Collapse and recovery of seafood wholesale prices in time of COVID‐19

Abstract

The COVID‐19 pandemic has spread around the world, disrupting economies, societies and daily life. Early research anticipated significant negative impacts for the globalized seafood supply network. Here, we explore the impact of the COVID‐19 pandemic on wholesale prices from five major seafood markets around the world. An anomalies analysis was used to establish a 5‐year baseline price for each commodity. Daily price data from 2020 were compared to the baseline to identify collapses (>1.96 SE from baseline) and analyse collapse characteristics (timing, duration and magnitude). Non‐uniform price collapses were observed across, and within, the markets analysed. Toyosu (Tokyo) Market experienced price collapses to 51% of commodities, Rungis (Paris) 36%, Mercamadrid (Madrid) 19%, Mercado La Nueva Viga (Mexico City) 35% and the Portland Fish Exchange (Portland, Maine) 32%. Collapse magnitude varied from 11% to 79% of the 5‐year average price. Average collapse duration ranged from 13 to 24 weeks with some commodities (4%–22%) remaining collapsed at the end of 2020. For markets where volume data were available, collapses were also noted (59% of commodities in Toyosu, 10% in Mercamadrid and 19% in Portland Fish Exchange); in these cases, the volume collapse was more severe than the related price collapse. To better detect, anticipate and respond to future shocks, we recommend that relevant government agencies conduct comprehensive economic reviews of the COVID‐19 pandemic throughout the seafood supply chain, including the outcomes of emergency measures, short‐ and long‐term implications of market volatility and identify areas of supply and labour vulnerabilities.

Disentangling Environmental, Economic, and Technological Factors Driving Scallop (Argopecten purpuratus) Aquaculture in Chile

“…More recently, the COVID-19 pandemic has generated negative effects on the seafood sector and its supply and distribution chain [92,93], such as a reduction in the economic value [94] and demand [95] of seafood, risk to the food systems [96], and impacts on local livelihoods [97]. The aquaculture of A. purpuratus in Chile also experienced these impacts-in line with the finding by Amos et al [98]-and, in 2020, national producers were forced to sell their production at a lower price (Figure 9) in order not to remain with unsold products in stock and generate sufficient income to sustain their production costs. This situation also led to changes in the ownership of national firms in 2022.…”

“…Finally, given the rapid adaptation of small-scale fisheries sectors to abrupt shocks in the marketing system [94], it is necessary to assess small-scale production units that allow them to sell their products to other intermediaries or to the canning industry. For its part, the COVID-19 pandemic has resulted in emerging challenges, such as the scarcity of inputs, the impossibility to sell the product, the lack of transport for the supply of seafood [93], and others such as the low price of seafood, which without being the most important one, has a great impact on the subsistence of producers [93,98].…”

“…Transversally, there are challenges in having qualified human capital for aquaculture activities, strengthening the ecosystem of applied research and technological development [2], providing technical assistance [98], designing specific support instruments for small-scale aquaculture [2], and promoting the consolidation of A. purpuratus consumption in the country.…”

Application of machine learning algorithms to forecast prices of Sardinella brasiliensis commercialized in a South American supply center

“…Fbprophet had been used to predict prices of cryptocurrency and even energy demands (Chaturvedi et Despite our results had been obtained through a univariate analysis, its low error metrics showed that the utilization of LSTM neural networks and Fbprophet algorithm may be applicable to the study of prices variation of seafood items opening the door to more complex analysis evaluating other features. Once other variables weren't evaluated in the modelling, we have no direct evidence about which are the main in uences in the price's uctuation in PSLC sardine, however, peaks of volatility after 2020 may be an indicator of the COVID-19 impact in seafood prices in Brazilian market, once it also impacted important seafood markets worldwide (Akter, 2020;Amos et al, 2022). For further studies, the acquisition and evaluation of more variables are indicated once food prices may be in uenced by factors such as oil prices, which in some market situations in uence food items price volatility (Hau et al, 2020), being helpful to build more robust analysis and contribute to understand the prices dynamics of seafood items.…”

Large-scale fisheries during the COVID-19 pandemic: The case of the oceangoing groundfish fleet in Norway

“…Impacts of COVID-19 on the wholesale prices of seafood products [27] and agricultural products [28] , [29] have been documented. On the one hand, the price changes downstream in general affect prices upstream in the supply chain.…”