Despite a rise in domestic sourcing within the United States, Japan has emerged as the leading exporter of US scallops in 2023. Data from the National Oceanic and Atmospheric Administration (NOAA) underscores the dominance of Pacific scallops (Patinepecten yessoensis) from Hokkaido, Japan, in the US seafood market.
In a remarkable surge, the US imported 2549 tons of scallops in October 2023, valued at $46.5 million. This figure indicates a 109% increase in volume and a 122% increase in value year-on-year. During this period, Japan led the exports with 1037 tons, valued at $20.3 million, a year-on-year growth of 359%.
While final data for November and December 2023 is pending, early indications show a continuation of this trend, with the US importing at least 4100 tons of Japanese scallops in these months.
Increase in Export Prices
The average import price of scallops in the US was $18.23/kg in October, marking a 7% increase from the previous year and an 18% month-on-month rise.
From January to October 2023, Japan exported 5481 tons of scallops to the US, amounting to $108 million. These imports accounted for 28% of the US market by quantity and 36% by value, surpassing both China and Canada.
Japanese Scallops: A More Affordable Option
According to NOAA, the average price of Japanese scallops in the US rose by 13% from September to October 2023, yet saw a 9% decrease year-on-year. Despite
the recent price increase, Japanese scallops remained more affordable compared to their US counterparts, with early 2023 data indicating lower prices for Japanese imports. However, the cost of scallops from both countries has been trending upward.
A key factor influencing the scallops price per pound in the US and Japan is the fluctuating exchange rate of the Japanese yen against the US dollar, driven by rising US interest rates. The most common sizes for Japanese scallops in the US market are 18-23 and 23-27, compared to the prevalent 10-20 size for Atlantic scallops.
This increase in Japanese scallop imports to the US in 2023 marks a significant shift in the seafood industry, impacting the price per pound of scallops. With Japanese scallops offering a cost-effective alternative, the market is adapting to global economic changes, providing consumers and chefs with a wider range of seafood options.
The 2023 surge in Japanese scallop imports demonstrates a dynamic shift in the US seafood market, significantly affecting the scallop price per pound. This trend underscores the evolving landscape of the global seafood trade, where Japanese scallops have become a more economical choice, offering diversity in selection and pricing for American consumers and culinary professionals.
Common Q&A
- How have Japanese scallop imports influenced the US market?
- The surge in Japanese scallop imports has led to more competitive pricing and an increased variety of scallop sizes in the US market.
- What is the impact of exchange rates on scallop prices?
- Fluctuations in the Japanese yen to the US dollar exchange rate, driven by changes in US interest rates, significantly affect the scallop price per pound.
- Are Japanese scallops more affordable than Atlantic scallops?
- Despite recent price increases, Japanese scallops generally remain more affordable than Atlantic scallops in the US market.
