Uruguay: Market for Dried Or Smoked Fish 2024

Market Size for Dried Or Smoked Fish in Uruguay

In 2021, after four years of growth, there was decline in the Uruguayan dried or smoked fish market, when its value decreased by -3% to $X. The market value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 7% against the previous year. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Production of Dried Or Smoked Fish in Uruguay

In value terms, dried or smoked fish production contracted modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 5.6% against the previous year. Dried or smoked fish production peaked at $X in 2020, and then reduced modestly in the following year.

Exports of Dried Or Smoked Fish

Exports from Uruguay

In 2021, after four years of decline, there was significant growth in overseas shipments of dried or smoked fish, when their volume increased by 54% to X tons. Overall, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 376%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, dried or smoked fish exports stood at $X in 2021. Over the period under review, exports showed a significant increase. The growth pace was the most rapid in 2016 when exports increased by 732%. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

Nigeria (X tons) and Hong Kong SAR (X tons) were the main destinations of dried or smoked fish exports from Uruguay.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +58.1%).

In value terms, Hong Kong SAR ($X) and Nigeria ($X) constituted the largest markets for dried or smoked fish exported from Uruguay worldwide.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +56.4%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the average dried or smoked fish export price amounted to $X per ton, falling by -34.6% against the previous year. Overall, the export price, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2016 when the average export price increased by 75% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then dropped dramatically in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Nigeria stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+19.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Dried Or Smoked Fish

Imports into Uruguay

In 2021, supplies from abroad of dried or smoked fish decreased by -45.1% to X tons, falling for the third consecutive year after two years of growth. Overall, imports recorded a mild decline. The most prominent rate of growth was recorded in 2013 with an increase of 46%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, dried or smoked fish imports declined notably to $X in 2021. Over the period under review, imports continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2013 when imports increased by 60%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Norway (X tons), Chile (X tons) and the Netherlands (X tons) were the main suppliers of dried or smoked fish imports to Uruguay, together accounting for 86% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +56.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Chile ($X) constituted the largest supplier of dried or smoked fish to Uruguay, comprising 47% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 19% share of total imports. It was followed by the Netherlands, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Chile amounted to -8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+10.7% per year) and the Netherlands (+56.6% per year).

Import Prices by Country

The average dried or smoked fish import price stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the import price recorded a noticeable decrease. The pace of growth was the most pronounced in 2017 an increase of 22% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Chile ($X per ton), while the price for Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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