This paper explores price integration between wholesale and retail prices of live reef food fish, a highvalue export fishery supplied by nearly 20 countries in the Asia-Pacific region with demand centred in Hong Kong. Cointegration analysis is used to test for relationships between wholesale and retail prices in demand countries for live reef fish species in aggregate and then by species. Results indicate that wholesale and retail prices of live reef fish species are cointegrated and form part of the same market. An analysis of price integration between wholesale supply and wholesale demand prices is undertaken using a high value reef fish exported to Hong Kong from Australia.