Russia: Fish exports to BRICS countries could grow significantly

Published 2024년 10월 24일

Tridge summary

The Russian fishing industry depends heavily on exports, with 90% of its revenue coming from three countries and the EU. However, the industry faces risks due to export dependencies and potential sanctions, as seen with the EU's duty on Russian white fish. To mitigate these risks, the All-Russian Association of Fishery Producers (VARPE) suggests diversifying export markets towards friendly countries, especially those in the global South. By increasing exports to BRICS plus countries, VARPE predicts a potential increase in fishery exports by $2.5 billion by 2030, reaching a total of $8.85 billion. However, the industry also faces challenges such as climate change, competition, and export restrictions, including exchange rate export duties on fish products.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Thus, currently, up to 90% of all revenue of the Russian fishing industry comes from exports to just three countries - China (almost $2.8 billion in 2023), Korea ($803.9 million) and Japan ($758.6 million), as well as to the EU ($779.3 million), according to a study by the All-Russian Association of Fishery Producers (VARPE). In total, this year, fishery exports could amount to $5.8 billion. It turns out that about 45% of total supplies abroad go to unfriendly countries, comments VARPE President German Zverev. In the current geopolitical conditions, this creates risks. For example, since 2024, the EU has already introduced duties (13.7%) on Russian white fish. Therefore, it is important to expand the geography of supplies to friendly countries. Thus, the BRICS plus countries now account for about half of fish exports, and this share can be increased to two-thirds. "The compass points to the global South," says Zverev. For example, VARPE estimates the potential for deliveries to ...

Source: RG