The recent changes in currencies have been bad news if you are exporting to Europe, and good news if you’re exporting to Japan. Experts advised that the whole world economy is so interconnected, and the major uncertainty across all of Europe is affecting the value of the euro relative to our dollar. It doesn’t seem fair or rational that would affect what Alaska seafood sells for and the prices Alaska fishermen get, but it actually does work that way.
It is true that the value of the euro to the dollar has dropped 10 percent since November, and it now takes 1.25 euros to equal one U.S. dollar. Europe is an important export market for Alaska salmon, pollock fillets and cod. Experts said that the decline will affect what European markets are willing or able to pay, so that could have a negative consequence for those particular fishery products.
Ray Riutta, director of the Alaska Seafood Marketing Institute, opined that clearly, everyone is concerned as the euro goes down and our products become more expensive. It certainly will affect sales. On the other hand, the currency for Alaska’s biggest seafood customer — Japan — has gotten stronger, at 90 yen to the dollar.
Riutta said that the purchasing power of the yen has been strengthening for the past year. That would tend to help products we are shipping to Japan which includes salmon, sablefish, crab and roe products. Even though the yen/dollar exchange rates are stronger, the Japanese economy is struggling, so buyers there might not want as much. Both seafood experts agreed that all signs point to a good salmon market this year.
