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- Commodity Fundamentals - 2004 Articles


Fish

Fish is the primary source of protein for a large proportion of the world’s population. The worldwide yearly harvest of all sea fish (including aquaculture) is between 85 and 130 million metric tons. There are approximately 20,000 species of fish, of which 9,000 are regularly caught, with only 22 species harvested in large amounts. Ground-fish, which are fish that live near or on the ocean floor, account for nearly 10% of the world’s fishery harvest, and include cod, haddock, pollock, flounder, halibut and sole. Large pelagic fish such as tuna, swordfish, marlin, and mahi-mahi, account for nearly 5% of world harvest. The fish eaten most often in the United States is canned tuna.

Rising global demand for fish has increased the pressure to harvest more fish, to the point where all 17 of the world’s major fishing areas have either reached or exceeded their limits. Atlantic stocks of cod, haddock and blue-fin tuna are all seriously depleted, while in the Pacific, anchovies, salmon and halibut are all being over-fished. Aquaculture, or fish farming, reduces pressure on wild stocks and now accounts for nearly 20% of world harvest.

Over 30% of the fish harvested is processed directly into fishmeal and fish oil. Fishmeal is used primarily in animal feed. Fish oil is used in both animal feed and human food products.

Supply – Of the US supply of fishery products of 18.119 billion pounds in 2001, the latest full reporting year, 52.4% came from the domestic catch, which rose to 9.492 billion pounds in 2001 from 9.068 billion pounds in 2000. Of the domestic catch, 6.162 billion pounds of the catch was finfish, 1.152 billion pounds shellfish, and 2.178 billion pounds for industrial use. The principal species of US fishery landings in 2001 were Pollock (with 3.188 billion pounds landed), Menhaden (1.741 billion pounds), Pacific Salmon (723 million pounds), Flounder (352 million pounds), Sea Herring (300 million pounds), and crabs (272 million pounds).

World fishmeal production in 2002/3 fell –0.8% to 6.360 million metric tons. The world’s largest producers of fishmeal in 2001/2 were Peru with 24% of world production, Chile (12.1%), European Union (8.6%), and the US (5.3%). World production of fish oil in 2002/3 rose +7.4% to 1.024 million metric tons. The world’s largest producers of fish oil are Peru (with 17.1% of world production), Chile (16.0%), and the US (11.7%).

Trade – US imports of fishery products in 2001 rose to a 14-year high of 8.627 billion pounds.



*Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources—reports from governments, private industries, and trade and industrial associations—are authoritative, and its historical scope is second to none. Additional information can be found at: http://www.crbtrader.com/pubs/yb.asp
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