Peru's Record Squid Harvest Sets A New High, With Chinese Inventory Proving Crucial For Price Trends

During the 2025 Qingdao China International Fisheries Expo, Peru, a major squid exporter from South America, became the focus of industry attention. Sources revealed that Peruvian exporters are closely monitoring inventory changes in the Chinese market to flexibly adjust their sales and pricing strategies. Data shows that, to date, Peru's catch of giant squid (Dosidicus gigas) has exceeded 600,000 tons, setting a new historical record and further altering the global squid supply landscape.

In an interview with UCN, Rafael Romano, Business Director of Pesquera Exalmar, stated that the Peruvian squid industry is "emerging from last year's crisis." Last year, the industry was severely impacted by El Niño, which led to a sharp decline in resources and production. This year, however, resources have clearly recovered, and the morale of fishermen and processing plants has generally rebounded. He pointed out, "Last year we almost came to a standstill, but this year we've seen a strong recovery. It's fair to say that the entire industry has regained its balance."

However, despite record-high production, market uncertainty remains. Romano frankly admitted that exporters are "unsure" of the actual inventory levels in China. Currently, China is Peru's largest importer of squid, accounting for 50% to 60% of its exports. Since Peruvian squid shipments to China have been concentrated this year, prices may remain under pressure if domestic inventories cannot be digested in time. Romano pointed out: "As long as the Chinese market can digest the previous inventory, there won't be a major problem; but if there is too much stockpiling, a price drop is almost inevitable."

Furthermore, Peruvian squid this year is generally larger than usual, averaging over 6 kilograms, with some even reaching 10 to 12 kilograms. At the beginning of the year, the average weight of squid was only between 2 and 2.5 kilograms. This significant size change has presented challenges for both exporters and Chinese processing plants. Since 2020, Chinese squid processing companies have primarily purchased small to medium-sized squid for slicing, seasoning, or ready-to-eat processing, while larger squid have faced limited market acceptance due to higher processing costs and lower yields.

The Peruvian government has announced a one-month fishing moratorium for squid from October 25 to November 25 to protect spawning populations and ensure the sustainable use of resources. During the moratorium, the Peruvian Marine Research Institute (IMARPE) will conduct scientific surveys and is expected to release new resource assessment data before the end of the year. Until then, it remains uncertain whether the Peruvian squid season will resume by the end of the year.

Industry insiders believe that the continued growth in Peruvian squid supply, coupled with inventory pressure in the Chinese market, has led to a critical adjustment period for global squid prices. For Chinese companies, in the short term, close attention needs to be paid to policy changes following the Peruvian fishing moratorium and signals for the new season's catch; in the medium to long term, diversified procurement and product structure adjustments are necessary to mitigate the risks of raw material price fluctuations.

As the Qingdao Fisheries Expo reaches its climax, squid companies from Peru, Chile, Argentina, and Zhoushan and Dalian in China are accelerating cooperation negotiations. It is foreseeable that in the coming months, the focus of global squid trade will continue to revolve around the two major variables of "Peruvian production" and "Chinese inventory," which will directly determine squid price trends at the end of the year and the beginning of 2026.