Íslandsbanki publishes new report on the U.S. Seafood Market

23.09.2010

Íslandsbanki is has decided to reinstate its research on the United States seafood industry with the release of its new U.S. Seafood Market Report. The United States are one of the most important seafood markets in the world, both in terms of consumption and catch volume. This report provides an analytical overview of the main driving forces within the U.S. seafood industry, from U.S. fishing activities, importing of fish and seafood products to the U.S. market, processing, until reaching the plates of U.S. consumers. It is built upon recently released data by the National Marine Fisheries Service (NMFS) for 2009 and new consumption figures by the National Fisheries Institute, as well as data from the US Census and others.

Key highlights from the report

  • The U.S. is the world´s sixth largest fishing nations and third largest market for seafood.
  • Alaska is the leading state, both in terms of volume and value.
  • The impact of the Gulf oil spill can so far not be quantified, but should not be that great given the share of the overall U.S. seafood supply.
  • China became the most important importer in 2009, closely followed by Canada and Thailand
  • The five-year increase of 23.8% in consumer price for seafood products is eradicated mostly in primary processing and food retail, with an actual decrease in ex-vessel price in 2009

"We are proud having been able to first present this report at the Annual Meeting of the National Fisheries Institute in Chicago this week.", says Árni Magnússon, Executive Director of Íslandsbanki's Industry Group.

Íslandsbanki maintains a team of experts focusing on the seafood industry. As a part of the bank´s Corporate and Investment Banking Division, the team is responsible for customer relations and services to seafood companies in Iceland and abroad and for the publication of research material and reports.

The report can be accessed via the website of the seafood team at: www.islandsbanki.is/seafood

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