It resulted in a rise in unit value (+2.3 percent), although significantly lower than that observed in the European Union (+8.9 percent). The primary suppliers of aquatic animal products to the United States of America were Canada (13 percent), Chile (12 percent), India (10 percent), Indonesia (9 percent) and Viet Nam (7 percent), which collectively represented 51 percent of the total import value in 2022. Notably, in 2022, Chile surpassed India to become the second-largest supplier of aquatic animal products to the United States of America. Shrimps, salmonids and tunas were the most imported aquatic animal products, contributing 26 percent, 22 percent and 8 percent, respectively, to the total value of imports to the United States of America in 2022.
FIGURE 47TOP TEN IMPORTING COUNTRIES OF AQUATIC ANIMAL PRODUCTS BY VALUE, 2022
China
The second-largest individual importing country was China in 2022, accounting for 12 percent of the world’s import value of aquatic animal products. With a significant surge of 30 percent from 2021, China’s imports reached USD 22.5 billion in 2022. Import volume (live weight equivalent) experienced a growth of 6.5 percent in 2022 compared with 2021, leading to a unit value rise of 23 percent. The surge in China’s imports can be attributed in part to the outsourcing of processing from other nations. Moreover, it reflects the increasing domestic consumption of species not locally produced within the country. The rapid growth rate of Chinese imports compared with exports resulted in China becoming a net importer of aquatic animal products in value terms for the first time in 2022 (Box 6). While China increased imports from the majority of its suppliers, key contributors were Ecuador (the main origin of Chinese imports), the Russian Federation and Viet Nam. Shrimps, cods, lobsters and crabs are the most imported aquatic products, and in 2022 they accounted for 51 percent of the total value of Chinese imports of aquatic animal products.
BOX 6CHINA: THE SHIFT FROM NET EXPORTER TO NET IMPORTER
The development of China’s fisheries and aquaculture production and processing industry has resulted in substantial growth in its exports of aquatic animal products over time. To the point that China became and remains the world’s largest exporter of aquatic animal products in value terms since 2002. Simultaneously, Chinese imports of aquatic animal products have also seen substantial growth since the 1980s. These imports supply raw materials to the processing industry, feed for the aquaculture and livestock sectors, and aquatic foods to meet the domestic demand.
Throughout the 2000s, the value of both Chinese exports and imports of aquatic animal products experienced an average annual growth rate of 12 percent. However, in the following decade, while exports maintained a more modest average growth rate of 5 percent per year, imports surged at an average annual rate of 13 percent. This difference in growth rate between exports and imports persisted into 2021 and 2022. To illustrate the magnitude of this growth, Chinese imports of aquatic animal products more than doubled between 2017 and 2022, soaring from USD 10.7 billion to USD 22.5 billion. Meanwhile, over the same period, Chinese exports of aquatic animal products increased from USD 20.5 billion to USD 22.4 billion. This substantial difference between the growth rates of imports and exports resulted in China transitioning from being a historically net exporter of aquatic animal products to becoming a net importer in value terms for the first time in 2022. Preliminary data for 2023 indicate a further increase in the Chinese trade deficit, from USD 0.1 billion in 2022 to USD 2.7 billion in 2023.
Both short- and long-term drivers reflect such change in the net trade situation of China. On the short-term side, the surge in Chinese imports of aquatic animal products is attributed to the reopening of the country’s food service and processing sectors, which had been severely impacted by the COVID-19-related restrictions. This surge includes increased imports of various items such as frozen shrimps, fresh rock lobster, frozen Alaska pollack and fresh salmon. With restrictions easing in 2022 and anticipation building around the first significant Chinese New Year celebration post-pandemic, importers increased their inventories in anticipation of greater demand. Long-term trends include the expansion of the middle class, which seeks higher-value aquatic animal products, including from distant regions. Additionally, rising labour costs undermine the competitiveness of Chinese exports, with implications for its processing export industry.
This transition in China’s aquatic animal trade dynamics has implications not only for the domestic industry but also for the global market. As China shifts from being a net exporter to a net importer of aquatic animal products in value terms, new opportunities arise for other exporting countries to meet the rising demand in the Chinese market.
While China became a net importer of aquatic animal products in value terms in 2022, it is important to note that – from a volume perspective – China has been a net importer since the mid-1980s. However, the trade deficit in volume terms has been widening significantly in recent years.
CHINA'S NET AQUATIC ANIMAL PRODUCTS TRADE BALANCE BY VALUE, 1976–2023
SOURCE: Preliminary data. Final data available here: FAO. 2024. Global aquatic trade statistics. https://www.fao.org/fishery/en/collection/global_commodity_prod. Licence: CC-BY-4.0
Japan
Japan was the third-largest individual importing country in 2022. The value of aquatic animal products imported by Japan in 2022 reached USD 15.1 billion, constituting 8 percent of the total global value of aquatic animal products. While there was an upswing in the Japanese import value in 2022, denoting a recovery phase from the disruptions caused by the COVID-19 pandemic, it is noteworthy that import levels did not fully rebound to their pre-pandemic heights. This suggests that, despite the post-pandemic resurgence, Japan might be resuming the downward trend observed in its imports of aquatic animal products during the 2010s.
Particular situation of Africa
In addition to the countries mentioned above, numerous other countries actively engage in the trade of aquatic products, whether at the inter- or intraregional level (Figure 48). However, it is worth noting that African countries tend to have a relatively modest participation in aquatic trade. Overall, Africa accounted for 4 percent of the total value of aquatic animal exports and for 3 percent of the total value of aquatic animal imports in 2022. This relatively modest engagement in trade can also be partially attributed to the challenge of accurately capturing data on regional trade flows, which are not consistently reflected in official statistics. In terms of both value and volume (live weight equivalent), Africa is a net exporter. The bulk of African imports comprises cheap small pelagic species, such as mackerels or sardines, which play a crucial role in diversifying diets for populations heavily reliant on a limited range of staple foods. Beyond the analysis by volume and value, trade can also be analysed from a nutritional point of view. To do this, aquatic animal trade data were categorized into groups of products, according to species, product form characteristics, and related average nutritional values. Based on this analysis, the protein content of African imports of aquatic animal products surpasses that of exports by nearly 50 percent. This implies that although Africa is a net exporter of aquatic animal products in terms of value and volume, it is a net importer from a protein perspective, meaning that Africa enhances its protein supply from aquatic animal products through trade.
FIGURE 48TRADE FLOWS OF AQUATIC ANIMAL PRODUCTS BY REGION (SHARE OF TOTAL IMPORTS, IN VALUE), 2022
SOURCES: Preliminary data. Final data available here: FAO. 2024. Global aquatic trade statistics. https://www.fao.org/fishery/en/collection/global_commodity_prod. Licence: CC-BY-4.0.
United Nations Geospatial. 2020. Map geodata.
Main traded products
In 2022, around 76 percent of the exported quantity of aquatic animal products in live weight equivalent was intended for food consumption. Among non-food traded items, fishmeal and fish oil took the largest share, accounting for nearly one-quarter of the globally traded quantities of aquatic animal products (Figure 49). The proportion of non-food items within the overall traded quantities of aquatic animal products has declined significantly over the years: from over 50 percent in 1976 to under 25 percent in 2022.
FIGURE 49SHARE OF MAIN PRODUCT FORMS IN EXPORTS OF AQUATIC ANIMAL PRODUCTS BY VOLUME, 1976 VS 2022
SOURCE: FAO estimates.
Another distinctive feature of aquatic animal product trade is the increasing prevalence of processed products, other than live and fresh whole aquatic animals. In 2022, 92 percent of aquatic animal products, measured in live weight equivalent, were processed items. Processing methods have evolved with increasing adoption of freezing. As a result, frozen products in 2022 constituted 44 percent of the total traded quantity, a significant increase from the 22 percent recorded in 1976. This expansion was made possible through the adoption of innovative technologies in chilling, packaging and distribution. These new technologies also facilitated growth of trade in fresh processed products such as fresh fillets.
Aquatic animal product trade involves a wide variety of species. Figure 50 shows the breakdown of the total value of globally traded aquatic animal products by major species group in 2022.
FIGURE 50SHARE OF MAIN GROUPS OF SPECIES IN EXPORTS OF AQUATIC ANIMAL PRODUCTS BY VALUE, 2022
SOURCE: Preliminary data. Final data available here: FAO. 2024. Global aquatic trade statistics. https://www.fao.org/fishery/en/collection/global_commodity_prod. Licence: CC-BY-4.0.
Finfish dominated the global trade in aquatic animal products in 2022, making up 65 percent of the total value. Crustaceans followed with 23 percent, and molluscs and other aquatic invertebrates contributed 11 percent. Since 2013, salmonids have been the most valuable traded aquatic species group, and in 2022 they accounted for 20 percent of the total value. Other important species groups in terms of export value included shrimps and prawns (17 percent), cods, hakes and haddocks (9 percent), tunas, bonitos and billfishes (9 percent), and squids, cuttlefishes and octopuses (7 percent). There follows a succinct analysis of recent trends in key species groups and products.
Salmon and trout
The trade in salmon and trout has shown a consistent increase, averaging 10.4 percent per year in value since 1976. This surpasses the overall average growth rate observed for aquatic animal product trade, which stood at 7.2 percent during 1976–2022. Consequently, salmon – and particularly farmed Atlantic salmon – has emerged as a significant contributor to the expansion of global trade in aquatic products in recent decades. Global marketing strategies, product innovation, and advancements in logistical and production technology have played pivotal roles in positioning salmon as a popular item in markets worldwide, leading to a rapid growth in demand. In 2022, world salmon and trout exports reached USD 38 billion, up 15 percent from the previous year. The main exporters of salmon, namely Norway and Chile, registered record-high export revenues in 2022, driven by rising prices and higher added value of products. In 2023, the Norwegian parliament endorsed the government’s proposition to levy taxes on fish farming conducted in coastal waters, potentially influencing future investment decisions.
Shrimps and prawns
Formerly the leading traded species group (until surpassed by salmon in 2013), shrimp and prawn exports have experienced renewed growth in recent years. This resurgence is primarily attributed to the exceptional production expansion in Ecuador. The Ecuadorian industry has benefited significantly from advancements in farming technology such as automatic feeding and mechanical aeration, major investments in genetic enhancement, a strong industry vertical consolidation, and increasing exports to China. The Ecuador–China Free Trade Agreement, set to enter into force in 2024, is expected to remove the 5–7 percent tariffs currently imposed on Ecuadorian aquatic exports to China.
Demand for shrimps and prawns was high in China and the European Union in 2022, contrasting with a marginal decline in the United States of America. In 2022, global exports of shrimps and prawns reached USD 32.3 billion, an increase of 8.7 percent from 2021 – which had already seen a 22 percent growth from 2020 following three consecutive years of decline between 2018 and 2020. This downward trend reflected the diminished prices driven by large production volumes, particularly from aquaculture. Although prices saw a slight increase in 2022, they remained lower than historical levels. However, in 2023, international shrimp prices dropped by 16 percent compared with 2022, as reported by the FAO Fish Price Index. This, combined with rising production costs, had a negative impact on the profitability of the sector.
Cods, hakes and haddocks
Cods, hakes and haddocks primarily originate from capture fisheries, and the Russian Federation, China and Norway are the main exporting countries. In 1976, this species group accounted for 12 percent of the overall export value of aquatic animal products. Over time, the share of cods, hakes and haddocks has experienced a decline within the total value of aquatic exports reflecting a corresponding decrease in production volumes. In 2022, global exports of cods, hakes and haddocks reached USD 17.8 billion, representing 9 percent of the total value of aquatic animal product exports. The main importers remain the European Union, China and the United States of America. Reduced supplies of these wild-caught species have led to an upward trend in prices in recent years, a trajectory which is expected to persist, particularly for cods. This may prompt consumers to shift towards more affordable alternatives. Farmed whitefish species such as tilapia and Pangasius spp. represent strong competition in terms of pricing for wild-caught species.
Tunas, bonitos and billfishes
In 2022, global exports of tunas, bonitos and billfishes reached a value of USD 17 billion, representing 9 percent of the total value of aquatic animal product exports. Canned tuna constituted slightly over half of tuna exports, with Thailand being the leading exporter, followed by Ecuador, China and several European countries. While traditional importers of canned tuna include the United States of America and the European Union, in recent years there has been a rising trend in imports by Near East countries. Canned tuna exports, unlike many other aquatic products during the pandemic, witnessed both volume and value growth in 2020, reflecting heightened consumer demand for affordable proteins that are convenient for preparation and storage. However, exports declined in 2021 due to elevated retailer inventories resulting from substantial orders placed throughout 2020 in response to the initial surge in consumer purchases at the beginning of the pandemic. In 2022, canned tuna exports experienced a robust rebound in both value and volume, primarily driven by increased demand in the United States of America and numerous European countries. Although fresh tuna exports are lower in volume, their unit price is three times higher than that of canned tuna. The fresh market faced substantial challenges during the pandemic, experiencing a sharp decline in exports in 2020. However, it demonstrated a robust recovery in 2021 and continued to exhibit growth in 2022. The primary importers of fresh tuna products include the European Union, the United States of America and Japan.
Cephalopods
Cephalopods, which comprise octopus, squid and cuttlefish, have witnessed a growing share in global trade, despite facing potential risks due to inadequate management practices. In 2022, global cephalopod exports reached USD 14.3 billion, constituting 7 percent of the world’s total exports of aquatic animal products. Spain, Italy and Japan maintain their positions as the largest importers of cephalopods. China, Spain, India and Indonesia emerge as primary exporters of squid and cuttlefish, while China, Morocco, Spain and Mauritania lead in octopus exports. Cephalopods are predominantly exported as frozen products, representing 72 percent of the total value in 2022, followed by canned (22 percent) and fresh (4 percent). Limited octopus supplies, combined with the reopening of the food service sector, resulted in price increases after the COVID-19 pandemic. However, these high prices triggered consumer resistance in certain markets in 2023. A comparable trend is noticed for squids, where escalating prices are attributed to limited supplies.
Bivalves
The most heavily traded bivalve mollusc species are scallops, clams and mussels, the vast majority of which are farmed. In 2022, global exports of bivalve molluscs totalled USD 6.0 billion, representing around 3 percent of the value of global exports of aquatic animal products. China was by far the largest exporter of bivalves, accounting for about one-quarter of all bivalve mollusc exports in value terms. The European Union, the United States of America, China and Japan account for the bulk of import demand. The export of bivalve molluscs experienced a do wnturn in 2020, primarily as a consequence of restaurant closures due to pandemic-related lockdown restrictions. However, the industry demonstrated a robust recovery in 2021 and 2022. Bivalve prices are increasing in all major markets due to inflation and high demand. However, as observed for other products, consumer resistance to high prices may emerge in response to challenging economic conditions.
Fishmeal and fish oil
In 2022, fishmeal exports totalled USD 6.1 billion, representing 3 percent of the value of global exports of aquatic animal products. Peru experienced a decrease in exports in 2022, but remained the top exporter of fishmeal, accounting for nearly one-third of the total value of fishmeal exports. Meanwhile, exports from India, Iceland, Viet Nam and Morocco have been rapidly increasing. In countries where small pelagic fish, utilized for fishmeal, are also consumed locally, signs of increasing competition between fishmeal production and human consumption arise. Major aquaculture producers like China drive most of the import demand for fishmeal. In 2023, the Peruvian catches of anchoveta were hugely reduced for stock management reasons associated with the El Niño phenomenon (see Impacts of El Niño on marine fisheries and aquaculture, p. 202), with exported volumes more than halving, causing fishmeal prices to rise.
In 2022, compared with 2021, fish oil exports grew by 27 percent in value terms and declined by 1.6 percent in product weight, representing a surge of 30 percent in the unit value. The increase reflected both the limited supplies of fish oils and, more importantly, the soaring prices of vegetable oils, leading to greater demand for fish oil. In 2023, the drop in exports of Peruvian fish oil was even more pronounced than the drop in exports of fishmeal, contributing to prices reaching unprecedented high levels.
Algae
In 2022, exports of algae surged by 26 percent compared with the previous year, reaching USD 1.6 billion, mainly reflecting a substantial rise in Indonesian and Chilean exports to China. As a result, Indonesia became the largest exporter of algae in 2022 in value terms, followed by the Republic of Korea and Chile. Together, these three countries accounted for 58 percent of the total export value of algae in 2022. On the import side, China, Japan and the United States of America remained the top importers of algae, representing together 56 percent of the total import value in 2022. In 2022, 53 percent of the export value of algae was specifically recorded as being edible, while the remaining 47 percent was either not edible or not specified. This distinction underscores the diverse uses of algae in various industries such as those manufacturing cosmetics, pharmaceuticals or food additives extending beyond traditional food consumption.
Other aquatic products
Exports of other aquatic products such as sponges, corals, shells and inedible by-products reached USD 0.9 billion in 2022, up 3.7 percent on 2021. Inedible by-products accounted for 81 percent of the total, while sponges, corals and shells accounted for the remaining 19 percent. The United States of America, Viet Nam and China were the top exporters in 2022, while the United States of America, Canada and Denmark were the top importers.
- w Trade data for 2022 should be considered preliminary as they refer to the information available as at February 2024. These values could differ slightly from those to be released in the Trade section of the FAO Yearbook of Fishery and Aquaculture Statistics 2022, and in the FishStatJ workspace to be disseminated in mid-2024. The updated data will be available through the FAO website, available at: https://www.fao.org/fishery/en/fishstat
