The most recent export figures from Greece and Turkey “clearly reflect” the substantial hike in the Mediterranean’s production of farmed seabass and seabream this year, states the latest European Price Report compiled by the Food and Agriculture Organization of the United Nations (FAO).
As of July this year, the two countries combined had exported 50,600 metric tons (MT) of bream and 38,600 MT of bass, representing year-on-year increases of 15 percent and 6 percent respectively.
FAO highlighted that there has been widespread concern in the industry that the additional volume could severely weaken prices in a market that has struggled with the effects of oversupply for some time. Indeed, export and wholesale prices in the first-half of this year have largely failed to reach the levels achieved last year. At the start of October, the average wholesale price of whole (300-450g) fresh seabass and seabream of Greek origin sold in the important Italian market was down to EUR 5 (USD 5.81) and EUR 4.30 (USD 5) per kg respectively.
The FAO said the short-term outlook is for a continuing price lull until the year-end holidays. However, it also pointed to the improving economic climate in the EU and said it believes this could bode well for the sector over the longer term.
Together with industry-driven product diversification, logistical innovation and new market development, the economic revival has boosted demand and absorbed some of the excess supply volume, particularly for bass, it said.
Furthermore, the recovery of consumer demand in Russia, which is traditionally a relatively large importer of both bass and bream, has also been important for Turkish producers.
