News

U.S. fresh tilapia supply shortage, import volume continues to decline

Fresh Tilapia
Seafood
United States
Market & Price Trends
Published Apr 15, 2024

Tridge summary

The price of fresh tilapia fillets has significantly increased from $8430/ton in January to $9,380/ton in February due to a supply shortage, primarily caused by a decline in imports from Colombia, a key supplier to the US. This shortage is attributed to major mortality events in Colombia's aquaculture, particularly in the Betania Reservoir area, leading to a substantial decrease in Colombia's exports to the US. Similar issues in Honduras and Mexico have also impacted supply. Despite these challenges, the 2024 outlook for the fresh tilapia market anticipates continued tight supply and rising prices, driven by long-term fry shortages in Colombia and ongoing production issues expected to resolve by year's end.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

This supply shortage is also directly reflected in the price. From $8430/ton in January to $9,380/ton in February, the price of fresh tilapia fillets has continued to rise, making the market situation more tense. Industry insider Francisco Murillo pointed out that the decline in February is equivalent to a weekly reduction of nearly 311,000 pounds of fillets, a figure that was particularly significant in the month before Lent. The decline in imports mainly came from countries such as Colombia, where the aquaculture industry suffered major mortality events, leading to a supply shortage. Colombia is one of the main suppliers of fresh tilapia fillets to the United States. However, in February, Colombia's exports to the United States fell by 31% month-on-month and 16% year-on-year. This is mainly due to the outbreak of major mortality events in Colombia's aquaculture industry at the beginning of the year, especially in the Betania Reservoir area, which is one of the key production ...
Source: Foodmate
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