US sanctions on Russia boost pollock industry recovery

In 2023, the U.S. market experienced a market crash due to an influx of cheap Russian seafood, primarily salmon and pollock, which led to low prices for U.S. producers. This issue persisted despite the U.S. banning Russian seafood imports in 2022 due to the Russia-Ukraine conflict and later closing a loophole that allowed reprocessed Russian seafood from China. The European Union imposed tariffs but has not yet implemented a complete ban. The price of Russian pollock export fell to a six-year low in 2024 due to international trade restrictions, with Russian exporters targeting China. This resulted in a significant drop in the U.S. surimi export price and a decrease in U.S. surimi production. However, U.S. pollock producers have shifted their focus to fillets and boneless fish pieces, which have seen increased demand and support from the USDA, helping to reduce excess inventory. The Alaska Pollock Producers Association is planning to announce companies receiving funding for switching to U.S. Alaska PBO fillet production at its annual conference in September.