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Trade Tracker: Cod on the rise
China has become a major player in U.S. cod supply
December 01, 2013
U.S. cod imports and exports have grown exponentially over the past five years. In 2007, total import values of cod were around $26 million, but from January through August of this year cod imports have totaled more than $181 million. The same story can be said for U.S. exports of cod: Six years ago, cod exports were valued at $243 million and in 2012 U.S. exports were up to $343 million.
As is the case with many species, China is a big player in the cod trade. China is the destination for 43 percent of U.S. cod exports, and where 56 percent of imports are due to secondary processing. From January through August, the United States imported $101 million in cod from China and exported $92 million there. A significant amount of cod imports also came from Russia and Iceland, which both sent more than $23 million through August of this year.
Frozen fillets account for 81 percent of all cod products the United States imports. The average price per kilogram (kg) of imported frozen fillets has dropped from last year, shifting from $6.05 in Q2 of 2012, to $4.97 in Q2 of 2013. The majority of exports are frozen cod, which accounts for 88 percent of product. The average price per kg of frozen cod has also declined from Q2 of 2012, a shift of $3.16 to $2.66 in Q2 2013.
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. Compliance-Monitor™ is a comprehensive tool that proactively alerts users of essential U.S. import trade compliance information. For more information, visit www.zepol.com.
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