SEAFOODNEWS.COM by Michael Ramsingh — July 18, 2014 — With domestic scallop supplies low and prices at or near all-time highs, imports for lower priced product from China and other producing countries have driven shipments to the US up considerably over last year and the five-year average.
Through May, US scallop imports are up 31 percent from last year to about 32 million pounds; an increase of about 8 million pounds. Compared to the five-year average, the figures are nearly identical with imports also up 30 percent.
Shipments from China–the top scallop supplier to the US– are driving the increase; imports through May are up 49 percent from a year ago and 18 percent versus the five-year average.
Other overseas markets have also notched export increases to the US market. Shipments from Canada are up 46 percent from the five-year average, while Japananese and Peruvian exports are up considerably, 94 and 107 percent respectively.
This run on overseas product, particularly from China, is the result of lower domestic harvests here in the US that have taxed supplies and sent prices to record levels.
Average Urner Barry prices for domestic dry U/10 sea scallops are up over 12 percent this month to $15.60 per pound. This compares to China Bay scallops that are trending at a 52-week low $4.90 per pound for 40/60 count product.
So with the domestic supply short and trending at record price levels, US buyers have turned to China and other overseas supplier for lower priced scallop alternatives to plug their inventories.
This story originally appeared on Seafood.com, a subscription site. It is reprinted with permission.