JAMAICAN traders import salt fish valued in billions annually to satisfy consumers’ desire for the protein which is used in a myriad dishes, being added to vegetable and bean concoctions alike.

Jamaica, as indicated by Rainforest Seafoods, is the largest market in the English-speaking Caribbean for salt fish. However, the value of imports dipped in 2021, likely due to higher prices and supply chain challenges. Imports last year were around $1 billion less than the two years prior.

Following last week’s story on a 30 per cent hike in the retail price of the fish, the Statistical Institute of Jamaica (Statin) shared data which show that demand remains steady at around $2.9 billion annually, except in 2021 when volumes slid to $1.9 billion.

Imports in 2019 were valued at $2.9 billion for 5,716, 434 kilogrammes of the protein.

In 2020, imports were valued at $2.78 billion. Volumes were not stated by Statin for this year.

Last year, in 2021, imports were valued at $1.99 billion. Again volumes by kilogramme were not shared by Statin.

Markup on salt fish

As to what consumers were actually paying in retail such as supermarkets due to mark-up, the Jamaica Observer was told that this averages $681 for each pound sold retail plus general consumption tax (GCT).

Fish type imported is Alaska pollock or other pollock salted and dried. Monthly import data average between $180 million and just over $200 million.

In a three-year review, imports were higher in 2019 when quantities topped $340.9 million imported in the month of September.

The year following, however, imports were less than $100 million in September and continued at the same low of just over $100 million in September 2021.

From research by the Business Observer in mid-April, it was shown that a combination of the declining value of the Jamaican dollar and competition for supplies with other consuming nations in South America and Eastern Europe especially, has resulted in an average 30 per cent increase in the price of salted fish year over year and a big jump in pricing in April 2022.

Notable movements in price were reported on retail shelves this month, with the consumer item selling for $800 per pound compared to $500 per pound in early March at some shops.

Roger Lyn, director of marketing and corporate affairs at Rainforest Seafoods, told the Business Observer, “Since last year the price of saltfish has gone up 27 per cent, March over March and 25 per cent April over April.”

Meanwhile, the Jamaican dollar declined year over year also impacting what both importers and consumers pay. The dollar is trading at J$155.6 for US$1 today April 21.

These are factors, Lyn stated, are affecting the pricing of saltfish as a commodity, with retailers also adding their different margins. Lyn was incorrectly quoted last week as saying salt fish was a high margin sale item. It is not, he affirms. However, demand is steady.