The EU Seafood Supply Synopsis 2024, AIPCE-CEP report has found that sourcing seafood has intensified as domestic EU production is insufficient
The EU Seafood Supply Synopsis 2024 highlights the growing importance of international trade for ensuring a stable supply of seafood within the EU, emphasising that domestic production alone is insufficient to meet demand.
The report, formerly known as the Finfish Study, published by AIPCE (EU Fish Processors and Traders Association) and CEP (European Federation of National Organizations of Importers and Exporters of Fish), underlines how the EU’s seafood processing and trading industry depends heavily on imported raw materials to create added-value seafood products, support employment, and sustain trade. In 2023, the EU imported over 8.5 million tonnes of seafood from third countries, accounting for 69% of its total supply, a trend that’s been consistent for years.
With domestic production remaining relatively stable but insufficient, the synopsis stresses that external supplies are critical, particularly as competition for seafood grows globally. The EU continues to rely on imports to fill the gap, with its self-sufficiency in seafood estimated at just 37.8% in 2023. This dependence on imports has made the EU seafood market particularly vulnerable to political and economic disruptions, such as the Russian war in Ukraine, trade agreements, and changing tariff regulations.
Trade agreements like the EU-Vietnam Free Trade Agreement (EVFTA) and the Economic Partnership Agreement (EPA) with Japan, as well as the new EU-New Zealand Free Trade Agreement, have been instrumental in maintaining the flow of seafood imports into the EU. These agreements facilitate zero-duty or reduced tariffs, easing access to essential seafood supplies like hoki from New Zealand and tuna from Vietnam.
The Seafood Supply Synopsis also points out that competition in the seafood sector has intensified, and sourcing from sustainable, reliable international markets is crucial for the EU’s food security. The ATQ (Autonomous Tariff Quota) system remains a vital tool, enabling the EU to secure raw materials at reduced tariff rates. In 2024, Russia and Belarus were excluded from the ATQ system following geopolitical tensions, further complicating the seafood supply chain as Russia had been a major source of key species like Alaska pollock and cod.
Despite these challenges, the EU fish processing industry has shown resilience, continuing to meet consumer demand. However, the report calls for ongoing efforts to improve access to seafood imports, address geopolitical disruptions, and ensure sustainable trade practices to keep the EU’s seafood sector competitive and sustainable for the long term.
In conclusion, the EU Seafood Supply Synopsis 2024 provides a comprehensive overview of the EU’s seafood trade, highlighting the critical role of international imports, the challenges posed by global competition, and the need for continued collaboration between industry and regulators to secure a sustainable seafood supply chain.