Value of Aquaculture Continues to Grow

Upon releasing 'Australian fisheries statistics 2011', ABARES Executive Director Paul Morris said aquaculture has steadily increased its share of Australian fishery product earnings over the decade to 2010-11, from 29 per cent to 43 per cent with the farmed fish sector, particularly atlantic salmon, contributing most to this increase.

Farmed salmonid species remained Australias highest earning fisheries product in 2010-11, at A$408.8 million, after increasing its earnings by 11 per cent or A$39.3 million.

South Australian farmed tuna production also increased its earnings in the year, by 22 per cent or A$22.9 million, to reach A$125 million following a global recovery in tuna prices. Farmed barramundi increased earnings by A$3.7 million to A$35.7 million.

Other aquaculture products produced in 2010-11 include pearl oysters (A$120 million), edible oysters (A$99 million), prawns (A$57 million), abalone (A$16 million) and mussels (A$10 million).

The increase in aquaculture value contributed to a rise in the total gross value of production of Australian fisheries of 2 per cent to reach A$2.23 billion in 2010-11.

In the same year the value of wild catch fisheries production decreased by 2 per cent to A$1.31 billion.

The value of Australian fisheries exports remained steady at A$1.2 billion in 201011 with rock lobster being the most valuable fisheries export (valued at A$369 million), followed by pearls (A$241 million), abalone (A$212 million), tuna (A$131 million) and prawns (A$77 million).

Hong Kong and Japan were the main export markets for Australian fisheries exports in 201011, accounting for 44 per cent and 22 per cent in value terms respectively. Other major export markets include China (12 per cent) and Singapore and the United States (both 4 per cent).

On releasing the report, Mr Morris acknowledged the assistance and contribution of the Fisheries Research and Development Corporation to the report.