COVID-related restrictions in China appear to be dampening consumer demand for seafood domestically, according to a June 2022 survey of wholesale sales.
A survey of 80 wholesale markets shows that in June, the average price for seafood was CNY 25.53 (USD 3.82, EUR 3.82) per kilogram, up slightly from May but down 1.92 percent year-on-year.
China reported a consumer price index (CPI) rise of 2.5 percent in June, well below the inflation seen in major Western economies.
While the average price per kilo of seafood was relatively steady, data compiled by China’s Agricultural Ministry indicates there was a 16 percent drop in volume and value of seafood traded through June. The results have been heavily influenced by China’s zero-COVID policy, which has resulted in lockdowns in various Chinese cities in recent months.
The average price in China for wild-caught seafood fell by 0.19 percent year-on-year to an average CNY 46.30 (USD 6.86, EUR 6.70) per kilogram in June. Species like yellow croaker, ribbon fish, and mackerel typically come into high demand in the summer dining season, but this has been curtailed this year by the frequent lockdowns and limits on how many dine-in customers are allowed in some Chinese cities.
Freshwater seafood prices also fell in June by 4.5 percent year-on-year to an average price of CNY 17.50 (USD 2.59, EUR 2.53) per kilogram, according to the ministry’s data. Despite the overall trend, there was a 7 percent month-on-month climb for the average tilapia price, to CNY 18.50 (USD 2.74, EUR 2.67) per kilogram. Similarly, the average wholesale price for freshwater trout was up 6.5 percent month-on-month to CNY 42.30 (USD 6.27, EUR 6.11).
China announced weak economic data for the second quarter of 2022 in early July. National restaurant spending was down by more than 20 percent in April and May compared to the same period last year, and dropped by 4 percent in June, according to data published by the National Bureau of Statistics.
A monthly index of business conditions showed corporate confidence rebounded from 37.3 percent in May to 42.9 percent in June, well below the confidence threshold of 50.0, but suggesting improving expectations among China’s entrepreneurs. The survey was published by the Beijing-based Cheung Kong Business School.
Photo courtesy of Graeme Kennedy/Shutterstock
