U.S. tilapia imports have fallen to a record low

Data show that in May this year, the import of chilled and frozen tilapia fillets in the United States shrank to a new low since the epidemic, of which the import of chilled fish fillets was 1,654 tons, a decrease of 7% year-on-year, and the import value was about 16.1 million US dollars; At the same time, frozen fillet imports fell 22% year-on-year to 6,598 tonnes, with imports worth $30.9 million, of which 5,742 tonnes came from China.

From January to May, U.S. imports of chilled tilapia fillets fell 16 % from a year earlier, while imports of frozen fillets fell 19 % from a year earlier. China's supply fell by as much as 20% year on year, the lowest since the outbreak (28% less than the same period in 2020). At the same time, the number of Indonesian frozen fish fillets imported to the United States has increased, with imports of about 599 tons in May, up 12 percent from a year earlier, and imports of $5.6 million.

Francisco Murillo, CEO of Tropo Farm, a Ghanaian tilapia producer, said: "The downward trend in US imports highlights global supply issues. This year's imports of chilled and frozen fillet are expected to be the lowest in a decade, which will affect supply and consumption in the US market."

Despite the overall decline in imports, the number of chilled fish fillets imported from Colombia to the United States increased by 3.5% in January-May compared with the same period last year, and Colombia's market share of chilled fish fillets increased from 43% to 53%. About 677 tons were imported in May, valued at $7 million. Murillo believes that this is not a sign of a positive market, but because Colombian exports in the first half of 2023 were too weak, coupled with the overall decline in Latin American countries (excluding Brazil) this year.

In the first five months, the United States imported 2,541 tons ($2.5 million), 182 tons ($1.72 million) and 86 tons ($741,000) of chilled fish fillets from Costa Rica, Honduras and Mexico, respectively, down 25%, 69% and 28% from the same period last year.

The frozen tilapia market in the United States is at an all-time low. "Frozen tilapia has a longer inventory cycle, and the decline in imports from China exposes the supply problems for the Chinese aquaculture industry."

Reference : UCN