Peruvian Economy III: The Fishing Industry

1. Overview of Peru's Fishing Industry

Peru's fishing industry is a significant component of its economy, benefiting from the country's extensive 3,100 km coastline along the nutrient-rich Pacific Ocean. The Humboldt Current brings an abundance of marine life, notably the Peruvian anchoveta (Engraulis ringens), which has been central to the industry's development. In the mid-20th century, Peru emerged as a global leader in fishmeal production. However, this rapid growth faced challenges, such as the 1972 anchoveta crisis, where overfishing and environmental factors led to a dramatic decline in fish stocks, impacting the economy and prompting adjustments in fishing practices.

2. Economic Contribution and Production Statistics

The fishing sector's contribution to Peru's GDP is relatively modest, accounting for under 1% and providing employment to approximately 100,000 individuals. Despite this, it plays a role in generating foreign exchange.

Peru is the world's largest producer of fishmeal and fish oil (FMFO), contributing about one-third of global production and exporting over 1 million tonnes annually. This production is sufficient to supply nearly half of the world's fed farmed fish.

The trade balance in the sector is strongly positive. For example in 2021, Peru exported 1.4 million metric tons of fishery products to China alone, while imports stood at 598.8 thousand metric tons.

3. Regional and Global Production Rankings

Globally, China leads the fishing industry, harvesting approximately 88.6 million tonnes, which accounts for about one-third of the world's fish demand. Other top fish-producing countries include India, Indonesia, Vietnam, and Bangladesh.

In South America, Peru stands out as a major producer, particularly noted for its fishmeal production derived from anchoveta. Chile is another significant contributor in the region, especially known for its aquaculture, including salmon farming.

4. Fishing Methods and Species Diversity

Peru's fishing industry employs both industrial and artisanal methods. Industrial fishing primarily targets small pelagic species like anchoveta for fishmeal and fish oil production. Artisanal fishing utilizes traditional techniques to harvest species such as jumbo squid, sea bass, and mackerel for domestic consumption.

Peru's waters are home to over 1,500 fish species, with more than 100 species commercially exploited. The main exported species include anchoveta, mahi-mahi, giant squid, scallops, and hake. Domestically, the most consumed species are bonito, mackerel, anchoveta, jack mackerel, and tilapia.

5. Inland and Aquaculture Fisheries

Peru's fishing industry encompasses marine, highland, and Amazonian fisheries. Marine fisheries dominate, with anchoveta being a primary species along the Pacific coast. Highland fisheries involve artisanal fishing in mountain streams and lakes, while the Amazonian region supports both commercial and non-commercial fishing, including species like the paiche (Arapaima gigas). Lake Titicaca is notable for its aquaculture of rainbow trout (Oncorhynchus mykiss), introduced from North America.

6. Production Variability

Peru's fishing industry has experienced notable fluctuations in production, exports, and imports over the past two decades. These variations are primarily influenced by environmental conditions, particularly El Niño events, and changes in resource management practices. Production statistics from the National Aquaculture Information Network (RNIA) and the Ministry of Production (PRODUCE) highlight periods of growth and contraction.

For example, 2021 saw robust output with detailed records of landings, harvests, and commercialization, while January 2023 reported a 54.5% increase in industrial processing of fishery products, driven by higher fishmeal and fish oil production. However, by December 2023, the sector faced a sharp 51.3% decline in extractive fishing, largely due to reduced anchoveta catches amid adverse oceanographic conditions linked to El Niño Costero.

Export values have also fluctuated, with fishery product exports totaling USD 330.5 million in January 2023, reflecting a 32.1% year-over-year growth. Conversely, October 2024 saw a steep 77.1% drop in hydrobiological resource landings, influenced by reduced extraction for direct human consumption and a 98.8% decline in anchoveta catches for indirect human consumption.

Sources:

Photo: Revista Pesca y Medio Ambiente

BACK