China’s appetite for seafood imports has dropped in 2024 to date, with imports falling faster than exports.
Official data released by the China Ministry of Agriculture shows that from January to May 2024, the country’s seafood export volume reached USD 8 billion (EUR 7.4 billion), down 6.5 percent year over year. China’s imports over that period totaled USD 9.1 billion (EUR 8.5 billion) in value, a decrease of 11.5 percent. China’s seafood trade deficit was USD 1.1 billion (EUR 1 billion), down 35.6 percent.
China’s economy has suffered from weaker consumer demand, even as factory production has grown, pushing prices downward. Multinational bank BBVA said in a research note, published 17 June, a lack of confidence in business and market conditions appears to be depressing investment and spending across the economy.
“We [observe] quite weak credit market data in both April and May,” it said. “The credit shrinking reflects the weak domestic growth and particularly weak market sentiments so that households and enterprises significantly reduced their borrowing behavior and slow down their economic activities.”
China’s seafood imports rose 10.5 percent annually on average between 2012 and 2017, according to Rabobank, while exports rose 1.8 percent annually in that timeframe.
The data suggests a wider softening of demand for premium proteins. The data shows a similar drop-off in meat imports, including beef, pork, and poultry, which dropped 17.2 percent in value to USD 16.6 billion (EUR 15.3 billion). China’s meat exports rose to USD 2.5 billion (EUR 2.4 billion), up 1.2 percent, while China’s meat trade deficit was USD 14 billion (EUR 13.1 billion), down 19.9 percent.