This represented 10 percent of the value of agricultural exports and about 1 percent of total merchandise trade. This reflects the South's need for foreign exchange and the fact that fish production in northern countries is falling, while consumption is on the rise. There is little trade in food fishery products between developing countries.
Japan is the leading importer.
In fact, Japan, the United States and the European Community import 75 percent of traded fishery products, by value. Since fish is a highly perishable commodity, most of the international trade involves processed fish although live, fresh or chilled fish and shellfish are a small, but growing, element. Canned fish accounts for about 11 percent, with canned tuna the main item. Fishmeal and fish oil have a 6 percent share of the global market. The remaining 10 percent consists of a wide variety of products as producers, particularly in developing countries, endeavour to add value to the raw material, whether it be from capture fisheries or aquaculture.