Russia: Octopus market trends and changes in 2024

Published 2024년 10월 31일

Tridge summary

In summer 2024, Russia witnessed a 29% decrease in the price of imported octopus from China, now costing 690 rubles per kilogram, due to increased catch volumes and improved supply conditions, with Chinese imports surging by 43%. Despite this, global demand for octopus is declining due to abundant catches, particularly in Latin America and Morocco. Russia's reliance on imports, as its domestic catch contributes minimally, points to challenges such as the need for sustainable fishing and aquaculture development to ensure market stability and reduce import dependency. The article also highlights the potential impacts of international politics and economics on seafood trade.

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

Original content

Octopus Price Decrease According to the Analytical Center of the Fish Union, by the end of summer 2024, the price of octopus imported to Russia from China decreased by 29% compared to the same period in 2023, amounting to 690 rubles per kilogram. This significant price decrease is due to several factors, including an increase in catch volumes and improved supply conditions. Imports and supplies Total octopus imports to Russia for the period from January to July 2024 amounted to 674 tons, which is 3% less than last year. However, supplies from China increased significantly by 43%, reaching 254 tons. This indicates that Chinese producers were able to increase their supply volumes, which, in turn, contributed to the price decrease. Global octopus catch situation Despite high global demand for octopus, the market is cooling due to good catches, especially in Latin America. In addition, the recent increase in the octopus catch quota in Morocco by 19% to 17.2 thousand tons also puts ...

Source: Fishretail