HS Code:
Hake, classified under HS Code 030474 (frozen fillets) and related codes such as 030254 (fresh or chilled), belongs to the family of whitefish and is a significant category in global seafood trade. It is widely consumed in Europe, Latin America, and parts of Africa, often used in processed products like fish sticks and fillets. The trade of hake is driven by both wild-caught fisheries and aquaculture, with sustainability and overfishing concerns influencing market dynamics. Major species include European hake (Merluccius merluccius), Argentine hake (Merluccius hubbsi), and Pacific hake (Merluccius productus).
Total Trade Volume
Approximately 1.2 million metric tons valued at USD 3.5 billion
Data from 2022
Source
FAO Fisheries and Aquaculture Statistics, UN Comtrade Database
USD 800 million
22.9% of total trade of total trade
Increasing
USD 600 million
17.1% of total trade of total trade
Stable
USD 400 million
11.4% of total trade of total trade
Increasing
USD 350 million
10.0% of total trade of total trade
Stable
USD 300 million
8.6% of total trade of total trade
Decreasing
Average Rate
7.5% ad valorem
Highest Rate
20% (applied by certain African and Middle Eastern countries)
Lowest Rate
0% (under EU free trade agreements and certain regional blocs like Mercosur)
Rising demand for sustainable seafood
Increased certification requirements and higher prices for sustainably sourced hake, benefiting exporters with strong environmental regulations like Namibia and Chile.
2021-2023
Shift towards processed hake products
Growing exports of value-added products like breaded fillets and fish sticks, especially from Argentina and Spain, catering to convenience food markets in Europe and North America.
2020-2022
Impact of climate change on fish stocks
Declining hake populations in certain regions due to overfishing and warming waters, leading to stricter quotas and higher prices, affecting exporters like Argentina.
2019-2023
The European Union reduced hake fishing quotas by 10% in the Atlantic to combat overfishing and ensure long-term sustainability of stocks.
January 2023
Increased prices for European hake in the short term, potentially benefiting exporters from South America and Africa.
Namibia achieved Marine Stewardship Council (MSC) certification for additional hake fisheries, strengthening its position in the European market.
March 2022
Boosted export volumes to sustainability-conscious markets, with a projected 5% increase in trade value for 2023.
Argentina signed a new trade agreement with China to increase hake exports, focusing on frozen fillets and processed products.
September 2022
Opened a growing market in Asia, diversifying Argentinaโs export destinations and reducing reliance on European markets.