Aquaculture America 2024

February 18 - 21, 2024

San Antonio, Texas

IMPACT OF THE COVID-19 PANDEMIC AND INFLATION ON GLOBAL TRADE IN ORNAMENTAL FISH: IMPLICATIONS FOR THE UNITED STATES

 Uttam Deb*, and FMS Abdal

 Aquaculture and Fisheries Center

University of Arkansas at Pine Bluff

 Pine Bluff, AR 71601.

debu@uapb.edu

 



 Global trade in ornamental fish has expanded over time. Internation al trade ( exports  and imports) increased steadily from US$411.3 million in 2001 to a peak of US$ 723.5 million in 2011, then declined to US$647.8 million in 2019.  The COVID-19 pandemic and worldwide inflation have affected the ornamental fish trade.  Ornamental fish is considered a luxury commodity in terms of its demand, which is more sensitive to its price and consumers’ income. Therefore, analyzing the impacts of the pandemic-induced shock and inflation on demand and trade of ornamental fish is critical .  This study has examin ed the impact of the COVID-19 pandemic on the  performance  of  ornamental fish trade  globally, compared to the long-term trends and with a special focus on  the United States . Also, it has quantified the impacts of inflation on the ornamental fish trade (export and import) by the United States. The study has identified the  shift in  top exporters and  major export destinations of ornamental fish. Besides, it has measured  major exporters’ comparative advantage and competitivenes s  in the ornamental fish trade. It has used the revealed symmetric comparative advantage (RSCA) index to quantify the comparative advantage  of top exporters in exporting ornamental fish and the Vollrath index to measure their revealed competitiveness in  the  ornamental fish trade.  Our study showed a significant change in major producers and importers in the world over the last two decades . The pandemic has increased the risks and biosafety concerns. The pandemic and inflation have negatively affected global trade.  The U.S. enjoyed a comparative advantage in the export of ornamental fish throughout the study period (2001-2022).  There was a steep decline in ornamental exports  globally and  by the U.S. during the pandemic and inflationary period. However, the U.S. has observed a consistent upward trajectory on the import front even during the pandemic and inflation, with a notable spike in 2021. This escalation is likely attributable to amplified domestic demand during the pandemic. United States exporters also face steep price competition . Attractive fish with an assurance of high-quality certified ornamental fish export benefits the United States exporters.

 Keywords: ornamental fish, inflation, COVID-19, international trade, revealed comparative advantage, trade competitiveness.