Kochi: With global demand slowing and trade tensions contributing to a more challenging market, major Seafood exporters are seeing trade contractions in 2019, particularly in Asia, said Globefish , part of the UN’s food and agricultural organisation.
According to the report, China’s total seafood export are likely to be down significantly for the year, while the export revenues of Indonesia, India and the Philippines are also set to take a hit.
“Norwegian exports should remain steady on good price levels for its most important species, while for Latin American exporters, a strong salmon market and high fishmeal production is likely to see total exports rise. On the market side, Japan, the EU and the US have all seen declines in the total value of seafood imports in early 2019, giving back some of the gains achieved last year. In developing economies, import growth is set to slow but remain positive,” the latest report from Globefish said.
Globefish is of the view that the negative effects of the trade war between China and the US will persist throughout 2019, with the additional possibility of an escalation in Transatlantic trade tensions between the US and the EU.
“As seafood tends to follow prevailing trade trends, it is likely that 2019 will be a more challenging year for the industry as a whole. At the same time, however, supply shortages for various groundfish, cephalopod and small pelagic species are set to continue, keeping prices relatively high even if demand weakens,” the report said.
Source: timesofindia.indiatimes.com