Uncertain outlook in 2023 amid high prices and variable supply

Global fish production increased by 1.2 percent in 2022, which, combined with higher prices for a number of important traded species, led to a significant increase in trade value. While the growth in aquaculture was lower than previous rates, an annual increase of 2.6 percent means that an additional 2.4 million tonnes of farmed fish were produced in 2022. Capture fisheries production declined slightly to 92.1 million tonnes, with reduced catches of Peruvian anchoveta having a marked impact on supply.

Despite only modest increases in trade volume in 2022, inflation and high prices have led to rapid rises in trade revenue, which grew to USD 193.5 billion, up 10.7 percent year-on-year. Trade remains buoyant, with supply chain shifts favouring international trade as retailers and consumers seek to match products with variable purchasing power. As a further boon to international trade, following exorbitantly high prices and logistical disruption in the last couple of years freight rates are now approaching pre-COVID-19 pandemic levels across major routes, although certain links remain significantly higher than previously.