The US seafood trade deficit narrows and China overtakes Canada to become the largest export market

Seafood

United States

Market & Price Trends

Published Feb 21, 2024

Tridge summary

In 2023, the U.S. experienced a decrease in seafood imports and an increase in exports, leading to a reduced trade deficit. Seafood imports dropped by 9% to 3.1 million tons, valued at $25.8 billion, a 15% decrease from the previous year. On the other hand, seafood exports rose by 3% to 13.286 million tons, valued at $5.4 billion. Canada and Chile were the main import sources, while exports from China to the U.S. fell by 11%. However, U.S. exports to China increased by 3%, making China the largest exporter of the U.S. seafood market.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

In 2023, the import volume and value of U.S. seafood products showed a sharp downward trend, while export volume increased, leading to a narrowing of the trade deficit. According to data from the National Oceanic and Atmospheric Administration (NOAA), the United States imported 3.1 million tons of seafood last year, a year-on-year decrease of 9%, and the import volume was US$25.8 billion, a year-on-year decrease of 15%. At the same time, export volume increased by 3% to 13.286 million tons, with an export value of US$5.4 billion. The ratio of exports to imports rose to 1:5 (20%), exceeding 18% in 2022, and the trade deficit showed a shrinking trend. For supplier countries, the contraction of the U.S. market means an even greater global supply glut. In addition to salmon and snow crab, imports of other major seafood products (including shrimp, tuna, cod, tilapia, swimming crab, pangasius, and scallops) All have declined to varying degrees. Among import sources, Canada ...

Source: Foodmate