China Oceanic Squid Index (October 2023 Review)

I. Index Performance
In October 2023, China Oceanic Squid Index dropped slightly at a high level to 165.04 points, down 1.04% sequentially, compared with the same period of last year, the index is still located at a high level, up 3.66% year-on-year. Analysed, in 2023, the El Niño phenomenon led to an increase in seawater temperature, which affected the growth, development and reproduction of squid, and this year's squid catch appeared to be reduced compared with that of the previous year, so the overall China Pelagic Squid Price Index was higher than the level of the previous year.

From the point of view of subdivided sea areas, the performance of the price index of ocean-going squid in various sea areas was "one flat, three down". Among them, the price index of ocean-going squid in the north-west Pacific Ocean continued to run smoothly at 139.80 points; the price indexes of ocean-going squid in the south-west Atlantic Ocean, the south-east Pacific Ocean and the Indian Ocean closed at 182.13 points, 159.60 points and 172.20 points, respectively, with a drop of 0.41%, 1.27% and 1.77 %, respectively, compared with the previous year.

From the weekly price index operation: in October 2023, the price index of ocean-going squid firstly fell and then rose, and the increase or decrease of each week was controlled within 0.1%, and the overall trend was stable. Specifically, the index in the first week of October closed at 152.38 points, the highest in the month; the second and third weeks, the index continued to decline slightly, closed at 152.30 points and 152.18 points, respectively, down 0.05% and 0.08%; the last week, the index rebounded slightly to 152.28 points, up 0.07%.

The price indexes of various sea areas showed "two up, one flat and one down". Specifically, the Indian Ocean and Southwest Atlantic Ocean oceanic squid price index as a whole showed an upward trend, closing at 181.40 points and 147.44 points in the fourth week, up 0.51 per cent and 0.14 per cent over the first week; the Northwest Pacific oceanic squid price index has always maintained a steady run of 142.90 points; the Southeast Pacific Ocean oceanic squid price index continuous slightly downward and finally closed at 151.86 points.

United Nations Food and Agriculture Organization news shows that since July 2023, the Frankfurt Islands gun squid season is shortened, the catch is reduced, from September to February next year, there will be no gun squid landings around, the Southwest Atlantic Ocean waters squid catch is reduced, which is an important factor to promote the Southwest Atlantic Ocean waters pelagic squid price index upward. Indian Ocean high seas waters until the end of September to lift the independent fishing moratorium, before the relative shortage of catches, resulting in the Indian Ocean waters pelagic squid price index rose.

II. China's pelagic squid price index trend analysis
On the one hand, China's Southwest Atlantic Ocean and Indian Ocean high seas area independent fishing moratorium was lifted at the end of September, after the moratorium, the average catch of squid is likely to rise. On the other hand, Argentina's squid production was very low at the beginning of 2023 and did not improve until near the end of the fishing season, and this year's landings were slightly lower than last year's; in addition to this, squid production in South America is increasing; and the amount of squid resources in the market off the west coast of the United States has also seen a relatively large upturn. Overall, squid catches are showing an increasing trend, and supply is likely to remain adequate in the following period.