EUMOFA has released its annual ‘EU Fish Market 2023 Report’. Photo: European Union
EUMOFA Unveils 2023 Report on EU Fish Market: Inflation, Trade Imbalances, and Species Dynamics Explored
The European Market Observatory for Fisheries and Aquaculture (EUMOFA) has released its annual report, ‘The EU Fish Market,’ offering a comprehensive analysis of the state of the EU fisheries and aquaculture industry.
This yearly publication, a staple since 2014, provides a deep dive into what is produced, exported, imported, and consumed within the European Union’s vast maritime domain.
Highlights of the 2023 Edition:
- Higher Prices, Less Consumption:
The report outlines a notable trend in 2022 as household spending on fishery and aquaculture products in the EU-27 soared by almost 11%, continuing an upward trajectory that began in 2018. However, the surge in inflation significantly impacted food prices, including fish, resulting in a more than 10% increase from 2021 to 2022. Alarming Europanel/Kantar/GfK data indicates a substantial drop of nearly 17% in at-home fish consumption in the highest consuming EU countries during the same period.
- Inflation Affects EU Exports:
While the value of the EU’s fish and aquaculture exports experienced a substantial 19% increase, reaching €8.1 billion, the volume continued a downward trend observed in 2021, decreasing by 5% to 2.3 million tonnes. Inflation, partly linked to the COVID-19 recovery and exacerbated by the Russian aggression in Ukraine, impacted EU trade flows by increasing demand, prices, energy, and production costs. This, in turn, affected currency exchange rates, contributing to the observed trends.
- Deterioration of the EU Trade Balance:
The report signals a concerning deterioration in the EU trade balance, with the value of imports surpassing the value of exports, leading to a 25% increase in the trade deficit, amounting to €4.73 billion higher in 2022 than in 2021. The deficit’s growth by 56% in real terms from 2013 to 2022 is a cause for concern, with most EU countries experiencing increased values in both exports and imports, despite overall volume decreases.
Key Dynamics of Major Species:
– Salmon: Despite a 3% decrease in imports, the value of salmon imports soared by 28%, reaching a ten-year high of €8.4 billion in 2022. Notably, Norway contributed significantly to the increase, with a 33% rise in average import prices.
– Shrimps: Accounting for 10% of EU imports by volume and 15% by value, shrimps experienced a 2% increase in import volume and a 17% increase in import value in 2022. Ecuador, India, and Vietnam increased their market shares, while Argentina lost about 3% of its market share.
– Cod: A popular species among EU consumers, cod faced a 7% supply reduction in 2022 due to Norway/Russia quotas in the Barents Sea. This, coupled with a 29% increase in average product prices, caused import values to surge by 20%.
– Tuna: Accounting for 10% of total fish volumes and values imported in the EU, tuna saw a 1% volume increase and a 29% value increase in 2022. Skipjack tuna and yellowfin tuna dominated, making up significant portions of both volume and value.
– Alaska Pollock: Stable import volume, coupled with a 31% increase in import value to €986 million, showcased the species’ resilience. The rise in import value was primarily due to a significant increase in prices.
‘The EU Fish Market’ report, an annual tradition since 2014, is an essential analysis prepared by EUMOFA, a market intelligence service of the European Union developed by the European Commission. EUMOFA plays a pivotal role in enhancing market transparency and efficiency, analysing market dynamics, and supporting evidence-based policymaking in the EU fisheries and aquaculture industry.
