The Russian fishing industry faces unprecedented challenges, with the narrow cod sector at the forefront of a growing crisis. Prices for Russian fish fillets and other cod products have plummeted by 30%, pushing industry leaders to demand government intervention. Alexey Buglak, head of the Russian Association of Narrow Cod Fishermen (ADM), highlights the dire situation, emphasizing the need for immediate action to lift tariffs that are crippling exports and devastating the market.
The Turmoil in the Narrow Cod Market
A Catastrophic Downturn
The cod market’s distress is palpable, with a significant drop in the price of Russian fish products compared to international counterparts. Sanctions, including a 13.7% EU import tariff, exacerbate the situation, resulting in a staggering 35% decrease in the price of frozen cod exported to China.
Seeking Solutions: The Industry’s Plea
The Call for Tariff Reevaluation
The ADM’s plea for tariff modifications reflects the broader industry’s desperation. With Russian cod exporters facing losses of up to $2500 per ton, the proposal aims to alleviate the financial burden by adjusting export tax rates for cod products. This initiative has garnered support across the sector, emphasizing the urgency of reform to sustain the industry.
Broadening the Impact: Beyond Narrow Cod
A Collective Struggle
The issue extends beyond narrow cod, affecting a range of fish products from Pacific salmon to herring. Aleksey Osintsev, ASRF Chairman, advocates for removing various fish products from exchange rate export tariffs, highlighting the critical need for comprehensive solutions that address the entire spectrum of the fishing industry’s export challenges.
The Russian fishing industry’s call for government intervention underscores the critical state of the narrow cod sector and beyond. As industry leaders push for tariff reforms, the future of Russian cod exports hangs in the balance, waiting for decisive action that could pave the way for recovery and stability in this vital economic sector.
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