"Trade negotiations with the EU and trade agreements beyond the EU offer a promising outlook but progress will also depend on geopolitical stability, and consumer demand," Seafish states in its report.
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The UK seafood sector has "several reasons to be hopeful," according to a new report produced by trade body Seafish. The sector proved "resilient" in 2024, the report states, outperforming the wider UK goods trade despite facing continued Brexit-related barriers and a turbulent global trade environment.
Published last week, the 2024 UK Seafood Trade report presents a comprehensive overview of trade patterns for the UK seafood industry last year.
The Seafish figures indicate that in 2024, UK seafood exports rose by 13% to £2 billion, with salmon and mackerel leading the way, particularly to major markets such as the EU, US, and China. However, exports of shellfish and demersal species fell, particularly to EU markets. The EU continues to be the UK's main seafood trading partner, accounting for 67% of the market share of seafood exports, Seafish said.
Seafish reports that the UK's seafood consumption "returned to full growth" in 2024, with an uptick in both retail and foodservice sales. The country's seafood imports increased by 1.6% to £3.8 billion in 2024, with tuna seeing the largest gains, while whitefish remained the top import category by volume.
The report also highlights shifting trends in trading partners. Imports from Ecuador, Canada, and Vietnam increased, while supplies from traditional exporters like Norway and the EU declined.
“Overall, the UK seafood sector shows signs of recovery, with a UK-EU trade agreement offering a promising sign for further progress,” the report states.
However, it warns that future growth will depend heavily on how new and existing trade agreements develop and on broader global stability, stating: “An escalating trade war between the US and China poses significant risks for 2025 for global trade stability and growth."
Tariffs levied by the U.S. could also have other indirect effects, the report warned, noting "the sector faces supply chain disruptions and increased volatility as countries adjust to the new tariff landscape".
In 2024, non-tariff trade barriers with the EU also continued to make an impact, however the UK’s new sanitary and phytosanitary (SPS) agreement is expected to improve the situation. The agreement, part of the UK-EU "Brexit reset" deal struck in May, will see fewer border checks on UK food exports to the EU.