November 4 2024 — The U.S. government and the seafood industry are deeply intertwined. Since the outcome of Tuesday’s election is unknown, the industry is facing significant uncertainties regarding regulatory policies and trade dynamics.
I want to call out a few areas where monumental changes may occur, depending on which candidate wins.
Of course, the seafood industry exists within the larger macro-economic environment, and things like consumer confidence, real wages, inflation, and the cost of competing proteins all impact demand for seafood. However, we are also tied to governmental agencies in very specific ways.
First is trade. America is both a leading exporter of seafood and a leading importer. That is because some of our high-value exports are consumed abroad, and some of our major fisheries are export-oriented. There are very few U.S. fisheries that exist entirely within the domestic market, and these are often lower-value regional products. Globally seafood was traded by 227 countries in 2020, far surpassing the number of countries trading any other food commodity.
American export-oriented fisheries by value are lobster, wild salmon, Alaska pollock and surimi, crab (king, snow, Dungeness), scallops, Pacific cod, and hake. Major disruptions of export markets for these species would affect domestic prices and cause difficulties for domestic producers.