In 2024, Russia’s fish and seafood exports to China saw a notable drop in both volume and value, attributed largely to declining exports of key species like pollock, Pacific herring, and cod. According to recent data from the Fisheries Union, Russia’s seafood exports to China from January to July fell by 5% in volume, totaling 666,000 tons, and dropped by 12% in value, amounting to $1.5 billion.
Key Trends in Russian Seafood Exports to China
The supply of frozen cod from Russia to China dropped by 12% to 353,000 tons, while its export value fell by 31% to $334 million, a decline largely driven by a 20% price drop in global markets. This trend has been influenced by significant market changes in Europe, as explained by the Chairman of the Russian Cod Fishermen Association (PCA), who highlighted how the sharp fall in cod fillet prices in Europe has impacted China’s market as well.
- European Price Drop: By May 2024, Russian frozen cod fillet prices in Europe had dropped by 45%, while prices in China had fallen by 25%, reaching their lowest levels in six years—similar to 2017 pricing.
- Sanctions Impact: Restrictions on Russian fish exports to the EU and U.S., due to the ongoing conflict in Ukraine, have increased market uncertainty. The U.S. has fully banned Russian seafood imports, and the EU and UK have imposed tariffs on Russian whitefish, impacting global pricing.
Nevertheless, certain pollock products performed strongly:
Surimi
During this period, the export of minced fish surimi to China increased significantly
- Volume: Exports surged by 80% to 17,000 tons
- Value of import was reported at $335 million.
Pollock fillets
- Volume: increased by 3.5 times to 15,000 tons
- Value: has shown a 2.3-fold rise to $26 million.
This growth was driven by reduced supplies of surimi and fillets from EU nations.
Frozen Pacific Herring
Frozen Pacific herring exports from Russia to China declined significantly:
- Volume: Down by 37% to 75,000 tons.
- Value: Decreased by 42% to $47 million.
Despite an 18% year-on-year increase in herring catch, the herring market has been impacted by increased production of fish fillets.
Frozen Sardines
The frozen sardine export sector showed positive growth amid the overall decline:
- Volume: Tripled year-on-year to 74,000 tons.
- Value: Also tripled, reaching $42 million.
This increase is aligned with a 1.5-fold rise in sardine catch in 2024.
Crab Export
Crab exports demonstrated resilience and growth, constituting 40% of Russia’s seafood exports to China:
- Volume: Increased by 1% to over 21,000 tons.
- Value: Grew by 11% to $652 million.
This increase aligns with China’s rising demand for high-value seafood like crab, where total imports rose by 12% in the first half of the year.
Shifting Dynamics in the Russia-China Seafood Trade
While some sectors like surimi, pollock fillets, and frozen sardines have shown growth, the overall decline in Russian seafood exports highlights the impact of shifting global market dynamics and geopolitical restrictions. Businesses in the seafood industry must stay informed of these changes and adjust strategies to capitalize on emerging opportunities in new markets and mitigate risks associated with ongoing sanctions.
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