Íslandsbanki issues United States Seafood Market Report
Íslandsbanki today released its United States Seafood Market Report in conjunction with the Seafood Expo Global in Brussels. The report is the latest in our series of Seafood Market Reports covering the seafood industry in the North Atlantic region, which forms the foundation of the Bank’s overseas strategy. This year’s report focuses on trade flows for key import and export species in the U.S.
Highlights of the report include:
- Global seafood production continues to grow at a faster rate than the world population, driven by increased aquaculture production.
- The U.S. was the fifth largest seafood producer in the world in 2015 and is one of the most important markets for seafood. The U.S. was ranked third by wild caught volume.
- Since 1990, total commercial landings have averaged 4.3 million metric tons while the value of U.S. landings has steadily increased due to rising prices.
- The U.S. is the fifth largest export country; however, the majority of seafood consumed in the U.S. is imported.
- The largest export species in terms of value are Alaska pollock, salmon and lobster. The United States’ largest export markets are Canada and China. The value of exported seafood to each of these countries exceeds $1 billion and together they account for almost 40% of total export value.
- Shrimp is by far the largest import species, followed by salmon and crab. Imports of tuna, the fourth most valuable import species, have gradually declined since 2010.
- Canada and China are the country’s largest seafood suppliers. Imports from Thailand have decreased since 2011 while imports from Chile, India and Viet Nam have been increasing.
The seafood industry is one of the mainstays of the Icelandic economy. Marine products have historically been one of the country’s leading export sectors and the fishing industry remains at the heart of Icelandic culture. Íslandsbanki has a long history of servicing the domestic and international seafood industry, having financed the first Icelandic motorized trawler in 1904.
Íslandsbanki has established a specialized team within its Corporate Banking Division focusing on the seafood industry. This team of dedicated professionals utilizes its deep industry knowledge and contacts to provide a full range of banking services to domestic and foreign seafood companies. Íslandsbanki also provides advisory services to the sector and has been actively involved in many of the leading seafood transactions over the years. The Bank is proud to be a founding member of the Iceland Ocean Cluster.
Íslandsbanki had total assets of approximately USD 9.3 billion as of December 31, 2016 and seafood accounted for approximately 20% of the Bank’s corporate loan portfolio, underscoring the importance of the sector.