Closure of China for Russian exporters of fish and seafood compensated by South Korea and Africa

Published 2021년 8월 13일

Tridge summary

The article highlights a significant shift in Russian fish and seafood export markets, with a focus on the impact of China's import restrictions. In 2021, South Korea has emerged as a dominant market, absorbing nearly 60% of Russia's fishery product exports, following a doubling of imports from the previous year. This shift is partly due to South Korea's role as a transit point for supply to other Asian markets. Meanwhile, Africa, led by Nigeria, has shown promising growth in imports, representing 6% of total supplies in the first four months of 2021. Other countries like Cote D'Ivoire, Ghana, and Cameroon have also increased their imports. Additionally, Japan and Germany have experienced significant growth in demand for Russian fishery products. This diversification of export markets is seen as a strategic move to mitigate risk from supply disruptions to specific importers and to stimulate demand for a variety of fish products.

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

Original content

Andrey Dalnov, head of the Center for Industry Expertise (CEC) of the Russian Agricultural Bank, told which markets Russian fish are sailing to.The import restrictions introduced by China at the end of 2020 created additional barriers for Russian fish and seafood producers to supply the main foreign consumer to the market. According to the Rosselkhozbank's Center for Industry Expertise, at the beginning of 2021, China's share in the structure of domestic fish exports fell to 15%, while shipments to South Korea increased year-on-year from 22% to 58% of the total volume of exported products in physical terms. Despite the continued leadership of Asian markets, African countries can become a promising direction, which in January-April this year showed the largest increase in imports of Russian fish and seafood after South Korea. In the first 4 months of 2020, China imported 67% (457.520 thousand tons) of all the products of the Russian fishery complex supplied abroad, however, for the ...

Source: Agroxxi