Argentine Seafood Exports Surged in April 2024, With China Being The Largest Market

Argentine seafood exports surged in April 2024, with China being the largest market

According to statistics from Argentina's Ministry of Agriculture, Livestock and Fisheries, Argentina exported about 42,290 tons of seafood worldwide in April 2024, with a total value of $159.6 million. Compared to April 2023, the volume and value of exports increased by 81% and 65%, respectively.

The strong performance of Argentine seafood exports in 2024 is mainly due to the significant growth of squid exports, in addition to the positive growth of cod and red shrimp exports.

Export product

Squid exports totaled 23,599 tons in April, and export revenue reached $60.8 million, compared with 7,519 tons and $17.3 million in April last year, an increase of 214% in quantity and 251% in value. This is mainly due to the large squid catch this year, and the average export price also increased by 12% to about US $2,580 / ton.

In April, the export of non-cod continued the growth trend of the first quarter, and the increase was larger. Both exports and exports increased by 97% year-on-year to 8,397 tons and $22.1 million. Average export prices were unchanged from the same period last year, stable at around $2,600 / ton.

In addition, the export of red shrimp also showed a small increase. In April, red shrimp exports increased by 9% to 7,177 tons, export revenue increased by 8% to $50.9 million, and the average export price was stable at around $7,100 / ton.

Export market

From the perspective of the market situation, Argentina's exports to five major markets showed an increasing trend in April.

China's seafood purchases accounted for 25% of total exports, ranking first. Argentina exported 10,642 tons of seafood worth $33.8 million to China this month, up 155% and 46% from the same period last year.

Singapore and Spain came in second and third. Exports to Singapore were 5,242 tonnes valued at US $12.2 million, up 450% and 307% year-on-year; Exports to Spain amounted to 4,454 tons, valued at $19.2 million, up 101% and 106% year-on-year.

South Korea and the United States ranked fourth and fifth. Exports to South Korea increased 115% and value increased 144% to 3,716 tons, $9.5 million; Exports and exports to the United States increased by 39 percent and 26 percent, respectively, to 2,104 tons, valued at $16.7 million.

The 2024 squid fishing season is quite different from previous years. In the past, southern Patagonian stocks south of 49th parallel were generally fished by fleets more than 200 nautical miles away, with smaller catches from the national fleet. But this year the population is abundant within 200 nautical miles. In addition, unlike previous years, small (SS, S) squid were scarce on the Argentine shelf at latitudes 44 to 47 degrees south, instead from the beginning of January, there were large numbers of medium (M) and large (L) squid, about 4 mm in length, which is rare for this latitude and time period.

At the beginning of the season, the catch has gradually increased to about 30 tons per day, with significant offloading in Comodoro Rivadavia, Puetode Ceado and Puetomadin, and the catch is expected to be significantly higher than last year.

However, for the past 20 days, squid fishing fleets that are allowed to fish north of 44 degrees south latitude have not found good concentrations and sizes of fish. Currently, there are only eight Argentine-flagged squid fishing boats operating in the fishing area, while foreign fleets operating more than 200 nautical miles away have begun heading to Peruvian waters, indicating the scarcity of resources in the area.

If the situation persists in the Argentine continental shelf, the Federal Fisheries Commission (CFP) will conduct an in-depth analysis this week and, based on the results of the INIDEP study, decide whether the 2024 squid fishing season will end. There will likely be a 15-20 day fishing moratorium, then a restart in the third week of June, allowing for a further increase in catches before the end of the squid season.