Russia considers measures to deal with pollock excess

Russia-China Relations:
- China imports 61% of Russia's seafood, primarily pollock, worth nearly 3.3 billion USD annually
- In 2021, China stopped importing Russian seafood due to concerns about COVID-19 contamination, leading to a drop in pollock prices in Russia
- Russia is seeking to address China's concerns and diversify its export markets, including Thailand, Vietnam, Indonesia, and Namibia
- The Pollock Catchers Association (PCA) is planning to increase exports to these countries, especially Thailand and Vietnam, which have completed rapid trade processes with Russia
- Indonesia offers the highest profit potential, with significant seafood imports in 2019
- Russia is also looking to expand pollock exports to Namibia, after both countries signed an agreement on veterinary certification in 2020
- Domestically, pollock consumption in Russia has increased significantly in 2020

Impact on the Seafood Industry:
- China's restriction on Russian seafood imports has led to a surplus of pollock in Russia, causing a decrease in prices
- Russian companies are now considering processing pollock into value-added fish products and exploring other export markets
- The situation highlights the need for Russia to diversify its export markets to mitigate reliance on a single market and prevent price fluctuations