In the next few months, the United States may import large quantities of Japanese scallops

Published Oct 11, 2023

Tridge summary

Domestic scallop production in the United States has significantly decreased, prompting the country to import large quantities of Japanese scallops due to the strength of the U.S. dollar and China's ban on Japanese seafood. This decline in production is expected to lead to rising prices and increased pressure on the consumer market. The U.S dollar's exchange rate against the Japanese yen has increased by 13% this year, and with the disappearance of demand in the Chinese market, the United States is expected to import more Japanese scallops, particularly in larger sizes.

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

Original content

This year, domestic scallop production in the United States has decreased significantly. Coupled with the strength of the U.S. dollar and China's ban on Japanese seafood, the United States is likely to import large quantities of Japanese scallops in the next few months. U.S. import processor Bristol Seafood pointed out in its 2023 mid-term report that as of September, Atlantic scallop production in New England has dropped by 60%. With the arrival of the holidays, local scallop prices continue to rise, and the consumer market is expected to face a huge price increase pressure. Since the start of the U.S. Atlantic scallop (Placopecten magellanicus) season on April 1, production has been limited to 25 million pounds due to the latest policy (framework Adjustment 36) of the U.S. National Oceanic and Atmospheric Administration (NOAA), which is lower than last year. of 26.6 million pounds. As of October 4, the fleet had caught 18.5 million pounds, and September production was ...

Source: Foodmate