FAO on global trade in groundfish and the impact of anti-Russian sanctions

According to forecasts in the May report FAO-Globefish, which was analyzed by the Fishery Shipowners Association (FSA), improvements in cod stocks are expected no earlier than 2028. In the meantime, quotas for its catch are being reduced annually, which leads to a reduction in supply and an increase in prices. As FSA previously wrote, by decision of the Russian-Norwegian Fisheries Commission, the total allowable catch of north-eastern Arctic cod, which Russia and Norway are developing jointly, has been reduced by 25%.

According to FAO, in March of this year, prices for frozen Norwegian cod fillets were $13, while in March of last year they cost $8.12 per kg.

Stocks of the main type of groundfish - pollock - remain stable, catches are high, prices are attractive. But FAO experts draw attention to the reduction in the volume of world trade in products from this fish - as they say, at the request of importers.

Thus, we continue to observe how world importers of white fish are losing its volumes not for objective reasons, but because of the embargo and restrictions on supplies from Russia that they themselves introduce. On behalf of the FSA, we recall that just the other day, again without objective reasons, two Russian fish companies were included in the EU sanctions list, which continues to consistently deprive its consumers of fish.

According to FAO, Russian pollock exports in 2024 amounted to 800 thousand tons, which is almost 40 thousand tons less than in the same period of 2023 and 200 thousand tons less than in 2022.

FAO predicts a further decline in global cod trade in 2025. It is noted that in the long term, “much depends on how the European Union views the embargo on Russian pollock and whether it will include fillets processed in China.” In short, will Europeans decide to limit their access to white fish even more and remain without it at all?