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3-Minute Market Insight

EP 430 | AIRED 03/25/2019

Impacts Of Brexit On the International Seafood Markets: Part 1

March 25th, 2019 - The UK is due to leave the European Union on 29 March, 2019 with either a deal, an extension to reach a deal, or a no deal Brexit.

A no deal Brexit would mean the UK would leave the EU immediately with no agreements in place.

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In a no deal Brexit outcome, transport and trade between the UK and the EU could be severely affected.

As the clock runs down on Brexit,

EU’s Chief Brexit Negotiator can be quoted saying that "everyone should now finalise all preparations for a no-deal scenario"

--- To that extent, UK trade body Seafish published an updated Brexit guide for the seafood industry.

The update includes a government announcement of temporary rates of customs duty that will apply to a list of 21 seafood products if the UK leaves the EU with no deal.

We posted a link to this list in the info below this video.

Link: Temporary rates of customs duty on seafood imports after EU Exit

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A large proportion of the seafood commodities that are imported into the UK are not listed in the government announcement and therefore will not incur a duty on import.

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These products include salmon, whitefish, pelagic fish and bivalve molluscs.

Among the zero-tariffed seafood commodities are those currently covered by the European Union autonomous tariff quotas.

--- Other no deal Brexit preparations taking place are temporary agreements between countries.

The UK recently reached a temporary deal with Norway and Iceland should there be a Brexit no deal.

The agreement secures prolonging zero tariffs on established quotas on seafood and other agricultural and industrial goods.

Keep posted to upcoming episodes as we continue to follow and report on Brexit.

--- And Finally, our TradexLIVE offer of the week is for SINBAD Platinum Pacific Cod Fillets.

We have our 8-16oz Fillets at $4.20/lb and 16-32oz Fillets at $4.40/lb both FOB Seattle with a minimum order of 50 cases.

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SINBAD Platinum products are harvested from sustainable fisheries (when possible) and are produced from the finest raw materials with exceptional harvesting and processing standards. All products follow our industry best 7-Step Quality Control Process delivering comprehensive inspections at every stage of processing. Our SINBAD Platinum Brand is our Once-Frozen, Zero Additive, Premium Quality product line produced in North America.

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