China, in the first three quarters of this year, saw its seafood exports rise to USD 15.4 billion, (EUR 12.35 billion), up by 6.1 percent year on year, and imports USD 7 billion (EUR 5.6 billion), an increase of 8.7 percent.
According to data from the ministry of agriculture, the country’s international seafood trade in the period totaled USD 22.4 billion (EUR 18 billion), which gives China a USD 8.4 billion (EUR 6.7 billion) trade surplus in seafood. This is an increase of 4 percent over the same period last year.
All told the data suggests imports are growing faster than exports while growth in the gap between exports and imports is slowly narrowing. Exports in 2013 totaled USD 20 billion (EUR 16 billion) and imports USD 8.9 billion (EUR 7.14 billion).
A senior Chinese official seemed to suggest this week that China would welcome more imports as a way of keeping domestic seafood prices in check.
“Sustainable development” of seafood trade helps “protect the domestic seafood market supply and price stability” as well as giving “value-added income” opportunities to Chinese fishermen and fish farmers, said Niu Dun, the country’s vice minister for agriculture, speaking last week at the annual China Seafood Expo in Qingdao. Chinese aquatic products trade volume reached USD 28.9 billion (EUR 23.2 billion) in 2013, exports the first time exceeded USD 20 billion (EUR 16 billion).
There are other recent signs that China’s leaders are encouraging an increase in the nation’s imports of seafood. The country’s top officials called for a “reasonable increase” in seafood (as well as beef and mutton) during a late October meeting of China’s State Council or cabinet, chaired by premier Li Keqiang.
This is significant given that central government still dictates the level of key food inputs in China — while seafood is not subject to import quotas limits (like the handful of firms here allowed to import grain), Chinese officials have been able to periodically squeeze imports through increased inspections and licensing of particular seafood products, such as salmon from Norway.
There is also more room for seafood imports to grow, since China has a more commanding trade position in seafood than it does in other key meat protein categories, like beef and lamb.
In the first three quarters of this year, China’s trade deficit in what the agriculture ministry terms ‘animal products’ soared to USD 12.42 billion, (EUR 9.9 billion), up 33.2 percent on the same period last year. Imports of expensive proteins into China soared, in particular: beef (239,000 metric tons, up by 14.1 percent), lamb (228,000 MT, an increase of 17.8 percent) and milk powder (911,000 MT, up by 65.6 percent).
