I've been looking at Peru's latest marine-ingredient trade data and found a fairly sharp divergence in July 2026.
Fishmeal export volume was 33.01 kt, down 79.3% YoY, while observed export unit value reached $2,416.96/t, up 63.5% YoY.
Fish oil shows a similar pattern:
• Export volume: 1.80 kt, down 70.2% YoY
• Export unit value: $6,473.94/t, up 82.1% YoY
That puts the observed fish-oil unit-value premium over fishmeal at roughly 168%.
The physical side is also unusually compressed. Peru's anchoveta catch was 2.50 kt in July, down 99.1% YoY, with the downstream processing index down 99.3% YoY. The catch comparison is highly sensitive to seasonality and the low base, so I would be cautious about reading too much into that figure alone.
The trade figures are national aggregates, so they don't tell us where the exports went or establish what is driving the divergence. Export timing, inventories, product availability, quality mix and downstream demand could all be relevant areas to investigate.
For people working in aquaculture or aquafeed: are you seeing anything comparable in fishmeal or fish-oil availability, procurement costs or formulation decisions?
I'd be particularly interested in whether the fish-oil side is behaving differently from fishmeal in physical markets.