South-South trade in fisheries and aquaculture surging, says United Nations

THE UNITED Nations Trade and Development agency has reported that trade in fisheries and aquaculture between developing countries has more than doubled in the last decade.

South-South trade, meaning commerce between developing countries, increased from around US$19 billion in 2012 to US$39 billion in 2022.

Meanwhile, total global trade in marine fisheries and aquaculture hit US$186 billion in 2022, up 63% from US$114 billion in 2012.

The UN noted that the surge in South-South trade contrasts with traditional trade patterns, in which developing countries primarily export to advanced markets.

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%.

South-South trade allows developing countries to retain more economic benefits locally, create jobs, and foster innovation in both food and non-food marine-based products, the UN says.

David Vivas Eugui, in charge of UN Trade and Development’s ocean and circular economy section, said the figures highlight the success of developing countries in adding value to their seafood exports.

“This shift signifies a new era where developing countries are increasingly trading with each other” Mr Vivas Eugui said.

However, the UN also noted that despite the positive developments, the fisheries and aquaculture sector faces several challenges, with overfishing, harmful subsidies, and climate change posing significant threats to sustainability. 

Overfished stocks have tripled since 1974, with over one third of the world’s assessed fisheries currently overfished, the report claims.

Despite the challenges, the UN maintains that these industries offer big opportunities for sustainable and inclusive economic growth, while advancing sustainable development goals, particularly improving food security and eliminating hunger, and protecting life below water.