Booming South-South trade in fisheries and aquaculture offers a sea of opportunities: UNCTAD

GENEVA: Global trade in marine fisheries and aquaculture offers big opportunities for sustainable and inclusive economic growth while advancing key Sustainable Development Goals (SDGs), particularly improving food security and eliminating hunger (SDG 2) and protecting life below water (SDG 14). The sector, including fish, crustaceans, molluscs, seaweed and many value-added aquatic by-products, saw global exports hit $186 billion in 2022, up 63% from $114 billion in 2012. Notably, South-South trade - commerce between developing countries - has surged across various fisheries sectors, including marine fisheries, aquaculture, fish processing and fishing vessels. According to new UN Trade and Development (UNCTAD) analysis, this trade more than doubled from around $19 billion in 2012 to $39 billion in 2022. Chile, China, Ecuador, India, Peru, Thailand and Vietnam are leading exporters among developing countries, which accounted for 46% of global seafood exports in 2022, up from 42% in 2012. Notably, their share of the higher-value processed segment is higher than that of unprocessed exports, at 53% compared with 40%. 'This highlights the success of developing countries in adding value to their seafood exports,' says David Vivas Eugui, in charge of UN Trade and Development's ocean and circular economy section. Chile, China, Ecuador, India, Peru, Thailand and Vietnam are leading exporters among developing countries, which accounted for 46% of global seafood exports in 2022, up from 42% in 2012. Notably, their share of the higher-value processed segment is higher than that of unprocessed exports, at 53% compared with 40%. 'This highlights the success of developing countries in adding value to their seafood exports,' says David Vivas Eugui, in charge of UN Trade and Development's ocean and circular economy section. Despite the promising growth, the marine fisheries and aquaculture sector faces several challenges. Overfishing, harmful subsidies and climate change pose significant threats to sustainability. Source: Emirates News Agency