How the Russian fisheries complex is developing

Published 2024년 8월 30일

Tridge summary

Russia's fish and seafood industry is a significant player in its agricultural exports, contributing 14% and being the world's leading supplier of frozen fish. The industry has a high rate of deep processing and offers high wages, making it the highest-paying in the economy, aside from Finance and Insurance. Despite facing challenges such as anti-Russian sanctions and export duties, which have reduced profitability, the industry is exploring new markets in the Asia-Pacific, Africa, the Middle East, and Latin America in partnership with the Ministry of Agriculture. A program aims to modernize infrastructure with large investments, and efforts are being made to improve education and employment opportunities for the industry.

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

Original content

Processing, export and high wages In the structure of agricultural exports, fish and seafood occupy third place with a share of 14%, second only to grain and oil and fat products. In 2023, almost 2.6 million tons of fish products worth more than $6.1 billion were supplied to the world market. In addition, Russia is the world's leading supplier of frozen fish, exporting 2+ million tons per year. This is several times higher than the volumes of Chinese and Norwegian competitors. Of all the sectors of the agro-industrial complex, the fish industry has the highest share of deep processing - more than 30%. Moreover, it is growing from year to year. In 2023, out of 4.4 million tons of fish products, more than 1.3 million tons fell to it. 0.6 million tons, or 46%, were exported, 0.7 million tons (54%) were consumed by the domestic market. Fish is used to produce not only fillets, canned and preserved food, but also surimi (minced white fish for crab sticks), fish oil (omega-3), collagen, ...

Source: Fishretail