Russia Boosting Fish Exports to China Amid Shifting Dynamics
Emerging Market Opportunities
Published Oct 19, 2023
Russia is actively looking to expand its fish exports to China this year, a strategic move driven by several factors. Notably, headed and gutted pollock prices in China have recently dipped to approximately USD 1,200 per metric ton (MT), due to the weakened Russian ruble against the US dollar, allowing Russian suppliers to offer more competitive rates. Several key factors have contributed to this sharp increase in export volumes. The primary catalyst was the removal of COVID-19 restrictions in China, which has led to increased consumption of various goods and services, while Russia has shifted its export focus from Europe to the East. As a result, Russia is supplying more pollock, cod, herring, and crayfish to China, making it the top buyer of Russian seafood.
Russia's strategic shift to expand fish exports to China aims to fill the gap created by Japan's loss of the Chinese market due to issues related to Fukushima. About 900 Russian companies have approval for seafood exports to China, with expectations of further growth due to the Fukushima situation. Russia primarily supplies white fish and pollock to China, whereas Japan traditionally provides other products to the Chinese market. This move represents Russia's response to changing global dynamics and an opportunity to enhance its standing in the international seafood market.