Skyrocketing Russian Fish Prices: Increase Reaches 30% According to Expert
In the heart of Russia, the price of chum salmon stands at a hefty 480 rubles per kilogram, while pink salmon sells for 400 rubles per kilogram. Meanwhile, in the Far East, the wholesale market has seen a mixed picture. The price of chum salmon decreased by 4.3% in July, dropping to 450 rubles per kilogram, while sockeye salmon increased by 1.2%, reaching 870 rubles per kilogram.
These fluctuations in fish prices are not isolated incidents. According to Alexei Plugov, director of the expert-analytical center for agribusiness "AB-Center" and a candidate of economic sciences, fish prices have risen by approximately 30% in retail and 40% in wholesale over the past year.
The primary reasons behind this price surge are supply shortages, especially for popular species like pollock, and rising demand, both domestic and international. Russia is expanding its exports of sought-after species like Kamchatka crab to China, indicating strong demand that impacts domestic availability and prices.
Global seafood market trends also play a role. While some species like salmon have seen fluctuating prices globally, Russian-specific supply-demand dynamics and domestic economic conditions heavily influence local price increases. General food price inflation and increased costs in production, transport, and processing further contribute to the rise.
Plugov explained that the increase is due to slightly lower catches and exporting the same amount to foreign ports as last year, but slightly less to Russian consumers. The significant rise in fish prices is attributed to insufficient catches and profitable exports abroad.
Interestingly, imported shrimp has increased by less than 5% in retail, while Russian fish has seen a more substantial price hike. This disparity underscores the unique challenges facing the Russian fishing industry and the factors that drive its prices.
In summary, the 30% retail and 40% wholesale price hikes for Russian fish over the past year reflect a combination of supply shortages, increased export demand, especially to China, logistical and possibly regulatory factors, and broad inflationary pressures impacting the food sector in Russia.
Read also:
- Intensified farm machinery emissions posing challenges to China's net-zero targets
- Nuclear plant revitalized: Artificial intelligence-led demand breathes life into the Great Lakes nuclear facility
- International finance institutions, EBRD, EIB, and SEB, offer €84.8 million in loans for solar energy projects within Latvia.
- Yearly financial loss due to natural disasters in Pakistan amounts to roughly 2% of the country's GDP, as per the United Nations.
