Lower prices bolstered Norwegian salmon sales in China during the Chinese New Year festival last month.
Norway exported 21,900 metric tons of seafood worth of NOK 586 million (USD 70.3 million, EUR 57.4 million) to China in the first two months of 2021 – a year-on-year increase of two percent in volume but a drop of 11 percent in value terms, according to Victoria Braathen, director of the Norwegian Seafood Council’s office in China. Thus far, performance had varied between species, Braathen told SeafoodSource.
“While fresh salmon and shellfish are showing a growing trend, other species are down compared with the same time last year,” she said.
With the holiday, the first two months of the year typically see higher demand for premium seafood across China. However, demand was dinged by claims made by Chinese Customs that it had found traces of COVID-19 on the packaging of imported seafood.
Salmon demand is “recovering” in China, a seafood buyer at a Chinese state-owned importer told SeafoodSource, but prices are volatile.
“They’re up and down every week,” he said.
Freight costs remain an issue for exporters, with COVID-19-related slowdowns in ports and a shortage of containers driving prices to decade-long highs.
Despite the difficulties, Braathen said she is confident Norway will continue to consolidate its presence in China.
“When it comes to transportation, trade figures at the same time show that the industry is adopting and finding solutions for export,” she said. “Norway has been gradually strengthening its position in China in the recent years, also through a special 2020. Moving forward, we remain confident that demand for Norwegian salmon as well as other seafood will continue to recover and grow.”
The ongoing annual meeting of the Chinese parliament has set an optimistic tone in economic terms for the year ahead. Last week, China’s government set a GDP growth target of 6 percent for 2021 and signaled it’s going to seek trade deals with Japan and South Korea, while also seeking to further stimulate domestic consumption as an economic driver.
However, it remains to be seen if this will carry through to seafood, and whether higher demand seen during the Chinese New Year will continue or if companies will have to continue lowering prices to stimulate continuing demand.
Photo courtesy of dangdumrong/Shutterstock
