Our seafood can use US tariff volatility to create competitive edge
I was in New York for Tartan Week on the day of the initial tariff declarations and spoke with a big-hitter in our industry – a fish market servicing around 80% of the city's Michelin-star restaurants. They deal in quick turnover produce, with immediate exposure to price hikes.
So, while the 90-day reprieve may signal some relief, buyers like our friends in NYC will be recovering from the immediate shockwaves, assessing the impact of blanket baseline tariffs – and looking ahead with trepidation around what may happen next.
For our domestic seafood industry, the goalposts also changed quickly. We moved from a situation where the UK's minimum 10% tariff had the potential to create a real competitive advantage, as competitor countries were handed higher rates, to a more level playing field with baseline tariffs for the majority.
I believe Scotland's seafood industry can utilise our competitive edge in the face of any future volatility. We've long recognised the significance of the US market for Scottish seafood producers, working hard to facilitate strong relationships with American buyers and bringing Scottish seafood to the fore at events like Seafood Expo North America in Boston.
The feedback we get is consistently positive – the reputation of Scotland's seafood, in terms of world-class quality and consistency of supply, is well established.
As an industry, we have also become more agile and reactive to market demands and external challenges, like creating added-value products to suit specific locations, and fostering incredibly strong ties with other key seafood markets including Asia and the Middle East, plus our neighbours in Europe, who remain our biggest export customers.
Just last week, my colleague was in Japan with Scotland's Minister for Business and Scottish Enterprise's international team – where Scottish mackerel has experienced a ten-fold growth in market share in four years. Reaching out globally allows our industry to showcase its quality, develop new market opportunities, and most importantly at times like these, spread trading risks.
However, we deeply value our strong trade ties with the US and are confident our neighbours across the pond value the quality Scotland's seafood industry brings to the table. We also recognise the Secretary of State for Business and Trade, his team and wider UK Government have been working to mitigate tariffs, remaining committed to a future trade deal with the US. This could put us on the front foot again.
As the impact of the tariffs becomes clearer, we will listen, engage and work closely with industry and Governments here and abroad to navigate any challenges and sustain Scotland's position in the US market – standing on our reputation for quality to retain our competitive advantage in the face of any volatility.
Matthew Hurst is head of trade marketing for the Americas, Seafood Scotland
Agenda is a column for outside contributors. Contact: agenda@theherald.co.uk
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