Russia’s Invasion of Ukraine Creates Turmoil for Global Seafood Market
Russian seafood exports to the United States and European Union are likely to be curtailed as a result of Russia’s invasion of Ukraine.
The Russian Defense Ministry confirmed Russian forces entered Ukraine on Wednesday, 23 February. In response, U.S. President Joe Biden, European Commission President Ursula von der Leyen, and U.K. Prime Minister Boris Johnson announced planned sanctions against Russia after its military forces engaged in a full-scale invasion of the former Soviet territory, which became an independent country in 1991.
Stock markets around the world shed billions in value and oil prices surged, amid fears the turmoil will send food and energy prices higher. Continue reading here (Source: SeafoodSource).
PNG Fisheries Industry Needs Investment
Inclusive Government and private partnership investment is needed to grow the fisheries industry says National Fisheries Authority chairman Ango Wangatau at the two-day National Tuna Fishing Industry consultation.
Mr Wangatau in his main address expressed that the key pathway to grow and increase demand in the fishing industry is to be inclusive by working in partnership with the private sector.
He pointed out that with the strategic plan in place; one of the key strategic areas that are listed is infrastructure. Continue reading here(Source: Post Courier).
Japan’s Seafood Exports Rose in 2021, Reflecting Recovery in China and US
Japan’s seafood exports recovered in 2021, and in some cases surpassed pre-pandemic levels, trade statistics from Japan’s Ministry of Finance show.
The recovery is in line with the government’s announcement in December 2021 that the annual value of Japan’s agriculture, forestry, and fisheries exports for the year would exceed JPY 1 trillion (USD 8.7 billion, EUR 7.7 billion) for the first time. That figure was achieved through substantial increases in shipments of beef to the U.S. and sake to China, and included such diverse items as whiskey, wood, and pearls.
When that dataset is limited to fish, crustaceans, mollusks, and other aquatic invertebrates (Chapter 3 of the Harmonized Schedule of Tariffs) the data shows recovery from the effects of the pandemic, and even a surpassing of pre-pandemic levels. Continue reading here (Source: SeafoodSource).
In The Pacific, A Rich Vain of Resources Still Doesn’t Make for Rich Populations
Fish, logs and metals buried under the sea floor are all on the shopping list of the resource-hungry powers of China and the West. The Pacific region has the lot, but that doesn’t mean it’s onto a guaranteed winner. National Correspondent Lucy Craymer reports in the last of five-part series, Pawns of the Pacific.
Solomon Islander John thought when the logging company showed up five years ago and offered him money to access his lands and cut down the hardwood forests, he’d be set up for life.
But he is now disillusioned with the process. While the hardwood has been shipped offshore – the majority of the country’s wood goes to China – the area around the logging camp remains underdeveloped. His family continues to struggle. Continue reading here (Source: Stuff NZ).
Thai Union’s Sales, Profit Hit All-Time Highs in Q4 2021
Bangkok, Thailand-based seafood giant Thai Union saw its sales value and net profit both break records in Q4 2021, despite continued losses from its Red Lobster affiliate, according to its Q4 results report, released 23 February.
The company’s sales value between October and December 2021 surged 15.1 year-on-year to THB 38.5 billion (USD 1.2 billion, EUR 1 billion), the highest quarterly growth in its history. The growth occurred in most of its core business segments.
China Re-Exports Most of the Seafood it Imports
Seafood imported into China is mostly processed and re-exported to other countries, making it harder to track the origin of catches, according to a recent study published in the academic journal Science.
This conclusion also counters the commonly held belief that growing Chinese appetites are the main driver of falling fish stocks around the world. “It’s a narrative that is not true,” said Frank Asche, a fisheries economist at the University of Florida and lead author of the study. Instead, he said, fish eaten domestically is mainly farmed in aquaculture ponds.
Using data from the Food and Agriculture Organization, Asche and other researchers from the United States and Norway found that an estimated 74.9% of China’s seafood imports are ultimately sold to other markets. Continue reading here (Source: China Dialogue Ocean).
