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COVID-19 impacts in the seafood markets

Thursday, September 10, 2020

The latest GLOBEFISH Highlights issue contains a detailed quarterly update on market trends for a variety of major commodities, as well as an analysis of the impact of COVID-19 on the main produced species.

The report states that although COVID-19 continues to upend the global economy, Peru reported good progress in achieving the quota set for the first fishing season. Prices are stable so far, but ample supply may potentially exert downward pressure on prices over the coming months.

The effect of the global pandemic on world seafood markets has accelerated a downward price trend in pangasius that began in early 2019. The salmon sector also felt the effect on the supply chain with production, processing, logistics and markets suffering to varying degrees.

The Mediterranean farmed bass and bream industry has also been hit hard due to the dependency on foodservice and fresh retails, but a combination of factors is keeping harvest and volumes down and prices rising.

Retails sales of shrimp increased significantly in many markets following lockdowns but they could not offset the volume declines of shrimp trade in the HORECA sector leading to declines in farm-gate and export prices to levels not seen in the last decade. For tilapia farmers in China, the COVID-19 reduced the positive impact of the lifting of a 25% tariff on U.S. imports.

Read the report here.

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