SEAFOOD.COM NEWS — April 30, 2014 –In the runup to the Brussels Seafood show (now Seafood Expo Global) next week, we looked at what changes were occuring in US seafood exports to Europe this year. Although year to date date is only available through February, it appears that the major driver for changes in US seafood exports has been supply availability.
Through February of this year US salmon, lobster and monkfish exports to the EU market are all up from last year, while scallops, cod and pollock have fallen.
Total salmon shipments have benefited from an improved supply situation and are up 31 percent through February. With the figure also up over 17 percent from 2012 levels, US salmon continues to be an attractive item in the EU market.
Monkfish shipments, another popular item in the EU market have steadily increased since 2012. As of February this year the EU has imported nearly 21 percent more monkfish compared with 2013. This past year, the New England Fishery Management council expanded the trip limits for monkfish, based on improving stocks.
Likewise EU imports of US lobster have grown along with the heavy domestic landings. This year EU imports are up 27 percent from last year and 40 percent from 2012 as prices have come down.
Conversely lower landings and record high prices for US scallops have driven down imports for what is a typically popular item in the EU market. This year US scallop shipments are down over 15 percent from 2013 and 18 percent from two years ago.
And with Barents Sea cod quotas soaring to nearly 1 million tons over the last two years, an EU market flush with supply has moved away from US product. Cod shipments to the EU are down about 18 percent so far this year and 25 percent from two years ago.
As for pollock, EU imports from the US are down about 14.5 percent from last February. The drop this year is in contrast to 2013 where EU imports ticked up 3.6 percent year-over-year through February.
Overall, major US seafood shipments to the EU are trending upwards on improved supplies, namely for lobster and salmon. At the same time, when inventories and prices for other traditional items, like scallops, are unfavorable for EU buyers, US shipments have declined.
This story originally appeared on Seafood.com, a subscription site. It is reprinted with permission.