Peruvian Squid Landings Surpass 100,000 Tons, New Quota May Be Exhausted Early by Late March

The 2026 Peruvian squid fishing season is showing strong signs of a "fast-paced" trajectory.

According to the latest official report from Peru, during the fishing period from January 1 to April 30, 2026, cumulative squid landings had reached 108,502.8 tons as of February 24, accounting for 60.55% of the total quota of 179,188 tons. Since late January, production has shown a continuous upward trend, with weekly increments accelerating noticeably in mid-to-late February, and the overall pace significantly exceeding early expectations.

The initial quota was exhausted swiftly, prompting an expansion

The fishing cycle initially began with a quota set at 76,324 tons. By February 13, this initial limit was fully reached. Subsequently, Peru's Ministry of Production quickly implemented adjustments, raising the total quota and extending the operational deadline to April 30.

Following this expansion, the fishing pace did not slow down. Based on data from February 13 to February 24, the current average daily catch is approximately 2,714.9 tons, representing an efficiency increase of about 25.6% compared to the period before the adjustment. This implies that, should current resource conditions and fleet intensity remain stable, the newly established quota of 179,188 tons could theoretically be completed in about 26 days, landing roughly around March 22 – more than a month ahead of the official deadline.

If this pace remains consistent, Peru's current squid quota is likely to face another "early exhaustion."

Direct Impact on the Chinese Market

Peru is China's largest source of squid imports. In 2025, Peruvian squid accounted for over 40% of China's total squid import volume. Consequently, any change in Peru's fishing progress is rapidly transmitted to pricing mechanisms within the Chinese market. Current mainstream market quotations indicate a pullback in prices compared to the last quotes before the Chinese New Year. Based on the February 26 USD/CNY exchange rate of 6.83, the cost side in RMB has shown some easing.

Logically, the current price correction stems not from a collapse in demand, but from a significantly looser supply expectation. As the market judges that the quota might be fulfilled ahead of schedule, traders adopt a more cautious stance, naturally putting pressure on quoted prices.

Policy Uncertainty Remains the Biggest Variable

Despite robust fishing data, policy uncertainty in Peru persists.

In early to mid-February, relevant authorities briefly issued a fishing ban notice before quickly revoking it. This episode underscores the regulatory bodies' heightened sensitivity to resource changes. Should anomalies arise in resource density, juvenile proportions, or ecological indicators, the possibility of implementing phased control measures cannot be ruled out.

Therefore, the current market dynamic is not merely a "high-yield cycle," but one operating within a balance between efficient harvesting and dynamic policy adjustments.