India deal brings opportunity for Tassal

Tasmanian salmon farming company Tassal is poised to net a potentially large export breakthrough, following a trade agreement between Australia and India.

Tassal is taking advantage of tariff cuts under the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) to enter this potentially huge south Asian market for the first time.

Tassal, Australia’s largest salmon producer, became part of the worldwide Cooke Seafood group last year.

It has been working with Austrade, Australia’s national investment promotion agency, to open up trade with India.

So far Tassal has exported around 30 tonnes of salmon to India, but hopes to increase that amount to 100 tonnes over the next 12 months.

Matt Vince, Tassal’s Head of Sales and Marketing, said: “We have always been interested in India, but the previous 30% import tariff was too high.”

Under the agreement the tariff has been reduced to 21% but it will fall further to 17% from the start of 2024 which, he said, will accelerate the company’s export opportunities.

Tassal produces Atlantic salmon in southern Tasmania across five marine farming zones and four land-based freshwater hatcheries.

It also farms tiger prawns in northern Queensland and earlier this year it acquired Australia’s only ocean-based barramundi farm at Cone Bay in Western Australia.

Exports account for 25% of Tassal’s business. Its salmon, prawns, and fresh, smoked and frozen seafood is available across Southeast Asia (its largest market), China, Japan, Korea and the US.

In 2022, the company was an Australian Export Awards finalist in the Agribusiness, Food and Beverages category.