What is the status of chilled tilapia imports into the United States?

Beginning in 2024, the import of chilled tilapia fillets in the United States has declined month by month, and the price has risen significantly. Imports in January were 1,845 tonnes, down from 2,084 tonnes in the same month of 2023. February imports continued to decline to 1,442 tonnes, about 30% less than February 2023 (2,006 tonnes). At the same time, the price of chilled tilapia fillets increased from $8,430 / ton in January to $9,380/ ton in February.

"The drop in February is equivalent to a drop of nearly 311,000 pounds of fillets per week, which is a staggering number considering it's a month before Lent," said Francisco Murillo, a former executive at renowned tilapia producer Regal Springs and now CEO of Tropo Farm in Ghana.

Chilled tilapia fillets imported to the United States are mainly from Latin America.Colombia exported 810 tonnes to the US in February, down 31 percent month-on-month and 16 percent year-on-year.

But at the beginning of 2024, a large number of fish have died in tilapia farming areas in Colombia, the damage to the farming industry was severe,and the fish population is now significantly reduced, which is exacerbating the shortage of chilled tilapia for export.

At this time, the forecast for the 2024 chilled tilapia market is unchanged, Regal Springs is expected to resolve production issues by the end of the third quarter or the fourth quarter, Colombian producers will face a long-term shortage of fry, and the supply of frozen tilapia will remain tight. Fob Miami prices will continue to rise, posing challenges for both U.S. buyers and consumers."

Article reference : Undercurrentnews