South Korea's frozen octopus imports totaled 401 tons in December 2024, an 11% increase compared to the 362 tons imported in December 2023.

Despite this monthly surge, cumulative imports for the year (January-December) reached only 2,883 tons, a significant 23% drop from the 3,728 tons imported in 2023. These imports represent just 0.32% of South Korea's total seafood imports of 901,242 tons.

Mauritania remained the dominant supplier, providing 2,324 tons (84.1% of total frozen octopus imports). Other key import sources included China (189 tons), Venezuela (120 tons), the Philippines (94 tons), and Chile (36 tons). Average import prices varied considerably, with Mauritania at the high end (USD 9.78/kg), China in the mid-range (USD 6.29/kg), and Indonesia at the low end (USD 5.63/kg).

The December 2024 import value of frozen octopus reached USD 3.59 million, a 36% increase from USD 2.63 million in December 2023. However, the total import value for the year was USD 26.05 million, a 15% decrease from USD 30.58 million in 2023. The average import price rose by 10% to USD 9.04/kg, up from USD 8.20/kg in 2023. This price increase, despite lower import volumes, suggests greater price volatility in the market.

For context, the domestic wholesale price of frozen boiled octopus from Mauritania (13 pieces or more per 8kg) is approximately 185,000 KRW.

Source: Union Forsea Corp.

Japan faces a potential decline in Norwegian snow crab imports due to shifting global trade dynamics.

The White House's recent announcement of tariffs—25% on imports from Canada and Mexico, and an additional 10% on imports from China—is expected to impact seafood markets. Japanese trading companies anticipate price drops for Canadian lobster and Mexican wild brown shrimp.

The future market price of frozen Canadian snow crab in Japan will likely be influenced by supply and demand in the United States. With increased US demand for Norwegian snow crab, exports to Japan are projected to decrease significantly.

Salmon Scotland has opened up applications for its wild fisheries fund, with which it aims to support works to restore wild salmonid populations.

Salmon Scotland - an industry trade body - has also pledged an additional £230,000 over the next year to address declining fish numbers by restoring habitats, protecting against predators, and supporting river restocking. This additional funding is part of a broader five-year, £1.5 million investment from salmon farmers to address declines in wild salmonid populations across Scotland.

Source: SalmonBusiness l Read the full article here

Trade war threat sees Atlantic Sapphire reevaluate feed sourcing options.

Atlantic Sapphire is assessing alternative feed supply options following the US government’s threat to impose a 25% tariff on imports from Canada.

The company currently sources the majority of its feed from Skretting’s Canadian feed mills, making the newly announced tariffs a significant cost factor for its operations. In response, Atlantic Sapphire is evaluating non-Canadian suppliers to mitigate the financial impact.

Source: SalmonBusiness l Read the full article here

The Firda Seafood group, one of Norway’s major trout farmers has reached agreement to purchase a majority stake in the smaller aquaculture company Landøy Fiskeoppdrett.

Firda will take a 51% share of the business while the Landøy family, which founded the business will retain 49% ownership and continue to work for the company.

Landøy Fiskeoppdrett was established in 1980 by the brothers Ingvar and Jarl Landøy and has licences for both salmon and trout.

Author: Vince McDonagh / Fish Farmer l Read the full article here

Russian fish farms received 1.4 billion rubles (U$D 14 million) in insurance payments during the first nine months of 2024, according to the National Union of Agricultural Insurers (NUA).

A significant portion of this sum, 1.1 billion rubles (U$D 11 million), was paid to a single farm following a catastrophic loss due to a salmon lice outbreak in the Barents Sea, as reported by Agroexpert.

The NUA also cited another major incident in 2024: the death of 138,000 rainbow trout in Lake Ladoga caused by ice drift damaging the fish cages.

Between 2020 and 2024, total insurance payouts for livestock losses at Russian fish farms reached 1.572 billion rubles (U$D 15.72 million), according to the NUA.

In response to international sanctions and declining herring imports, Russian fish processors have successfully transitioned to using entirely domestic raw materials.

This shift has led to a complete cessation of herring imports from Norway and Iceland and a significant boost in local consumption of Russian-caught herring.

Alexander Verkhovsky, head of the Gidrostroy Group, highlighted that domestic herring now fully meets market demand, making its processing more profitable than other fish species. The decline in salmon catches last year further encouraged companies to focus on herring harvesting and processing.

According to TD Baltic Coast, 80% to 90% of herring fillets now come from domestic sources. Russian fishermen primarily harvest three varieties: Pacific (accounting for about 80% of the total catch), Baltic, and Atlantic herring.

The sanctions imposed in 2014 and the trade embargo in 2022 significantly curtailed herring imports. German Zverev, president of the All-Russian Association of Fishery Industrialists, noted an active industry shift toward Pacific herring, making fillet production in the Far East economically viable.

This transition underscores Russia’s ability to adapt and achieve self-sufficiency in a key segment of its seafood industry despite external pressures.