Image: Stockfile FIS

Squid Fishing Floods Chinese Market, Import Volume Reaches Historic High!

CHINA
Friday, July 19, 2024, 01:00 (GMT + 9)

In May 2024, China imported 12,542 tons of frozen Argentine squid, with prices falling significantly.

According to Chinese customs data, in May 2024, China imported 12,542 tons of frozen squid from Argentina, with a total value of US$42.6 million, setting a monthly import record. The record was 51% higher than the previous record set in April 2019, thanks to a bumper harvest by the Argentine fishing fleet. Data from the Argentine Ministry of Agriculture showed that in the first half of 2024, the Argentine fleet caught a total of 153,000 tons of Argentine squid, an increase of 54% over the previous year.

Source: Stockkfile FIS

The increase in Argentine supply has helped China meet growing domestic demand, while the catch of Chinese distant-water fishing vessels has reportedly been low. Although exact data is difficult to confirm, the surge in imports is obvious.

In the first five months of 2024, China imported 18,215 tons of squid from Argentina, much higher than the 8,845 tons in the same period last year. The total value also increased from US$23.8 million last year to US$60.9 million.

Price drop and market reaction

Source: Stockkfile FIS -->

The sharp increase in squid imports this time has led to a drop in squid prices in the Chinese market. As of week 27 (July 1-7), the price of large-sized whole frozen Argentine squid (over 600 grams) fell to RMB 33,000 per ton (about US$4,940) in the past two weeks. The price of small and medium-sized squid also fell by 3-4% during the same period, close to last year's level. Among them, the price of Argentine squid of 300-400 grams is RMB 31,000 per ton, 200-300 grams is RMB 29,000 per ton, and 150-200 grams is RMB 32,250 per ton.

Meanwhile, Chinese fleets are currently fishing for Peruvian squid near Peru until they return to the high seas of the southwest Atlantic in November to early December to fish for Argentine squid again. Despite the poor fishing conditions, the price of Peruvian squid remains high. Last week, the price of large flying squid of various sizes ranged from RMB 14,000 to RMB 18,000 per ton, which is at a historical high.

Source: China Pelagic Squid Index | www.china-squid.com

Peruvian squid imports have dropped significantly

It is worth noting that the quantity and value of squid imported by China from Peru have dropped significantly this year. In the first five months of 2023, China imported 83,553 tons of squid from Peru, worth US$186.1 million, while in the same period of 2024, it only imported 7,969 tons, worth US$18.5 million, a drop of 90%.

Source: weixin (Translated from the original in Chinese)

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