China’s seafood trade sagged in the first three quarters of 2024 compared to the same period last year, with the performance of imports lagging during the period.
The country’s seafood imports amounted to 4.54 million metric tons (MT) worth USD 14.8 billion (EUR 14 billion) in the period, representing an increase of 1.2 percent by volume and 6.7 percent by value, respectively, according to the China Ministry of Agriculture and Rural Affairs.
Imports were particularly affected by low prices paid by Chinese consumers for seafood in the time frame analyzed.
Data from the agriculture ministry showed the average price paid for seafood was CNY 25.08 (USD 3.51, EUR 3.26) per pound – down 3.7 percent on the same period last year.
Imports also struggled due to heavy domestic competition.
At 49.5 million metric tons (MT), China’s overall seafood production was up 4.4 percent during the first three quarters of the year, with the sharpest growth seen in marine aquaculture, which contributed just under 18.2 million MT – up 5.6 percent. Marine catch output was up 1.6 percent at 6.4 million MT.
Freshwater aquaculture production has also grown in the country, with farming of grouper leading the charge in the category.
China’s seafood exports and imports combined totaled 7.1 million MT in the period, worth USD 27.9 billion (EUR 26.5 billion) – a rise of 4.2 percent in volume but a drop of 4.6 percent in value.
China’s demand for seafood and other imports has been tempered by slower economic growth. The World Bank has projected China's GDP to grow by about 4.5 percent per year for the next five years, which would mark about half the average annual growth of 8.9 percent recorded between 1992 and 2023 and heavily cut into consumer appetite for imported goods.
