Marine trade between Global South nations and developing countries has surged to $39 billion in the span of a decade. The United Nations’ trade body suggests that aligning and decreasing non-tariff regulations could propel further expansion in this sector. The global exchange of marine fisheries and aquaculture presents significant prospects for sustainable economic growth that promotes inclusivity and aligns with crucial sustainable development objectives such as enhancing food security, eradicating hunger, and safeguarding marine life.
Commerce within developing countries in various fisheries domains, encompassing marine fisheries, aquaculture, fish processing, and fishing vessels, has more than doubled from approximately $19 billion in 2012 to $39 billion in 2022. Leading exporters among developing nations include Chile, China, Ecuador, India, Peru, Thailand, and Vietnam, collectively responsible for 46% of global seafood exports in 2022, indicating an increase from 42% in 2012. Noteworthy is their dominance in the higher-value processed segment, standing at 53% compared to the previous 40% in unprocessed exports.
This uptrend in South-South trade within fisheries and aquaculture diverges from the conventional trade models where developing nations mainly trade with advanced markets. Despite this positive trajectory, the marine fisheries and aquaculture sector encounters various obstacles, including overfishing, detrimental subsidies, and the looming threats of climate change. Trade impediments, especially non-tariff regulations aimed at regulating the influx of products into their markets, have the potential to impede growth.
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