EP 666 | AIRED 11/13/2023
Pacific Cod Update: Reduction in Global Cod Supply, Impact on Markets and Prices, Urgency in Securing Inventory
Nov 13th, 2023 - Right now could be the most opportune time to secure your inventory of Pacific Cod and here’s why.
The total allowable catch for Pacific Cod in Alaska and Russia is poised for a reduction in 2024, aligning with the Groundfish Forum's forecast of a contracted global Cod supply for the coming year.
Pacific Cod catches are estimated to reach 329,000 metric tonnes, and Atlantic Cod at 791,000 tonnes globally.
This represents a shortfall of approximately 30,000 metric tonnes (or 6.6 million pounds) from the international supply of Pacific Cod.
Turning our attention to Alaska, we anticipate a 13 percent decline in the Pacific Cod TAC for 2024, down to 148,000 tonnes.
This adjustment suggests an estimated catch for the fleets in the Bering Sea and Aleutian Islands of around 118,000 tonnes, and an estimated 12,000 tonnes for the fleets in the Gulf of Alaska.
Current data indicates that Alaska's Pacific Cod harvest for this year is expected to conclude at approximately 151,000 tonnes, marking a shortfall of 6,000 tonnes from the previous year.
For Russia, the forecast is similarly conservative with a 17 percent decrease in the 2024 Pacific Cod TAC to 145,000 tonnes.
Latest harvest data is showing a Russian Pacific Cod catch of 102,000 tonnes, which is equivalent to 76 percent of 2022’s harvest, and 61 percent of 2021’s harvest.
These anticipated reductions in Pacific Cod catch for the next year will reflect on the H&G and value-added market.
Despite Alaskan and Russian origin Pacific Cod raw materials pricing in China dropping over 30 percent in this year, uncertainty continues to loom surrounding legislation which seeks to close a loophole for Russian-origin fish reprocessed in China from entering the US.
If US lawmakers are successful in blocking Russian-origin fish reprocessed in China, Pacific Cod prices will soar.
With Chinese New Year closures just around the corner, our recommendation is to strongly review your China production seafood requirements.
Contact your Tradex Foods representative asap to discuss.
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