August 17, 2007

Thailand and China supplies one-fifth of US canned seafood in 2006

The US consumed US$3 billion worth of canned seafood in 2006, of which nearly one-fifth comes from Thailand and China.

The report "Seafood Canning Industry In The US And Its Foreign Trade (1996-2008)'' from Research and Markets lists Thailand, China, Canada and Indonesia as the top countries selling canned seafood to the US in 2006.

Overall, the US consumed US$3 billion in canned seafood for 2006, the report said. While import value rose 5.3 percent to US$1.8 billion in 2006, export value fell 4.8 percent to US$397.4 million. This meant a deficit of almost US$1.4 billion.

The seafood canning industry includes that for soup, marine fats, oils and smoked, salted and dried seafood.

Top importing countries were Thailand, US$404 million (22.0 percent ); China, US$264 million (14.4 percent ); Indonesia, US$184 million (10.0 percent ); Canada, US$131 million (7.14 percent ); and Philippines, US$122 million (6.6 percent ).

The report also stated that revenues for the US canning industry for 2006 was US$1.56 billion, with gross profit of 25.5 percent at US$398 million. There are an estimated 140 companies in the US seafood canning industry, with average revenue of US$11.1 million last year.

Top export destinations for the US seafood canning industry include Canada and the UK, each accounting for close to 20 percent of the market.

Others include Australia, US$32.4 million (8.2 percent ); Japan, US$29.1 million (7.34 percent ); and China, US$20.2 million (5.0 percent )