Octopus Market Report - April 2009
Octopus sales bleak
Reportedly, Mauritania is considering extending the traditional fishing ban
of two months to at least three months, thus starting from about mid April
and continuing until mid July. The main reason for this decision is the
rather sluggish octopus market at present, which makes octopus fishing
uneconomic. The expectation is that lower availability of octopus on the
market will reduce the stocks in Japan and increase the demand and
prices.
In the opening months of the year, octopus catches in the Central Eastern
Atlantic were rather slow, with small quantities caught. In addition, most of
the specimen were large sized, thus not suitable for
the Japanese market. These large octopus are preferred in the Spanish market.
In 2008 imports of octopus into Japan were 44 700 tonnes worth
USD 329.7 million, down 4% in volume and down 1% in value on those of the
same period in 2007. Of that volume in 2008, over 28 500 tonnes or 64% came
from Western Africa and Spain.
Octopus prices went up in the course of 2008 and early 2009, but came to a
sudden stop in March 2009. This price increases were mainly caused by the
strength of the JPY against the USD, while the local price stayed reasonably
stable.
Buying interest by Japan
was very limited in the last quarter of 2008, in reaction to the
economic recession and the high coldstorage
holdings of octopus available in the country. At the end of September 2008, in fact,
inventories were 5% higher than a year earlier. During the last quarter of
2008, Japan
imported only 9 800 tonnes, down 33% from the last quarter of 2007. The end
of the year is generally a popular period for octopus consumption, but the
economic situation at the end of 2008 did not encourage celebrations and
demand for octopus was rather poor in Japan.
Imports of octopus into the EU grew in 2008. Italy
continued to be the main octopus importing country, followed by Spain.
Total imports into the latter country were 42 600 tonnes in 2008, some 8%
ahead of the previous year. Even during the last quarter of the year, when
the economic crisis was already encroaching on Spanish economic growth,
octopus imports were still strong. Some 11 100 tonnes were imported during
this period, some 13% ahead of the corresponding period in 2007. This year
the situation is expected to be reversed completely, and trade should decline
sharply.
Demand for octopus stays bleak
Demand for octopus in Japan
is expect to stay weak, overshadowing the whole world market for this
product. Prices are likely to come down from their present high level,
especially once Moroccan production comes into full swing. The Spanish market
for octopus is likely to shrink too in the first half of 2009, as eating out
in this country will be reduced in coming months, as a reaction to the
negative economic situation. The record number of three million people
unemployed will have an impact on Spanish market behaviour.
