Russian export taxes will weaken the competitiveness of seafood companies and seriously affect the trade of pollock, herring and snow crab

Herring

Published Oct 8, 2023

Tridge summary

Starting in October, Russia will implement an export tax on seafood, with the tax amount dependent on the ruble-dollar exchange rate and a maximum limit of 7%. The Russian fishing industry is concerned that this will negatively impact important export markets, especially for species like pollock, crabs, and herring. The new trade tariffs are expected to cost the Russian fishery sector around $104 million to $124 million, further exacerbating the industry's increasing debt burden and potentially weakening its global market position.

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Original content

Starting in October, Russia will impose an "export tax" on exported seafood, with the tax amount linked to the ruble-dollar exchange rate set by the Central Bank of the Russian Federation, with an upper limit of 7%. The Russian fishing industry said the move would have a serious impact on important export markets, especially for species such as pollock, crabs and herring. The All-Russian Fisheries Association (VARPE) stated that the new trade tariffs will have a negative impact on seafood exports, weaken the position of Russian suppliers in many important overseas markets, and will seriously affect the trade of herring, pollock fillets and frozen crabs. VARPE Chairman German Zverev said in a TV interview on September 26 that the global market position of Russian fishing companies may be weakened, Russian herring companies will lose competitiveness compared with Norwegian producers, and domestic crab fishing companies will also start to Losing to Canada in the Chinese ...

Source: Foodmate