EGP 12,000 in duties to be levied on each ton of exported fish

Trade and Industry Minister Tarek Qabil issued on Thursday a decision to levy 12,000 pounds on each ton of some exported fish whether they were fresh or frozen.

The decision, which excludes canned and smoked fish, will be valid for four months.

Fish shipments to the EU countries will be also excluded from the extra duties under regulations governing such markets.

In a statement, the minister said the ministry took the decision to secure local needs of fish after the increase of fish exports over the past months, a move that led to an unprecedented increase of fish prices in local markets.

The decision was taken after conducting necessary studies and coordinating with all bodies concerned to achieve a balance between exports and local consumption, the minister said.

According to the studies, the average annual production of fish hit 1.5 million tons while local needs are estimated at 1.8 million tons, creating a gap of 300,000 tons that are covered by fish imports.

In 2016, 48,000 tons of fish were exported while in the first quarter of 2017 they hit 14,000 tons.