Despite the rise of the fishing industry in Russia and the liberalized market due to sanctions, the cost of Russian fish at retail continues to rise. Consumers find themselves in a situation where they have to make a choice in favor of more budget-friendly analogues from Asian countries. Fishing industry expert and restaurateur Yan Dmitrenko told socialbites.ca about pricing in the fish and seafood market.
According to the expert, a lot of premium quality products are exported from Russian fisheries.
“Many companies focus on the markets of Japan, China and South Korea, where they supply almost all of the premium fish caught: Kamchatka crabs, sturgeon caviar, cod and other seafood. The remaining fish on the domestic market is sold at an inflated price, becoming an inaccessible delicacy for many citizens. “In contrast, wholesale buyers are purchasing seafood from South Asian countries where they are offered lower prices and mediocre quality,” he said.
The expert pointed out that the solution to the problem could be the introduction of quotas and the development of an exchange format for the sale of fish.
“Organized fish auctions will help solve many problems at once. First, the stock market can now limit the monopoly of large industrial enterprises that can set virtually any price for their products, and due to the lack of alternatives, the market will have to adapt to this. Secondly, such auctions could become a platform for setting national price indicators for fish and seafood. As a result, an independent price regulator will emerge in the market,” Dmitrenko explained.
However, asymmetric application of quotas in the foreign exchange market may create unnecessary restrictions in the domestic market.
“If organized trade is carried out only in the domestic market, this will create an additional burden on business, which will only increase the final cost of the product for consumers in the future. “Therefore, it is important to establish quotas for the export of products that will help saturate the Russian market with first-class domestic fish at reasonable prices,” he said.
As a result, the expert added, the business is ready to purchase seafood at competitive barter auctions.
“Wholesalers are interested in popularizing Russian fish and actively support initiatives aimed at import substitution on competitive conditions,” the restaurateur said.
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