Written by Jen Finn
Global fish prices rose to a record in May on rising demand for salmon and falling supplies of tuna, according to the UN's Food & Agriculture Organization.
An index of fish prices tracked by the Rome-based United Nations agency rose to 168 points in May, advancing 6.3 percent from April and up 16 percent from a year ago, data published in the FAO's biannual Food Outlook report last week show.
Prices for farmed fish such as salmon rose faster than those from capture fisheries in the past year, the FAO data show. Aquaculture production is predicted to climb 5.6 percent in 2013, while capture of wild fish may rise 0.9 percent.
"Strong salmon demand despite rising salmon prices implies a structural shift in consumer demand, which is positive for salmon producers," the FAO wrote in the outlook. "Despite record high prices, demand for tuna remains strong."
Total fish production is forecast to climb 2.9 percent to 161.2 million metric tons this year from 156.7 million tons, with aquaculture output climbing to 70.2 million tons from 66.5 million tons. The value of fish exports is predicted to climb 2 percent to $130.8 billion this year after rising 0.5 percent to $128.2 billion in 2012.
"The lingering economic crisis in the major seafood importing markets of northern Europe and North America has contributed to generally sluggish growth in seafood imports," the FAO wrote. "Demand for specific products has remained strong, namely salmon and tuna."
The FAO's index of salmon prices jumped to 195 points in May from 186 in April, surging from 156 in May 2012. The gage for the cost of tuna stood at 221 points, unchanged from the previous month and up from 198 in the year-earlier period.
Read the full story at Bloomberg Businessweek>>
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