(seafood.com) Prices of tilapia in the US continue to trend downwards as a record surge of US imports continues to flood the market.
According to the US Department of Commerce, the US imported 29.6 million pounds of frozen tilapia fillets in May, up 12.6 percent from the previous month and 78 percent versus the same time a year ago.
Meanwhile, YTD imports of frozen fillets currently sit at 145.3 million pounds, 25.6 percent more than the previous month and 36.3 percent higher than the same time last year
Industry insiders have credited this surge in 2012 imports to a steady decline in prices since the end of 2011. For example, Urner Barry's price of 3-5 oz. Frozen Tilapia Fillets has fallen 19 percent since December's peak price of $2.30 per pound, averaging $1.93 per pound in July. The combination of all sizes including 5-7's has fallen 17.7 percent since December.
Currently, the industry is reporting ample inventories and slow trading with the undertone generally soft.