Production and trade grew slightly, while fish consumption recovered to the level of 2018 due to strengthening demand. Global fish production increased by 1.2 percent in 2022 to 184.1 million tons. The volume of aquaculture production increased by 2.6 percent. High fuel prices, reduced quotas and bad weather in key fishing areas all contributed to a slowdown in commercial catch, which will decrease by 0.2 percent to 92.1 million tons.
Despite the modest increase in trade volume, inflation and high prices led to a rapid increase in trade revenues, which rose to US$ 193.5 billion, an increase of 10.7 percent year-on-year. Most of this increase came from Ecuador, China and Norway, while exports from these countries are expected to increase by 20 percent to $8.1 billion. Ecuador has greatly benefited from the expansion of shrimp production, further strengthening its position as the world's leading exporter of crustaceans. Shrimp production reached more than 1 million tons in 2021, and forecasts indicated an increase of 30-35 percent in 2022. Global salmon prices reached a ten-year high in May, which, together with high prices for bottom fish, led to Norway's export revenues rising by 18 percent. As for imports, in the United States of America and China, which together account for 36 percent of the value of imports, imports increased by 13 percent and 11 percent, respectively. In the European Union, the largest market by value, there was a decrease in import volumes, while the cost of imports increased by only 1 percent.
Worldwide, the slowdown in real consumer spending has played a significant role in the rise in crude oil and freight prices. Freight costs have stabilized somewhat after a sharp decline in mid-2022, although inflation and sluggish economic growth have made demand prospects uncertain.
In September 2022, the Norwegian government announced plans to impose a 40 percent tax on most salmon farming companies. This met fierce opposition from the industry and caused a shock wave in the market. Regardless of the final agreement, significant disruptions in the industry were expected in 2023, which, given Norway's role as the largest salmon exporter, would have significant implications for international markets.
The FAO Fish Price index recorded an increase of 6.8 percent between January and September 2022. The main increase was associated with fishing in the wild: cod prices increased by 34 percent, while the number of small pelagic fish increased by 98 percent. Aquaculture prices did rise between May and June, but the subsequent decline in prices for species such as salmon and shrimp led to the fact that the September aquaculture index decreased by 6 percent compared to the January level. Pangasius, grown mainly on farms, resisted this trend as a result of increased demand as an alternative to scarce and expensive cod and haddock.
