EP 658 | AIRED 09/18/2023
Pollock Market Update: Demand, Pricing, Trade Dynamics for Alaska, Russia, China
Sept 18th, 2023 - Pollock is a hot commodity right now as an inexpensive and versatile protein used for many value added applications from fillets and portions to surimi.
With the Alaska Pollock season already surpassing 90 percent of the Total Allowable Catch, this should normally mean prices will rise.
Meanwhile, Russia's Federal Agency for Fisheries, Rosrybolovstvo, recently stated that they expect the total fish catch in Russia by the end of 2023 to exceed 5 million tons.
Impressively, Russian fishermen have already caught over 3.63 million tons of fish this year, with nearly half of it being Pollock.
Now, concerning Russian Pollock, 75 percent of the 2 million ton Total Allowable Catch for Russian Pollock has already been harvested.
Shifting gears to the global trade scenario, Ilya Shestakov (the Head of Russia’s Federal Agency for Fishery) can be quoted saying:
“The situation in the industry is stable.The sanctions, in fact, did not touch us at all.”
Furthermore, there is a notable strengthening of trade relations between Russia and China.
Recent data indicates a remarkable increase in trade volume, amounting to almost 1.6 billion US dollars from 755,000 tons.
This represents a 75 percent volume growth and a 39 percent monetary growth compared to the same period last year.
Remarkably, Russia has surpassed the US in Pollock Surimi sales in the Asian market.
Buyers in the region are shifting towards Russian Pollock surimi due to its cost-effectiveness and quality parity.
Simultaneously, global surimi prices have decreased by 20 to 30 percent compared to the previous year.
Given these dynamics, our recommendation is to gear up your Pollock production now.
However, it's essential to acknowledge the looming uncertainty surrounding the potential passing of the U.S.-Russian Federation Seafood Reciprocity Act of 2023, which seeks to close a loophole for Russian-origin fish entering the US.
Additionally, preparations for China production and Chinese New Year closures should begin.
For your seafood requirements, please don't hesitate to contact your Tradex Foods representative.
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