February 26, 2007

Alaska's seafood finds growing market in Europe

Alaska's exports reached a record US$4 billion last year, with seafood exports accounting for half the exports, or US$2 billion for the first time, thanks to the growing European market.

Rising mineral prices and an expanding seafood customer base helped boost the value of Alaska's exports to a new-high, according to figures released last week from the governor's office.

Exports have been growing at double digit rates for three consecutive years, with last year recording a 12.6-percent increase, according to the US Census Bureau.

A decade ago, Alaska's seafood industry concentrated on exporting exclusively to Asian countries. Asia still accounts for three-quarters of Alaska's seafood exports while the rest is mostly shipped to Europe, traders said.

While higher mineral prices fetched higher profits, revenues from Alaska's third largest export- fertilizers are down 40 percent from 2005. 

Japan remained Alaska's top foreign trading partner last year, accounting for a quarter of its exports.