Data from a major Chinese port shows soaring seafood prices in May.
Seafood prices in Ningbo rose 8.8 percent year-on-year in May compared to the same month last year, according to the National Bureau of Statistics. This is way ahead of overall food prices, which rose an average 0.7 percent in Ningbo, rising 2.3 percent month-on-month.
Seafood prices have risen on the back of rising demand and an extended fishing moratorium in place on China’s domestic seas. Pork and poultry prices are, however, in a cyclical downturn. In contrast to seafood, chicken prices in Ningbo dropped 6.3 percent year-on-year in May.
