Russia removed the import duties on fish products, in order to stimulate the imports and meet the increased demand for fishery products. The decision was taken on the last meeting of General Directorate of Federal Customs Revenues and Tariff Regulation, adopted for two years and aims to stimulate the foreign trade. The zero import custom duties are affecting the products falling under code 150 of HS EAEC. The application of the new import duties takes effect from the date of acceptance and expected to make Russian market more attractive for fishery products, but also to stimulate the development of fish processing plants.
“Due to saturation of the domestic market and meeting the demand of fishery products, as well as increasing of the load of fish processing plants, was considered appropriate to zero the import duties for marine fish production”, said the official statement of the Ministry of Economic Development.
According to the Russian Federal Fisheries Agency, the Russian Federation imported 307,500 tons of fish products, which is 13% less than the same period last year. With the adoption of the new zero tariffs, the import is expected to increase, making the Russian market more attractive for the fish processing plants.
In particular, the supply of frozen capelin dropped by 69.5% to 8,600 tons, while those of frozen herring lost 53% to 11,700 tons and frozen salmon decreased by 20.1% to 28,600 tons. At the same time the imports of frozen mackerel increased by 32.2% to 39,400 tons, while the import of frozen trout rose by 55% to 7,900 tons.