Fallout from the tsunami and earthquakes in Japan is expected to increase demand for U.S. scallops this year.
“The uncertainty in Japan can’t help. We rely on Japanese scallops in the off-season, through the summer and fall,” says a Northeast U.S. seafood importer and trader. In addition, Japan may become a larger buyer of U.S. scallops since they will have a reduced area to fish in. China is also importing more U.S. scallops, because of its growing middle class, according to the trader.
Scallop prices have already been strong this year due to lower catches. The Northeast U.S. fishery – which started in March – is expected to produce 50 million pounds this season, down from 53 million pounds last season.
Some U.S. restaurants and retailers have said they are not able to use scallops because of strong prices that started last season. “We have been in an expensive situation for about a year, and prices have not come down,” says one buyer.
Current ex-vessel prices range from $9.75 to $10 a pound for mediums (20- to 30-count) and in the mid- to high-$11 range for jumbos (10-12s). Wholesale prices are in the $12 range for mediums and $13 and up jumbos.
As a result of lower harvests, U.S. scallop exports declined slightly from 24.75 million pounds in 2009 to 24.6 million pounds in 2010, according to the National Marine Fisheries Service.
Meanwhile, European scallop production and imports have increased over the past two years. From January through September of last year, Europe imported 43.7 metric tons of scallops, compared to 41.6 tons for January through September of 2009.
While Peru and Argentina are big scallop exporters, Chile is expected to be a bigger player in the European market. In December, the European Commission said the European Union could import fresh scallops — not just frozen or processed scallops — from Chile.
