Rising demand for seafood driving price increases

EU - Price reductions for imported herring and tuna will bring needed relief from recent hikes for many European processors, while others will be paying more for their seafood supplies, according to Food and Agriculture (FAO) forecasts.

In its November reports on different sectors of the industry FAO unit Globefish said the broad trend facing seafood buyer is the continued overall rising costs for many categories. The cost of European seafood imports will generally rise due to the strengthening of the dollar in recent weeks against the euro and UK sterling.

Imported groundfish prices, on the other hand, appear stable even with the euro increases for dollar denominated products. Increases are also being reported by Eurofish's agents for certain frozen squid products, due to supply constraints, and for lobster products in the run up to the peak consumption period.

The 38 per cent jump in price Norway received for its herring over the first nine months of the year was not maintained according to reported sales at November. Globefish said that customer resistance, particularly in the key Russian market, appears to have forced a downward readjustment of frozen herring prices after the highs in October.

Total Norwegian herring exports for the first nine months of the year remained similar to those for the previous year, while average unit prices rose by 38 per cent to 6.99 NOK/kg (€0.89/kg).

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Source: MeatProcess

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