Russia considers measures to deal with pollock excess
Published 2021년 2월 22일
Tridge summary
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
- 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
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Russia exports to China 61% of the total seafood export turnover of this country, worth nearly 3.3 billion USD (equivalent to 2.74 billion EUR), but pollock is worth 580 - 600 million USD. (equivalent to 482 EUR - 499 million EUR). The Chinese market restricted Russian seafood imports after Chinese customs in January 2021 announced that the COVID-19 strain was found on the packaging of seafood imported from Russia. China said it will increase the frequency and extent of inspection of seafood imported from Russia. While Russia has a plan to alleviate China's concerns, in early February 2021, the director of the Russian Federation's Fisheries Bureau - Ilya Shestakov said China had stopped importing all kinds of seafood. in Russia, Qingdao and Dalian border gates closed in early February 2021. After that, China closed the land border crossings with Russia, leaving the pollock exploited in January 2021 in Russia. Deputy Director of the Fisheries Department of the Russian Federation - ...
Source: Vinanet
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