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An Introduction to The FAO Fish Price Index (FPI)

An Introduction to The FAO Fish Price Index (FPI). FAO Price Index Workshop, Procida, Italy 4.10.11 Frank Asche, Kristin Lien and Sigbjorn Tveteras UN Food and Agricultural Organization (FAO),

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An Introduction to The FAO Fish Price Index (FPI)

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  1. An Introduction toThe FAO Fish Price Index (FPI) FAO Price Index Workshop, Procida, Italy 4.10.11 Frank Asche, Kristin Lien and Sigbjorn Tveteras UN Food and Agricultural Organization (FAO), University of Stavanger (UiS), Pontifica Universidad Católca del Perú and the Norwegian Seafood Export Council (NSEC)

  2. FPI is a global price index • Basedonfish and seafoodimport data toEU, Japan and USAfromJan 1990 tothepresent (currentlyDec 2010) • The index includes only fish and crustaceans and only product forms that are some combination of: • Fresh • Frozen • Whole • Filleted • Peeled • No products with additional processing are included with the exception of canned tuna.

  3. Trade-off between global scope and accuracy of price information • Two desirable characteristics of a price index are representativeness and pure-price- comparison • Ideally, we would like an index to represent as many products and markets as possible. • And ideally, we would like an index to always compare applesto apples and oranges to oranges. • However, some form of compromise is necessary

  4. The main species groups in FPI • For 2009 the index covers 77%, 77% and 72% of total imports to the European Union, the United States, and Japan respectively • On a global basis, the FPI covers 53% of total seafood imports worldwide measured in value for the year 2007

  5. Many species included • White fish: Halibut, plaice, flounder, sole, hake, whiting, haddock, pollack, sea bass, sea bream, saithe, cod, redfish, pangasius, tilapia, nile perch etc. • Salmonidae: Atlantic salmon, coho, sockeye salmon, rainbow trout etc. • Crustaceans: crayfish, lobster, crab, shrimp, prawn species etc. • Pelagic fish (exluding tuna):sardines, anchovies, sprat, mackerel, horse mackerel, blue whiting, herring and more. • Tuna: albacore, yellowfin tuna, bluefin tuna, bigeye tuna, skipjack/stripe-bellied bonito, Southern bluefin tuna and others • Other fish: Carp, swordfish, toothfish, eel, shark, dogfish, sturgeon, barracuda and many more

  6. FPI can be split into more detailed sub-indices • This gives a tool to investigate • how seafood markets in different countries and regions are linked • how prices for different species and product forms influence each other • We will discuss research issues where the price index can prove useful

  7. Conclusions • The FAO Fish Price index is, as any index, crude, but still contain valuable information • Gives main trend in seafood prices • Can be broken down to sub-indexes • Can help fisheries analysts and managers with long run trends • Reveal scarcity/competitiveness • Opens up new opportunities for research on seafood markets

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