UK seafood trade resilience amid global trade uncertainty
The 2024 UK Seafood Trade report shows our industry is outpacing broader UK trade, but that concerns exist around proposed US tariffs and a challenging global landscape.
Released this week by our colleagues in the industry data, insight, and innovation team, the comprehensive report offers an overview of UK seafood import and export trade, highlighting trends and examining the influence of national, international, and global events on markets.
It shows that seafood performed better than total UK goods trade, showing growth in 2024, as export value increased 13.0% to £2.0bn and import value increased 1.6% to £3.8bn.
Seafood consumption in the UK also returned to full growth in 2024 as sales increased in retail and foodservice.
Unsurprisingly, though, high-profile global events, including the wars in Ukraine and Gaza, the threat of high tariffs from the USA, and an escalating trade war between the USA and China, have created logistical headaches for our industry, adding to those that previously existed due to Brexit.
Despite this, there are still several reasons to be hopeful, as the report details, with agreements with India, the EU, and beyond, providing new and exciting trade opportunities for businesses.
The report reveals:
In 2024, the UK seafood sector outperformed the general UK goods trade.
However, it faced challenges due to non-tariff barriers with the EU.
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.
Our figures show that UK seafood imports grew in 2024, driven by rising domestic demand and shifts in global supply, with pelagic species, particularly tuna, showing strong growth.
UK seafood exports also continued to grow in 2024, driven largely by strong performance in salmon and mackerel exports to the EU, US, and China.
Looking ahead, the UK government’s new sanitary and phytosanitary (SPS) agreement (or veterinary agreement) with the EU means the costs of compliance for exporters and importers will be cut.
Under the Ireland/Northern Ireland Protocol, Northern Ireland's SPS rules will remain aligned with those of the EU.
“Overall, the UK seafood sector shows signs of recovery, with a UK-EU trade agreement offering a promising sign for further progress,” adds the report.
“Future opportunities for a recovering UK seafood trade environment will depend on how recent and future trade agreements play out at home and abroad.
“Growth also hinges on the ability of businesses to adapt to increased geopolitical uncertainty.”
To access the full report, which includes deeper analysis across species and individual nations, click the link below: