Brexit will impair the UK fish&seafood sector
If Brexit will bring along a series of tariffs imposed on seafood from 2021, UK has a lot more to lose the European partners, predicts Beyhan de Jong, Associate Analyst - Animal Protein, Rabobank.
Seafood trade between UK and EU will be impacted but the British sector will feel the hit much harder, says de Jong, based on the domestic consumption in the kingdom.
Domestic consumption is based mainly on imported fis&seafood products while the catch is usually exported. "Mackerel, langoustine, and scallops are the top three species caught in British waters by British vessels, but they don’t have a market in the UK. These species are exported, predominantly to the EU. On the other hand, cod, haddock, pollock, as well as shrimp and prawns are the species favoured most by British consumers – yet they are largely imported", explained the analyst.
70% of the seafood produced in the UK is exported to EU and the domestic market is depending only by 30% on the imports from the bloc. 20% of seafood imports come from third countries that have a preferential trade agreement with EU, such as Faroe Islands, Norway or Iceland.
From the products exported to the EU market, salmon has a significant importance on third-countries markets, 17% of the exported fish being shipped to the US. Also, 33% (50, 000 tons) of the salmon produced in Great Britain is sold on the domestic market and about 70,000 tons are imported.
Without a Free Trade Agreement (FTA) signed between UK and EU after the transition period (2 years) tariffs imposed by the World Trade Organization could run from 2% to 20% impairing the fisheries sector in Great Britain by reducing the demand for British fish&seafood on the European single market. On the other side, EU could find other markets to export its seafood production.
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