The demand for marine and fisheries products portrays the billion-dollar market opportunity seafood products globally. Among these, some countries’ coastal boundaries provide a competitive edge with the perfect oceanic and climate conditions.
Despite having a vast source of seafood products, countries failed to capture shares in the global market. This happens due to the high safety standards required to export and import fisheries and marine products.
To tackle this issue and the full utilisation of the marine resource, the Indonesian government, signed a strategic USA’s quality assurance of marine and fisheries products. This ensures safety standards, and freshness throughout the entire production chain. Further, this will enhance the export of seafood trade. Let’s see how –
Indonesia: The Expanding Market for Seafood
As the global demand for fish and marine products is soaring. The government is expanding its horizons by implementing various policies such as quota-based fisheries management, USA’s quality-based assurance, and others. These all help to increase exports with countries. Here’s the quick trade view.
More than 60% of total seafood export was supplied to China and the USA with $256.1 and $246 million, respectively, in Q1 2024. Notably, the trade value with China increased, and declined with the US with $106 and $40 million, respectively, in Q1 2024, compared to Q1 2023.
| Countries | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
| World | 859.5 | 823.2 | 892.0 | 104.1 | 964.7 |
| China | 149.5 | 170.6 | 196.4 | 288.2 | 256.1 |
| US | 286.1 | 273.8 | 258.6 | 270.2 | 246.0 |
| Japan | 118.2 | 103.3 | 115.3 | 114.5 | 98.1 |
| Vietnam | 50.2 | 36.9 | 43.9 | 65.6 | 72.8 |
| Italy | 24.9 | 23.5 | 27.8 | 25.4 | 38.6 |
Value USD Million
What Are the Exported Seafood Products?
Seafood consists of numerous products. But all are not traded with the same quantity and value. Let’s understand about the top fisheries and marine products to export.
Among the products, crustaceans, molluscs, fish fillets and meat are the top foods to be exported in Q1 of 2024. Their trade value stood at, $319.5, $247.9, and, 184.9 million. Except for Q3 of 2023, the value increased in each quarter. Comprehensive details are mentioned below-
| Products Names | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
| Crustaceans | 343.1 | 332.1 | 303.9 | 322.6 | 319.5 |
| Molluscs | 154.1 | 140.8 | 176.4 | 293.7 | 247.9 |
| Fish fillets & fish meat | 184.2 | 174.7 | 193.1 | 196.0 | 184.9 |
| Frozen fish | 113.5 | 111.6 | 143.7 | 146.0 | 133.1 |
| Fish, fresh or chilled | 25.8 | 24.8 | 25.1 | 30.8 | 32.9 |
Value USD Million
What Type of Seafood does Indonesia Export to the USA?
The US is already 2nd largest market for Indonesian seafood exports and import more than $1 billion in 2023. To strengthen the economic ties and the market share, the USA approved the Quality Assurance certificate of fisheries and marine products. With this, fishing and marine products can be entered hassle-free. Explore the how
The domestic demand for seafood products is higher in America, and local suppliers need it. This increased the USA’s import dependency, helping Indonesia to become the leading supplier. For instance, Indonesia’s exports, of crustaceans, fish fillets, and Molluscs to the USA stood at $146.1, $84, and $7.1 million, respectively, in Q1 2024.
| Products name | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
| Crustaceans | 189.6 | 174.5 | 154.9 | 166.1 | 146.1 |
| Fish fillets and other fish meat, | 84.2 | 86.8 | 87.0 | 86.4 | 84.0 |
| Molluscs | 4.5 | 4.4 | 6.3 | 8.4 | 7.1 |
| Frozen fish | 5.1 | 5.3 | 7.3 | 6.7 | 4.9 |
| Fish, fresh or chilled | 0.4 | 0.9 | 1.5 | 1.1 | 2.2 |
| Live Fish | 1.3 | 1.2 | 1.1 | 1.0 | 1.2 |
Value USD Million
USA and Seafood Export to the World
The USA like Indonesia, also enjoys the competitive edge for seafood products with about 9500 miles of coastal boundaries. This offers an abundance of marine resources with quality and variety. Let’s explore the USA trade value –
If we look at the trade data, the USA emerged as the leading seafood supplier in the world. Fish fillets, frozen fish, and crustacean exports by the USA stood at $301.9, $272, and 246 million, respectively, in Q1 of 2024. Check the table for more information.
| Products Name | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
| Fish fillets and other fish meat | 342.4 | 256.1 | 491.1 | 249.2 | 301.9 |
| Frozen fish | 285.4 | 372.3 | 677.4 | 378.5 | 272.0 |
| Crustaceans | 233.4 | 149.4 | 293.7 | 305.9 | 246.0 |
| Molluscs | 111.3 | 78.8 | 76.0 | 105.9 | 91.0 |
| Fish, fresh or chilled | 52.3 | 44.6 | 65.7 | 35.2 | 32.3 |
Value USD Million
Seafood market value and demand have been well presented to you. And how the USA and Indonesia trade for the same products. Let’s explore how quality assurance helps to expand the market reach.
- Global Market Access
Seafood exporters from Indonesia will get a larger market share in the USA, Europe, Japan, and other countries. This will also help to build trust for Indonesian products.
- Increased Exports
Consistent quality and acceptance of products from various regions will result in higher export volume across the regions.
- Sustainable Fisheries
With quality assurance for fisheries and marine products, the Indonesian seafood market will automatically turn to sustainable practices by ensuring long-term supply.
With the implementation of robust seafood quality assurance infrastructure and training. Indonesia can strategically turn fisheries and marine resources into major economic growth for lasting growth. This also requires government to establish trade relations with countries and support the local fisher farmers by giving them financial assistance.
