Exports are blocked and prices continue to fall. The Russian fishing community calls on the government to withdraw tariffs on exported aquatic products.

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Seafood

Regulation & Compliances

Market & Price Trends

Published Mar 19, 2024

Tridge summary

Alexey Buglak from the Russian Association of Pollock Fishermen (ADM) has called for a review of export tax rates on pollock products due to a severe market downturn. The price of Russian fish fillets has dropped by 36% year-on-year by the end of 2023, leading to exporters incurring losses of up to $2,500 per ton. This is attributed to falling fillet prices, international restrictions, fluctuating exchange rates, and increasing fuel and freight costs. Despite a 13% rise in consumption and supply last year, the Russian domestic market is also finding it difficult to absorb the 2.3 million tons of pollock.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The proposal was made by Alexey Buglak of the Russian Association of Pollock Fishermen (ADM) at a gathering of the RSPP committee. He described the current situation of the pollock market as extremely difficult, even calling it a "disaster" - not only Including pollock fillets, surimi, minced meat, and covers all major pollock export categories. In the past year, the price of Russian fish fillets has continued to fall, and it lags behind compared with product prices in other countries. By the end of 2023, its price fell 36% year-on-year. U.S. and European sanctions and restrictions on Russia have had an impact, including a 13.7% EU tariff on imports. This has in turn put pressure on the cost of Russian supply of frozen pollock to China - with prices falling to as low as per ton in February 900 US dollars, down 35% year-on-year. Mr Buglak noted: “Given factors such as the fall in fillet prices, restrictions in other countries and exchange rates, Russian pollock exporters have ...

Source: Foodmate