China Targets Emerging Markets to Boost Seafood Exports
China is gearing up to target new emerging markets in South America, India and the Middle East to boost its slowing seafood exports to more mature markets such as the United States and Europe.
Seafood producers will also get a new round of tax rebates and export credits, which China’s central government announced on Monday.
The country’s appreciating currency has boosted imports but hurt exports. The provisions are among a range of measures announced recently to keep the country’s economy growing by at least 8 percent in 2009.
Chinese President Hu Jintao and Premier Wen Jiabao have traveled the world over the past two years signing investment and development deals. Now they expect the countries to deliver by importing more Chinese products.
Brazil is seen as a key new market. It is already China’s seventh largest export market, and imports of seafood, mainly sleevefish and cuttlefish, have increased sharply over the past two years.
In 2007, they totaled $7.3 million, a 15-fold increase from the pervious year, and they reached $2 million in January 2008 alone.
The seafood industry will also benefit from tax rebates of 13 percent and as yet unspecified export credits.
More than one-quarter of the country’s exporters say they fail to see payment for their goods within a month, with payment in China taking 40 to 60 days.