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The European Union’s seafood trade with foreign nations decreased in 2024, according to the latest edition of the “EU Fish Market Report,” which is prepared for the European Commission by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA).
According to the report, E.U. member nations imported 5.9 million metric tons (MT) of fisheries and aquaculture products in 2024 valued at EUR 29.9 billion (USD 34.8 billion) – down 0.3 percent and 1 percent year over year, respectively. Despite this slight downturn, 2024 still represented the third-highest trade value achieved in the past decade, according to the report.
Salmon was by far the main species imported into the bloc, accounting for 28 percent of total value at EUR 8.4 billion (USD 9.8 billion) and 17 percent of volume at 1.04 million MT. Norway was the main supplier of the product (827,171 MT), followed by the U.K. (66,669 MT), and the Faroe Islands (47,931 MT).
Including warmwater and coldwater varieties, shrimp was the next most imported product in terms of both volume and value at 665,651 MT and EUR 4.6 billion (USD 5.4 billion). Warmwater shrimp imports primarily came from Ecuador, which supplied 54 percent of the total imported volume. Other key suppliers to the market included India at 13 percent, Venezuela at 12 percent, Vietnam at 8 percent, and Bangladesh at 4 percent.
E.U. nations also imported around 1.1 million MT of groundfish with a value of EUR 4.4 billion (USD 5.1 billion) last year. Cod and Alaska pollock were the main species imported within this category, accounting for a combined 52 percent of the total volume and 64 percent of the total value. Hake followed those two species, accounting for 17 percent of both the volume and value of groundfish imports.
Spain, Sweden, the Netherlands, Denmark, and France were the top five E.U. importers of seafood last year.
As for exports, EUMOFA determined that the bloc’s seafood shipments abroad increased 1 percent in value, volume fell to its lowest level since 2019 at 2.2 million MT. As a result, for the first time since 2018, the E.U.’s seafood trade deficit narrowed – decreasing by 2 percent in 2024 to EUR 21.6 billion (USD 25.2 billion).
By volume, the E.U. mainly exported herring (224,949 MT), blue whiting (224,858 MT), fishmeal (175,763 MT), and fish oil (137,070 MT).
Salmon was the most valuable product that the E.U. exported, shipping 88,383 MT generating close to EUR 1.3 billion (USD 1.5 billion) last year. The Netherlands was the main exporter, primarily supplying fresh fillets and smoked salmon, while Poland and Denmark followed closely behind, with both shipping frozen salmon fillets and smoked products.
Intra-E.U. trade in fishery and aquaculture products also slowed in 2024, with the total volume and value down 1 percent to 5.8 million MT and EUR 31.7 billion (USD 36.9 billion). The combined value of salmon sales at EUR 10.1 billion (USD 11.8 billion) and cod sales at EUR 2.1 billion (USD 2.4 billion) accounted for almost 40 percent of the total value, with the Netherlands again identified as the member nation with the highest value of intra-E.U. trade thanks its position as a major point of entry for fishery and aquaculture products.
In terms of domestic supply, the analysis noted that in 2023, which are currently the latest numbers available, total E.U. landings reached 2.9 million MT valued at EUR 5.6 billion (USD 6.5 billion), which was the lowest volume level of the past decade. Aquaculture production, meanwhile, exceeded 1 million MT with a value approaching EUR 4.8 billion (USD 5.6 billion).
Overall, the trade results reflected a continued slowdown that followed sharp growth recorded in 2022, with EUMOFA calling 2024 “a year marked by inflationary pressures and geopolitical tensions.” It further explained that although inflation eased in 2024, it remained an important factor influencing trade values.
The report also found that during the decade between 2014 and 2023, the E.U.’s self-sufficiency rate in fishery and aquaculture products showed significant variation.
A high point of 46.1 percent was recorded in 2014, largely thanks to strong fisheries production, but from 2018 to 2022, self-sufficiency followed a consistent downward trend, primarily driven by continuous reductions in domestic production from both fishery and aquaculture operations. In 2022, the self-sufficiency rate dropped to 37.4 percent – the lowest point in the analyzed period – but in 2023, the rate rose slightly to 38.1 percent, returning to a level comparable with that recorded in 2021.
The EUMOFA report also found that E.U. consumers spent more money on seafood last year but the actual volume of products bought and consumed decreased.