Photo: Stockfile/FIS

Fishmeal and fish oil exports increase, while squid exports decrease

PERU
Thursday, October 10, 2024, 00:10 (GMT + 9)

The outlook for non-traditional exports for the remainder of the year depends largely on the performance of the agro-export sector, according to experts. However, value-added fishery exports are not projected to experience a significant recovery.

In August, Peru recorded exports worth US$ 6,717.6 million, representing a growth of 26.4% compared to the same month in 2023, according to data from the Association of Exporters (Adex).

Between January and July 2024, fishmeal production increased by almost 36% compared to the same period of the previous year, driven by a very productive first fishing season in the central-northern zone of Peru. At a global level, accumulated fish oil production until July 2024 also grew by 10% year-on-year.

A scientific cruise is underway to assess anchovy biomass in the central-northern zone of Peru, which could end in mid-October. Meanwhile, catches of small pelagics in southern Chile and northern Europe remain below levels recorded in 2023. In the United States, menhaden fishing in the Gulf of Mexico remains low, although landings in the Atlantic exceed last year's levels.

These results are based on data shared by members of IFFO, the Marine Ingredients Organization, which represents 55% of global marine ingredient production.*

Demand decline in China

Demand for fishmeal and fish oil in China, both for aquaculture and pig farming, has declined. As fishing restrictions along the Chinese coast have been lifted, domestic fish production has begun to increase, with expectations that it will peak in the last quarter of the year.

Cumulative fishmeal imports have shown an increase through August, indicating an increase in the aquaculture population. However, fishmeal inventories at major Chinese ports reached record levels in September 2024, reflecting weaker demand in the aquaculture and pig farming sectors.

As for animal feed, demand for fishmeal for pigs is unlikely to see a significant rebound, while prices for plant-based feed ingredients such as soybean and rapeseed meal remain low due to market weakness.

*Countries: Peru, Chile, Denmark/Norway, Iceland/North Atlantic, United States, African countries, Spain.

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