Latin America and the Caribbean records USD 21 billion in aquatic animal trade surplus

Global production of aquatic animals reached a new high of 195 million tonnes in 2024, driven largely by the continued expansion of aquaculture, according to a new report by the Food and Agriculture Organization of the United Nations (FAO) launched during the Our Ocean Conference in Mombasa, Kenya today. 

The flagship report, The State of World Fisheries and Aquaculture 2026, shows that international trade in aquatic products   including both aquatic animals and algae - reached USD 186 billion in 2024, involving 230 countries and territories worldwide.

Latin America and the Caribbean emerged as one of the world’s major net exporters of aquatic animal products, recording a trade surplus of USD 21 billion in 2024, according to the report.

“The Latin America and Caribbean region plays a critical role in supplying fisheries and aquaculture products to global markets, supported by highly productive marine ecosystems and a fast-growing aquaculture sector. FAO supports countries across the region through technical cooperation initiatives that promote innovation, sustainability, and value chain development, for example through the introduction of innovative technologies in Peru’s shrimp farming sector and the promotion of sustainable seaweed farming,” says Rene Orellana Halkyer, Assistant Director-General and FAO Regional Representative for Latin America and the Caribbean.

Anchoveta, salmon and shrimp underpin regional exports

The region exported USD 27 billion worth of aquatic animal products and imported USD 6 billion worth from the rest of the world in the same period.

Together, countries in the region exported 6.4 million tonnes (product weight) of aquatic animal products, accounting for 15 percent of global exports. Regional exports were driven by anchoveta fisheries from Peru and Chile destined for fishmeal and fish oil as the main products, as well as farmed shrimp from Ecuador and farmed salmon from Chile.

Capture fisheries lead regional production of aquatic animals

In 2024, Latin America and the Caribbean contributed 9 percent to worldwide aquatic animal production in fisheries and aquaculture. This was similar to the European region’s share, but well behind Asia, which accounted for 72 percent of global production.

With 13 million tonnes of aquatic animals produced, capture fisheries accounted for 75 percent of total aquatic animal production in the region in 2024, supported in part by the highly productive Humboldt Current System along the west coast of South America.

The region accounted for 15 percent of the world total of 92 million tonnes of aquatic animals produced by capture fisheries in 2024. This made Latin America and the Caribbean the world’s second largest capture fisheries producing region after Asia. With 5.7 million tonnes, in 2024 Peru was the leading capture fisheries producer in the region and the fourth in the world. Chile was the second in the region and tenth in the world.

Following a sharp decline linked to the 2023 El Niño event, anchoveta (Engraulis ringens) rebounded strongly in 2024, with catches increasing by nearly 65 percent, from 3.5 million tonnes to 5.7 million tonnes. Accounting for 5 percent of global capture fisheries production of aquatic animals, anchoveta remained one of the world’s largest capture fisheries species in 2024. Catches in the region fluctuate due to environmental conditions, particularly oceanographic conditions associated with the El Niño-Southern Oscillation system (ENSO).

Aquatic animal farming is expanding fast

While aquaculture remains a smaller but significant contributor to total regional aquatic animal production, it continues to expand rapidly and now accounts for around 25 percent of the total, driven by high-value species such as salmon and shrimp, which are also among the region’s most important export commodities.

Production of farmed aquatic animals in Latin America and the Caribbean has increased by 7.2 percent a year, compared to the world average annual growth rate of 4.9 percent, rising from 0.8 million tonnes in 2000 to 4.4 million tonnes in 2024, compared to a world total of 103 million tonnes. Regional growth was dominated by South America, led by Chile with 1.4 million tonnes in 2024, followed by Ecuador (1.2 million tonnes) and Brazil (0.9 million tonnes). Together, these three countries accounted for 79 percent of all farmed aquatic animals in the region in the same year.

Countries in Latin America and the Caribbean continue to expand their aquaculture sectors, including opportunities for algae farming, which has strong growth potential in the region. Chile is currently the major producer, followed by Venezuela and Brazil.

Marine fisheries are the chief employer

In 2024, an estimated 65.3 million people were employed in the primary sector of fisheries and aquaculture worldwide, with 35 percent in aquaculture and 56 percent in capture fisheries, while the remaining 9 percent could not be separated between the two sectors due to insufficient data.

In Latin America and the Caribbean, fisheries and aquaculture support over three million jobs in the primary sector, accounting for 5 percent of the world’s fishers and fish farmers and sustaining livelihoods in coastal and rural communities.

Marine fisheries are the main employer in the region, accounting for 73 percent of total employment in the primary sector and sustaining millions of livelihoods across coastal communities.

Small-scale fisheries also play a vital role in nutrition, food security, employment and local economies across coastal and island communities, where they provide income and are deeply embedded in cultural identity.

Food availability rises modestly

Despite being the second largest aquatic animal producing region, total aquatic animal food availability in Latin America and the Caribbean remains below the global average. In 2023, average per capita aquatic animal food availability in the region stood at 10.1 kg, compared to a global average of 21.1 kg. While total aquatic animal food availability in Latin America and the Caribbean has increased since 2000, growth remained modest at an average of 1.8 percent a year since 2000, resulting in limited gains of 0.8 percent a year in per capita availability.

Outlook points to continued aquaculture growth

Fisheries and aquaculture production of aquatic animals is projected to grow by 8 percent by 2034, driven largely by aquaculture (+26 percent). Latin America and the Caribbean will remain the second-largest producing region, accounting for about 5 percent of global aquaculture production.

“FAO's work in Latin America and the Caribbean on aquaculture growth shows that Blue Transformation can deliver results for people, economies and ecosystems for stronger aquatic food value chains and improved nutrition initiatives in vulnerable communities,” says Orellana Halkyer.

About the report

 The State of World Fisheries and Aquaculture is an FAO flagship report that analyses the status and health of global fishery stocks as well as trends in fisheries and aquaculture at the global and regional level, including data on production, trade, employment and availability of fisheries and aquaculture products.

Latin America and the Caribbean in numbers 

1. PRODUCTION

2. AVAILABILITY OF AQUATIC ANIMAL FOODS

3. EMPLOYMENT

4. TRADE

5. TOP PRODUCERS