With the country’s October holiday approaching, China has added 24 new Russian fish-processing vessels to the list of those allowed to ship to Chinese ports.
A note recently published by Chinese customs authorities revealed 54 Russian seafood processing companies were licensed for export to China in 2022, out of 800 total vessels receiving licenses.
Chinese seafood imports have surged in value terms thus far in 2022. In August, imports of seafood (not including fishmeal) surged by 17.3 percent in volume to 410,000 metric tons (MT) and by 55.7 percent in value to CNY 12.6 billion (USD 1.8 billion, EUR 1.8 billion). In the first eight months of the year, the accumulated import total was 2.78 million MT worth CNY 77 billion (USD 11 billion, EUR 11 billion) – a rise of 23.6 percent and 40.1 percent, respectively.
Strong growth in import volumes appear to be driven by demand for frozen product for home consumption, as China’s restaurant industry has faced disruption due to COVID-19 lockdowns. The lockdowns also dampened consumption in China through the summer, keeping food inflation levels well below rates seen in other major economies.
Average seafood prices fell by 2.9 percent year-on-year in July, just ahead of an overall consumer price index (CPI) rise for the month of 2.7 percent in year-on-year terms.
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