Growth in seafood prices appears to have leveled off in China.
A surge in supply in September, coupled with weaker demand, has put downward pressure on prices, even as overall Chinese consumer demand appears to be in recovery mode following the passage of the worst of the coronavirus crisis earlier in 2020.
Seafood prices have shown little growth next to other food categories monitored at Chinese wholesale markets. While there was a 17 percent jump in fresh vegetable prices during September, seafood prices were up only 2.6 percent year-on-year, according to government data from both the Agriculture Ministry and Commerce Ministry. The data shows in September food prices rose 6.4 percent, up two percent year-on-year. Poultry prices rose 22.6 percent, while pork prices rose 25.5 percent. Seafood prices fell 0.9 percent month-on-month in September.
The rising supply suggests a new supply of seafood hit the market following the reopening of domestic waters for fishing after China’s annual summer fishing moratorium.
The data correlates with a recent report in the major southern port of Yangjiang, Guangdong Province, noting the price of mantis shrimp went from CNY 54 (USD 8.10, EUR 7.02) in 2019 to a current average of CNY 40 (USD 6.00, EUR 5.20) per 500 grams. The average price of squid went from CNY 20 (USD 3.00, EUR 2.60) to CNY 17 (USD 2.55, EUR 2.21) per 500 grams in the same timeframe, the fisherman told “Consumer Affairs” show on CCTV, the state TV corporation.
China has reported GDP growth of 4.9 percent year-on-year for the third quarter of 2020, with some of that growth coming from a recovery in consumer spending. Retail sales grew 3.3 percent in September, the first month this year that the figure had grown year-over-year. Imports also grew 13.2 percent year-on-year in September, offering proof that consumer spending may be rebounding, though the figure also count imports of major commodities that China typically buys in the autumn, like grain.
Photo courtesy of Mark Godfrey/SeafoodSource
