Spanish consumers continue to benefit from an abundant supply of hake (Merluccius merluccius), the country’s most popular fish, where it is known as “la merluza.” As a result, prices have remained at a steady level.
The annual consumption of hake in Spain averages 81,453 metric tons (MT) or 3.5 kg per capita, which is more than three times the consumption of cod or salmon, according to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA).
There are two distinctive markets for hake: large fish and small fish. In Spain, the average retail price of the larger (above 2kg) is approximately 60 percent higher than smaller fish, averaging EUR 14.66 (USD 16.20) per kg in the first six months of this year, which was 4 percent lower than during the same period of 2014. The prices of hake that were under 2kg increased by 3 percent year-on-year in H1 2015.
In Spain, 75 percent of hake purchases are fresh.
To meet the high demand for this whitefish, Spain imports significant volumes to supplement its domestic landings. For example, in 2013 it added 58,404 MT of imported hake to its own catch of 30,332 MT. It also had a modest export trade of 7,283 MT.
The trade has been underpinned by the EU recovery plan for European hake, which was implemented in 2004 and has led to a steady recovery of the stock. According to the Food and Agriculture Organization of the United Nations (FAO), in 2013 the total catch of this variety reached 108,000 MT, up from 99,000 MT in 2012.
There are two separate stocks of hake in EU waters. The northern stock is the most abundant and is found in the North Sea, Skagerrak, and off the Atlantic coasts of the United Kingdom, Ireland and France, while the smaller southern stock is located off the Atlantic coasts of Spain and Portugal.
For 2015, the International Council for Exploration of the Sea (ICES) recommended total allowable catches TACs of 78,457 MT for the northern stock (down from 81,846 MT in 2014) and 8,417 MT for the southern stock (down from 16,266 MT).
Despite a significant increase in European hake landings over the past decade, the species still represents just 9 percent of the global hake catch. Total world production reached approximately 1.2 million MT in 2013. Argentine hake, North Pacific hake and cape hakes were the three main species, accounting for 30 percent, 25 percent and 24 percent, respectively.
On closer inspection, though, the FAO’s figures find that the global supply of hake is decreasing – falling 3 percent in the 10-year period between 2003 and 2013. The European catch bucks this trend – in 2003, the total volume stood at just 73,000 MT, meaning the catch increased 48 percent in the subsequent 10 years.
Cape hakes and Argentine hake catches, the main species imported into the EU, decreased 15 percent and 8 percent, respectively, whereas North Pacific hake production increased 40 percent. At the same time, EU catches of Argentine hake increased considerably, from about 4,000 MT in 2003 to more than 40,000 MT in 2013, made almost entirely by Spanish vessels.
As a result of the overall reduced availability of hake and the increase in EU catches of both European (landed fresh) and Argentine hake (landed frozen in the EU), EU imports of frozen and fresh hake from third countries dropped.
Last year, the EU imported 55,434 MT of hake from Namibia with a value of EUR 193.2 million (USD 213.5 million). This was the bloc’s No. 1 supplier. It was followed by South Africa with 34,198 MT valued at EUR 120.9 million (USD 133.6 million), Argentina with 32,618 MT valued at EUR 78.1 million (USD 86.3 million) and the United States with 16,173 MT at EUR 34.5 million (USD 38.1 million).
