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Scallops - November 2006
Buoyant demand for frozen scallop meats
Import trends are mixed in leading European scallop markets this year
although there are clear indications that prices, at least for frozen
product, have increased. The upward trend in French frozen imports reported
for the first quarter has continued to the end of the third quarter while the
first quarter decline in Spanish imports is still evident in the second half
with both volumes and values lower than the corresponding period in 2005. For
both countries, average import unit values are up in line with industry
reports of an increase in import prices over the past year.
Strong demand for frozen meats among French ready meal producers
France imported over 23 000 tonnes, €195 million, of chilled and frozen
scallop products last year. Of this volume, over 75% was in frozen form which
enjoys a steady demand among French processors for the production of seafood
based ready meal products. During the first nine months of 2006, frozen
imports increased by 15% to almost 16 000 tonnes compared with the same
period in 2005. Full year imports for 2006 are now likely to exceed 20 000
tonnes, ahead of the 19 000 tonnes figure for 2005. In value terms, the
French nine month increase this year is 46% to just under €157 million.
The increase in French imports is largely due to a jump in sales from Argentina, volumes
increasing by 45% compared to the January-September period 2005. The
Argentinean increase helped to balance a drop in imports from Chile, the
leading supplier to France
last year. On current trends, Argentina will
take the top supplier spot for the French market in both volume and value
terms for 2006. Trade figures also point to increases this year for both the USA and Vietnam.
A significant increase in unit values for Chilean imports suggests that the
decline in imports from this country is related to a change in the
composition of its supplies to France. Average
unit values have increased from €4.66/kg for the January-September 2005
period to €13.25/kg for the same period this year. This increase suggests a
shift from whole frozen product towards frozen meats although within the
meats category, there are also indications that prices have been increasing
over the year. Cif (Le Havre) prices for Chilean iqf roe-on scallop meats (30-40 pcs/lb)
as reported in the European Price Report (EPR) have increased from $14/kg at
the end of last year to $17/kg at the start of the second half of 2006.
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Decline in French and Italian sales to Spain
Trade figures for the first eight months of 2006 show a 26% decrease in
Spanish frozen scallop volume imports this year while import values are down
18% compared to the same period in 2005. The negative trend is due to a drop
in imports from France
and Italy,
the two leading suppliers during 2005. Volume imports from France are down
over 30% while supplies from Italy are down
over two thirds. In contrast, the UK has
registered a slight increase to 650 tonnes and has overtaken Italy as the
second supplier. France
remains the top supplier to Spain despite
this year’s decline.
Demand outlook remains positive
There are signs that the positive price trend for frozen scallop imports has
stabilized somewhat in recent months. EPR indications show a slight decline
for cfr Europe
dollar prices for scallop meats of Peruvian origin over the August November
2006 period. Going into 2007, a weaker price trend accentuated by a weaker
dollar rate should ensure continued buoyancy in processor demand for imported
meats during the coming year.
By Gerry
O’Sullivan (GLOBEFISH)
© FAO GLOBEFISH 2006
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