China still has room for growth of seafood imports amid a downbeat economic mood in China, especially in terms of consumption, according to Rabobank Chief Seafood Analyst Gorjan Nikolik.
China’s seafood imports dropped 11.5 percent in the first five months of 2024 amid rising prices and broader economic troubles that have pushed Chinese consumers to eschew premium products.
“We are still under the assumption that China will grow domestic seafood consumption in the long term, perhaps not in volume but certainly in value terms,” he told SeafoodSource. “And, a large part of that consumption will come from imports. China will never be as reliant on seafood imports as the U.S., E.U., or U.K., but there is still room for growth of imports.”
In contrast, China’s role as a re-exporter of processed seafood could be under threat, according to Nikolik.
“It is an industry with an uncertain future, not only due to geopolitics but also due to technological solutions such as machine processing and sustainability requirements for wild catch and the need to lower carbon emissions,” Nikolik said. “Long term, China is not a natural exporter of seafood, but clearly it is occurring today, and it will continue in the future.”
China Aquatic Products Processing and Marketing Alliance (CAPPMA) Vice President Wang Xueguang told SeafoodSource in April 2024 China’s seafood exports will grow 7 to 8 percent in 2024. According to Wang, China's seafood industry has traditionally been export-oriented, and in a low-margin environment, companies find it “more straightforward” to stick with exports rather than seeking to develop the domestic market.
“In China, consumption demand is weak, but there is stronger demand for low-priced seafood products. It’s a similar situation for exports – the cheaper products have been more in demand,” he told SeafoodSource at the 2024 Seafood Expo Global in Barcelona, Spain.
Nikolik said he expects Chinese exporters to retain ...
