« November 2012 Table of Contents
Trade Tracker - Cod exports trump import value
China, Iceland, Russia top cod import sources
November 01, 2012
Cod is found in various forms around the globe, and the two main species found in the U.S. market are Atlantic (Gadus morhua) and Pacific (G. macrocephalus). The two species are often not separately distinguished in the marketplace.
For the first eight months of this year, the United States imported more than $180 million of cod; that’s equal to 2 percent of all imported seafood. Nearly all cod imports arrive as frozen fillets. About 70 percent is imported from China, which is partly to do with the large amount of reprocessing of U.S. product that is done overseas. The remaining cod imports are from Iceland at 11 percent and Russia at 8 percent.
The United States actually exports more cod than it imports — a rarity for the seafood trade. From January through August of this year, U.S. cod exports were valued at more than $250 million, with the majority headed to China.
Iceland plays an important role in supplying the United States with cod year-round. Cod is the second-most imported seafood from Iceland next to haddock, and Icelandic cod imports will likely reach over $20 million by the end of this year. The majority of cod imports from Iceland arrive by vessel into Boston and Norfolk, Va. In recent months, however, the preferred shipping method has been air freight. Zepol Corp. of Minneapolis provides up-to-date U.S. trade data through several subscription tools: TradeIQ™ is a U.S. Customs import bill of lading database utilized to find information about competitors, suppliers, prospects, and the products that they use, market, or transport. TradeView™ provides U.S. Census data to visualize the U.S. import and export market. ComplianceMonitor™ is a comprehensive tool that proactively alerts users of essential U.S. import trade compliance information. For more information, visit www.zepol.com.
Find other SeaFood Business articles with cod here.