Chilean salmon has risen by 50%

Prices for Chilean salmon increased by 50% as a result of mass death of fish by the flowering of toxic algae, reports the Financial Times. According to trading platform SalmonEx, in April the price of Chilean salmon rose from $3.50 to $5,40 per pound.

World production of salmon may be reduced this year by 10%, notes the FT, and prices Norwegian producers have increased to a record 60 kronor ($7,35) per kg.

According to the National service of fisheries and agriculture of Chile, local the number of salmon has decreased by the end of March on 25 million units. The cause of the algae bloom that caused the Zamora, has been the displacement of warm surface water in the Equatorial zone to the coast of South America.

The publication notes that the aquaculture industry in Chile, and so burdened with debt, will face losses in the amount of $500 million to $1 billion, as many companies have not been immune from the effects of algal blooms.

According to analysts, which results in FT, the Chilean salmon production this year will fall by 20-25% and will remain at this level or slightly higher in 2017. The production of the Norwegian salmon is also reduced by the epidemic, and as a result, the newspaper notes, world production this year will fall by 5-10%.

The price of Chilean and Norwegian salmon, is expected to remain high, as the demand remains strong. Chile ranks second in the world in the production of salmon after Norway, which accounts for more than half of world production.

In June 2014, on Norwegian salmon accounted for 98% of imports of this fish in Russia. After the introduction of the food embargo of supplies from Norway, according to the FCS, were completely replaced by imports from Chile and from the Faroe Islands.