2. THE VALUE OF THE RESOURCES

As noted in Table 1, catches in the northern subregion of CECAF (excluding tuna) average over 2.7 million metric tons per year during the period 1975-77. Over half of this was taken by the vessels of two countries - Spain and the USSR - and an additional 15 percent by the vessels of Korea, Japan, Bermuda and Poland¹. All other countries fishing in the subregion, including both coastal states and distant-water states, accounted for only about 30 percent of the total catch (see Fig. 2).

¹ The figures in Table 1 differ slightly from those in the major statistical source, CECAF Statistical Bulletin No. 2. In this Bulletin, the 1977 estimates for Spain are virtually identical to those for 1976, indicating that the 1977 data from Spain was not available at the time of publication. It is assumed that the data available in FAO Circular 616 (revision 4) are more recent and accurate. Thus, the estimates in Circular 616 were used after regrouping of the data to conform with the species groupings given in the CECAF Statistical Bulletin (see worksheet 1 in the Appendix). It should be noted that the Circular 616 data refer to catches in the entire zone 34. But since Spain takes negligible catches of fish (except for tuna) outside of zones 34.1.1, 34.1.3 and 34.3.1, the differences are not believed to be important. The total catches for all countries were adjusted to take account of the differences in the data for Spain.

Fig. 1 - Northern Subregion of CECAF

Catches in quantitative terms, however, do not provide accurate reflections of the significance of the fisheries in the area. This is particularly true in the northern subregion of CECAF, where there are major differences in the kinds of fish that are harvested. The two most important groups of species are the cephalopods (squids, octopus, and cuttlefish) and the schooling pelagics (such as sardinellas and horse mackerels). A ton of the former, however, may have a value that is 10-40 times greater than a ton of the latter. Adding the two in tonnage terms is like adding tons of beef to tons of beans, producing a beef-bean aggregate as a measure of agricultural production. Such quantitative measures have no particular relevance to man's interests.

Although it is clearly desirable to combine the different fishery catches on the basis of their economic values, it is difficult to do so. Prices are not really available, and even where they are, they may differ widely because of differences in end use and differences in markets. For example, much of the Soviet catch of the schooling pelagics is used for human consumption, whereas the same species taken by the Bermuda-registered vessels (fishing for the company, Interpêche) are processed entirely for fishmeal. Similarly, the coastal state markets cannot absorb the large quantities of cephalopods taken off their shores at the prices that the Japanese are willing to pay in their home markets.

Two sets of price schedules have been used in order to provide some reflection of the differences in markets. Both schedules are based on the average unit values used by Senegal in estimating the value of its fish production. As shown in Table 2, the Senegalese species groups have been related to the CECAF species groupings that are used throughout this paper.

It is assumed that the Senegalese unit values generally reflect current prices in coastal state markets. These, however, should be adjusted in two important regards in order to provide an indication of likely values in the international market. In the case of the schooling pelagics, it is assumed that the unit values of US$ 200 per ton of horse mackerel and US$ 150 per ton of sardinellas are considerably higher than those obtainable in the world market for fishmeal. Accordingly, one adjustment has been to change the price for the schooling pelagics to US$ 50 per ton, roughly approximating the prices in Peru. This is a conservative estimate because a sizeable proportion of this catch includes sardines, which have higher prices.

Table 1

CATCHES BY SELECTED COUNTRIES AND SPECIES GROUPS, 1975-77 AVERAGES

(1 000 tons)

Species Groups	Spain	Bermuda	Poland	Japan	Korea	USSR	Other3	Total
Pleuronectiformes (Flat fishes)	1.4			0.4	4.3		5.9	12.0
Cadiformes (Hakes)	35.4			0.3		50.8	12.5	99.0
Sparidae (Seabreams)	18.7			5.5	4.7	54.1	38.3	121.3
Sciaenidae (Croakers)	1.4			0.2		6.2	22.0	29.8
Pomadasyidae (Grunts)	1.0			0.7			1.2	2.9
Ballistidae (Triggerfish)							2.1	2.1
Mullidae (Mullets)	0.5						2.5	3.0
Trichiuridae (Cutlass fishes)						24.2	2.5	26.7
Demersal Percomorphs NEI1	2.8			2.1		14.4	29.2	48.5
Carangidae (Horse mackerels)	2.4	20.5	13.0	5.6		360.2	94.5	496.2
Clupeidae (Sardines & Sardinellas)	92.0	129.5	120.1			475.1	375.3	1 192.0
Engraulidae (Anchovies)	3.1						2.6	5.7
Pomatomus Saltatrix (Bluefish)						3.1	11.5	14.6
Scomber Spp. (Mackerels)	4.5		1.7			128.3	30.6	165.1
Pelagic Percomorphs NEI						7.1	17.9	25.0
Sharks, Rays	0.7					2.1	10.2	13.0
Crabs							0.2	0.2
Lobsters/Langouste	0.3						0.7	1.0
Shrimps, Prawns	7.9						5.6	13.5
Marine Crustacea NEI	0.8						2.2	3.0
Cephalopods	98.5			29.8	31.8	8.5	7.3	175.9
Marine Molluscs	6.7						16.8	23.5
Marine Fishes, NEI2	57.6	6.0	6.4	6.3	32.2	58.3	133.6	300.4
Totals	335.7	156.0	141.2	50.9	73.0	1 192.4	825.9	2 775.1
Source: Appendix Tables 1-7.
1NEI = Not Elsewhere Included
2Includes small catches of miscellaneous reported species
3Derived as a residual.

Fig. 2 - Distribution of catches by species group among countries

Source: Derived from Text Table 1.

Table 2

ASSUMED PRICE SCHEDULES FOR FAO SPECIES GROUPS, BASED ON THE PRICES OF SENEGALESE SPECIES GROUPS OF COMPARABLE MARKET VALUE

		Ex-Vessel Assumed Prices
		(US$/t)
FAO	Senegal	Price	Price
Species Group	Species Group	Schedule A	Schedule B
Pleuronectiformes	Soles	1 125	1 125
Gadiformes	Mérous	750	750
Sparidae	Dentex	700	700
Scianidae	Dentex	700	700
Pomadasyidae	Dentex	700	700
Ballistidae	Capitaine,	300	300
Mullidae	Rougets	1 500	1 500
Trichiuridae	Capitaine	300	300
Demersal Percomorphs NEI	Capitaine	300	300
Carangidae	Chinchards	200	50
Clupeidae	Sardinelles	150	50
Engraulidae	Sardinelles	150	50
Pomatomus Saltatrix	Sardinelles	150	50
Scomber spp.	Sardinelles	150	50
Pelagic Percomorphs NEI	Sardinelles	150	50
Sharks, Rays, Chimaeras	Espèces diverses	300	300
Crabs	Crabes	1 000	1 000
Lobsters/Langoustes	Langoustes	7 000	7 000
Shrimps & Prawns	Crevettes	3 000	3 000
Marine Crustacea NEI	Crabes	1 000	1 000
Cephalopods	Seiches-Calmars	1 250	2 000
Marine Molluscs NEI	Seiches-Calmars	1 250	2 000
Marine Fishes NEI	Espèces divèrses	300	300

Sources: FAO Species Groups: FAO/CECAF, Statistical Bulletin No. 2. Senegal Species Groups and Prices Schedule A: Worksheet No. 3 Price Schedule B: same except that sardinellas prices assumed to be US$ 50/t and cephalopoda and marine molluscs assumed to be US$ 2 000/t.

¹ Prices as reported by T. Yamamoto, CECAF Project, Dakar.

Considerable improvements are needed in the collection of economic data. This is necessary not only for the determination of the prices of the products but also for measurements of the costs of fishing. For whatever decisions the coastal states wish to make on the use of the resources, they need to have better information on the net, as well as the gross, economic revenues that can be obtained.

The application of the two prices schedules to the quantities caught during the period 1975-77 indicate that the gross revenues from the fishery resources in the subregion (excluding tuna) ranged from about US$ 860 to US$ 930 million per year (see Table 3). It is likely that this is a conservative estimate and that the upward part of the range might be on the order of a billion dollars. This, it should be noted, is about twice that of an earlier estimate which used a lower price schedule and the average catch in 1975-76 (Everett, 1978). The differences are due, in part, to higher estimates of catch and to inflation. In any case, it is clear that the northern subregion of CECAF contains one of the highest valued fisheries in the world and that it offers considerable opportunities for the few coastal states within whose economic zones the resources fall.

In total value, the difference between the two price schedules is only about 8 percent. But with regard to individual countries, the differences are much more significant. Under both schedules, the combined value of the catch by Spanish and Soviet vessels accounted for about 55 percent of the total (Table 4 and Fig. 3). But under schedule A (high prices for pelagics and low prices for cephalopods) the proportions between the two were considerably different than those under schedule B. The Soviet catches were respectively 30 percent and 20 percent, while the Spanish catches were 25 percent and 35 percent. In general, the vessels of Spain, Korea, and Japan, have concentrated more heavily on the high priced cephalopods than have the vessels of the USSR, Bermuda and Poland. Indeed, the differences in the species sought by the different countries are dramatic (see Fig. 4). As noted later, this is important for the market for access rights to the economic zones.

It should also be noted that major changes are taking place in the region. The current composition of catch among countries is likely to be considerably different than it was in 1975-77. In particular, the Soviet vessels no longer have access to the zone of Mauritania and, although an agreement with Morocco is apparently being worked out, they may experience severe constraints in the Moroccan zone. Poland also does not currently have an agreement with Morocco. In addition, Japanese vessels, experiencing increasing labor costs, have shown a declining interest in the subregion, although this has largely been made up for by the increasing interest of Korean vessels. And for both Japan and Korea, the current agreements are coming to an end and may, or may not, be renewed. The agreement with Spain, which has not yet been ratified by the Moroccan parliament, calls for a limit of 80 000 t in the catch of sardines - a significant decrease from the estimated Spanish catch in recent years, which may have been as high as 135 000 t.

Table 3

ESTIMATED VALUES OF CATCHES BY SELECTED COUNTRIES AND SPECIES GROUPS, 1975-77 AVERAGES

Price Schedule A ($ Million)
	USSR	SPAIN	KOREA	JAPAN	BERMUDA	POLAND	OTHER	TOTAL
Demersals	91.9	44.6	8.1	5.8	-	-	72.9	223.3
Cephalopods & molluscs	10.6	131.5	39.8	37.3	-	-	30.1	249.3
Pelagics	164.1	15.5	-	1.1	23.5	20.9	84.6	309.7
Crustacea	-	26.6	-	-	-	-	24.1	50.7
Marine Fishes NEI	18.1	17.5	9.6	1.9	1.8	1.9	43.2	94.0
Total	284.7	235.6	57.5	46.1	25.3	22.8	254.9	927.0
Price Schedule B ($ Millions)
Demersals	91.9	44.6	8.1	5.8	-	-	72.9	223.3
Cephalopods & molluscs	17.0	210.4	63.6	59.6	-	-	48.2	398.8
Pelagics	48.8	5.1		0.3	7.5	6.7	26.5	95.0
Crustacea	-	26.6	-	-	-	-	24.1	50.7
Marine Fishes NEI	18.1	17.5	9.6	1.9	1.8	1.9	43.2	94.0
Total	175.8	304.2	81.3	67.6	9.3	8.6	214.9	861.8

Source: Appendix Table 8.

Table 4

DISTRIBUTION OF VALUE OF CATCHES BY COUNTRIES BASED
ON PRICE SCHEDULES A AND B

	Values ($ Million)		Percents of Totals
	Price Schedule	Price Schedule	Price Schedule	Price Schedule
	A	B	A	B
USSR	284.7	175.8	30.7	20.4
Spain	235.6	304.2	25.4	35.3
Korea	57.5	81.3	6.2	9.4
Japan	46.1	67.6	5.0	7.8
Bermuda	25.3	9.3	2.7	1.1
Poland	22.8	8.6	2.5	1.0
Other	254.9	214.9	27.5	24.9
Total	927.0	861.8	100.0	99.9

Sources: Derived from Text Table 3.

Fig. 3 - Distribution of value of catches among countries on basis of price schedules A and B

Source: Text Table 4.