April 25, 2008

Russia loses US$1.2 billion in 2007 seafood trade, trend likely to continue
 

Russia's seafood trade deficit hit a record high of US$1.2 billion in 2007, up 79 percent from the previous year, according to a GAIN report.

In 2007, Russia imported US$1.7 billion worth of seafood but exports reached only US$517 million.

The trend is likely to continue in the near future due to rising incomes, higher domestic consumption and changing eating habits, said the report.

According to some market analysts, Russia's fish and fish product consumption increased 17 percent in 2007.

Norway is the largest fish supplier for Russia, which imported 410,000 tonnes of Norwegian seafood in 2007, up 43 percent from 286,000 tonnes in 2006; import value is up 28.5 percent from US$498 million to US$637 million.

The Russian fisheries committee is announcing development projects to increase fish production while making it more affordable to the lower income population. However, the lack of modern facilities, inadequate investments, and poaching would force Russia to continue its dependency on seafood imports.