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China's exports of American squid products have fallen off a cliff! Will the market improve after the election?
US imports of squid from China in September fell by half year-on-year. According to data released by the US National Oceanic and Atmospheric Administration, in September, the US imported about 1,783 tons of squid from China, valued at US$7.47 million. The quantity was down 55% year-on-year and the value was down 58% year-on-year. The average unit price also dropped by 6% year-on-year to US$4.19 per kilogram.
However, as the average price of squid fell by 3% compared to the previous month, the overall import volume increased by 3% from the previous month.
Will the market change after the US election?
According to statistics from the Federal Election Commission (FEC), from January 1, 2019 to October 14, 2020, the U.S. seafood industry provided more than 4,700 campaign donations for the U.S. presidential election, raising a total of more than $768,000. More than 70% of them voted for the Republican Party headed by Trump because of the differences between the Republican Party and the Democratic Party on aquaculture policy. The Democratic Party has been following the environmental protection line. The goal represented by Obama is to designate more than 30% of the natural seas in the United States as protected areas and actively promote the sustainable development and utilization of aquatic resources.
The Republican Party represented by Trump has done two major things in the marine industry this year. One is to cancel the Maine Marine Nature Reserve, and the other is to allow companies to conduct business in the US federal exclusive economic waters (3-200 miles offshore). Cage culture.
Now that Biden has won, the U.S. ocean policy is likely to return to the old path of environmental protection. The development space for aquaculture is locked up, and there will be fewer and fewer fishing areas. As the world's fourth largest exporter of aquatic products, it is expected that 90% of the aquatic products consumed in the United States will depend on imports.