Illex squid is in the top 3 seafood species harvested in Argentina and landings to the end of June have already matched last year’s total of about 150,000 metric tonnes, and are 6 percent higher than the 5-year average.

This robust season can be attributed to favorable oceanic conditions, most likely the result of the “super El Niño” experienced through 2024. However, transitioning to La Niña conditions may signal the end of significant landings of Illex squid in Argentina for the remainder of the year.

Prices for Argentine Illex squid have been on the rise indicating strong market demand. For example, squid tubes U5 CIF Europe increased by 4.87 percent month-on-month to $4.52/kg over Q1/Q2. This trend was driven by high demand in Europe during peak seasons like Easter and low inventory levels. Additionally, China's reduced purchasing power and a strong US dollar have influenced market dynamics.



Exports of Argentine Illex squid have surged as in the first quarter of 2024, Argentina exported about 75,000 tons of Illex squid - marking a 44 percent increase in volume and a 70 percent increase in value, totaling $188.2 million compared to the previous year.

Key export markets include China, Spain, Italy, Japan, and South Korea with products in the form of Whole Squid, Tubes, Rings, Tentacles, and Squid Ink.

Our recommendation is to strongly consider securing your squid supply now, as demand remains high and potential supply constraints could arise with the winding down of catches which would add upward pressure to prices.



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