Japan's Pacific cod imports from Russia rise 79%, hurting demand for U.S. cod

Published 2024년 12월 11일

Tridge summary

The article highlights a shift in the cod market, with a noticeable increase in imports of Russian cod and a decrease in imports of US cod. Russian cod has become more affordable, with a 3% decrease in price and a 79% increase in volume, making it a more cost-effective option compared to US cod, which saw a 10% price hike and a decrease in volume. This shift is attributed to modernizations in the Russian fleet and processing plants. However, new US restrictions on seafood imports from Russia, coupled with a slowdown in demand for Japanese cod, have led to a wider price gap between Russian and American cod and a resurgence of interest in Russian products.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russian cod imports have become more affordable, with the price per kilogram down 3% to ¥593 (US$3.95) while volumes rose 79% to 3,141 tonnes. In contrast, the price of US cod increased 10% to ¥708 (US$4.71) while volumes fell to 929 tonnes. US cod previously maintained stable import volumes of over 10,000 tonnes until 2017, but has since been supplanted by cheaper, higher-quality Russian counterparts, thanks to the modernisation of the Russian fleet and processing plants. In 2019, imports amounted to 6,386 tonnes for the US and 1,992 tonnes for Russia, but in 2022 the figures have changed to 687 tonnes for US products and 4,745 tonnes for Russian products. Since early 2023, the United States has tightened restrictions on seafood imports from Russia, which has contributed to rising prices in the United States and widening the gap ...

Source: Fishretail