Russia's seafood exports show downward trend this year

Russia's agricultural exports, specifically fish and seafood, have experienced a decline in the first half of 2024, with a 7% decrease compared to the previous year and a more significant 13% drop from January to August. This downward trend is expected to persist until the end of the year, largely due to the US market's closure and tariffs imposed by the EU, UK, and other countries on Russian goods. The reduction in exports to China, a major market, has also contributed to the decline. The Russian Fishing Vessel Owners' Association (AFFO) and the All-Russian Association of Fishery Industrialists (VARPE) suggest that the Asian market will increasingly become a crucial market for Russian exporters as the export landscape adjusts to these challenges.

According to SeafoodNews, in the first half of 2024, Russia's exports fell by 7% year-on-year, and exports from January to August were 1.1 million tons, a year-on-year decrease of 13%. Analysts believe that the downward trend will continue until the fourth quarter of this year. The Russian Fishing Vessel Owners' Association (AFFO) said that by the end of this year, the decline is likely to be higher, which is attributed to the closure of the US market to the Russian market and the existing tariffs imposed by the EU and the UK on Russian products (the tax rates for whitefish are 13.7% and 35% respectively). For this reason, the importance of the Asian market for Russian exporters is increasing day by day. The All-Russian Association ...