SEAFOOD.COM NEWS by Michael Ramsingh — August 21, 2012 — US frozen tilapia fillet imports continued their record pace in 2012 with June figures recording another surge in imports on strong Chinese and Indonesian exports.
According to the US Department of Commerce, the US imported 32.8 million pounds of frozen tilapia fillets in June, up 10.7% from a month earlier and 54.8% from the same time a year ago. Furthermore, year-to-date imports have kept up their record pace totaling 178 million pounds, up 39% versus 2011 figures.
Chinese and Indonesian exports have been largely credited for the USs banner year for tilapia imports. China, the US chief tilapia exporter, shipped 29.4 million pounds of frozen tilapia fillets in June, up 13.1% from a month earlier and 50.5% versus the same time last year. Furthermore, year-to-date Chinese exports are 37.3% higher than from a year ago totaling 157.2 million pounds. Meanwhile, Indonesian exports to the US were up 88% in June versus the same time a year ago and are up 59% year-to-date at 14 million pounds.
Consequently, 2012 tilapia prices have continued to trend down in the face of larger inventories. Urner Barrys average August per pound quote of $1.85 for 3-5oz frozen fillets is down 13% from the start of 2012 and 14% from a year ago. In fact, August 2012s average price is the lowest recorded price for this item since June 2010s average price of $1.75 per pound.
Seafood.com is a supscription website. The article is reprinted with permission.