This article examines the fish trade between Denmark and Britain, focusing on the 1933 bilateral trade agreement. Britain was the main export market for Danish fish, achieving a significant market share. Import penetration exacerbated British concerns about competitiveness that had emerged during the 1920s. While British protectionism saw the introduction of tariffs and quotas, which nominally reduced Danish imports by 10%, the Danes accommodated restrictions through exporting semi-processed fish. This article details trends in fish imports from Denmark, examines the national positions in negotiating the trade agreement, and considers how each country's fishing industry responded to its implementation. It draws two principal conclusions. First, that the significance of trade in the development of the interwar fisheries requires greater consideration in historical accounts. Second, that the Danish industry more effectively accommodated the new trade regime than the nominally protected British fishing industry.