The value of Australia’s fisheries and aquaculture production is set to rise by 10 percent to AUD 3.55 billion (USD 2.6 billion, EUR 2.3 billion) in the financial year 2021–2022, the highest total in 20 years.
The strong upturn in production value follows higher prices for farmed salmonids, wild-caught shrimp, and oysters, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
According to its report, “ABARES Australian Fisheries and Aquaculture Outlook 2022,” prices for salmonids are expected to grow by 37 percent in 2021-2022, while prices for shrimp and oysters are forecast to rise by 10 percent and 3 percent, respectively.
ABARES attributed the price rises to increased demand resulting from the steady reopening of economies after the COVID-19 pandemic. It also noted that salmonid price hikeshave been particularly acute in international markets, with Australia’s export unit values on average 46 percent higher for July–December 2021, compared with the same period in 2020.
However, the bureau also forecasts that salmonid prices will decline in the next financial year, and this will lead to a decline in the overall production value. Nevertheless, it expects that over the medium-term (2022–2023 to 2026–2027), the total value of fisheries and aquaculture products will grow an average 0.4 percent each year.
Trade body Seafood Industry Australia (SIA) has welcomed the report’s findings and the data showing increased demand from overseas markets.
“It’s no secret it’s been an extraordinary two years for the Australian seafood industry. We’ve dealt with natural disasters, trade export restrictions and the impacts of COVID-19. To see a return to growth shows we are on the right track and this needs to be celebrated,” SIA CEO Veronica Papacosta said. “For the first time, we are set to see Australia’s aquaculture products grow to AUD 2.16 billion [USD 1.6 billion, EUR 1.4 billion], up 21 percent from last year. This figure surpasses the AUD 2 billion [USD 1.4 billion, EUR 1.3 billion] by 2027 target, set in the ‘2017 National Aquaculture Strategy.’ Following a sharp decline in seafood exports in 2020, we’re seeing increased international demand for select Australian seafood exports, with a forecast export value of AUD 1.34 billion [USD 971 million, EUR 885.6 million] in 2021-22.”
Papacosta said the industry has appreciated the support provided by the government’s International Freight Assistance Mechanism (IFAM), saying that it has been crucial to keeping the country’s seafood moving overseas during the pandemic.
“IFAM has allowed our seafood producers to take advantage of these select category price rises and spikes in demand by exporting approximately 56,000 metric tons (MT) of seafood out of Australia during the pandemic, valued at more than AUD 1.1 billion [USD 797.1 million, EUR 727 million],” she said.
Photo courtesy of Seafood Industry Australia
