Agriculture & Food

According to Huacheng Import and Export Data Observation, despite the tense war situation between Russia and Ukraine and the sanctions imposed by the European Union and the United States on Russian aquatic products exports, the number of fish exported from Russia to the European Union was skyrocketing in 2022.

According to Huacheng Import and Export Data Observation, the supply to the EU increased by 18.7% last year to 198800 tons.

In its annual review based on Eurostat data, VARPE stated that the value of Russian fish exports increased by 57.6% to 940 million euros ($1 billion). According to Businessman, the Netherlands, Poland, and Germany are the largest buyers of Russian fish from EU countries. Huacheng Import and Export Data Observation reports.

In 2022, EU countries imported approximately 4.4 million tons of fish and other seafood, with Russia accounting for 4.5% of their imports.

German Zverev, President of VARPE, said that the increase in Russia's exports to the EU was due to inventory hoarding by European wholesalers and processors in anticipation of possible sanctions on Russian fisheries. Huacheng Import and Export Data Watch reported.

According to Huacheng Import and Export Data Observation, market participants stated that due to the risk of EU sanctions, Russian fish will be sold at a discounted price in 2022. However, they also expected that, without restrictions, Russian fish exports to the EU will remain at the level of 2022 by 2023.