The EU’s rising demand for seafood products has seen the bloc’s imports increase at an average rate of EUR 1 billion (USD 1.1 billion) per year for the last six years, according to the latest statistics from the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA).
Last year, EU seafood imports from third-countries amounted to EUR 22.3 billion (USD 25.1 billion), which represented an increase of 6 percent or EUR 1.3 billion (USD 1.5 billion) compared to 2014. With imported volumes falling 2 percent to 5.8 million metric tons (MT), this increase was attributed to a 9 percent increase in the price of these imports, which averaged EUR 3.83 (USD 4.31) per kg.
In value terms, EU seafood imports are now more than four times higher than all its meat imports combined.
The trade between EU member states increased by 7 percent last year to EUR 22.5 billion (USD 25.3 million). In volume terms, this amounted to 6 million MT.
At the same time, EU seafood exports to third-countries increased in value by 3 percent or EUR 141 million (USD 158.5 million) to EUR 4.5 billion (USD 5.1 billion) – this despite the Russian import ban on seafood from the EU, which has been in force since August 2014.
The average price of seafood products exported by the EU last year was EUR 2.34 (USD 2.63) per kg, up 16 percent.
The EU is a net importer of seafood and its trade balance deficit continued to grow last year, reaching its highest ever level of EUR 17.8 billion (USD 20 billion), 7 percent higher than in 2014 and 30 percent higher than 10 years ago.
Meanwhile, EU seafood consumption has reversed a recent declining trend, increasing by 3.6 percent to 24.7 kg per capita and is expected to continue on this trajectory this year. Household expenditure is now in excess of EUR 55 million (USD 61.8 million) – also the highest level on record.
