Fan Xubing, the CEO of Beijing, China-based seafood consultancy firm Seabridge International, has predicted a drop in Chinese seafood imports for 2024 and highlighted that exporters shipping products to the country have had to settle for lower prices if they want to maintain a foothold in the giant market.
“Personally, I think China's seafood imports in 2024 will be less than those of 2023. I think the economy in China in the first half of 2024 was really bad,” Fan said. “Consumers are looking for cheaper seafood or substitutes. I think this year, most seafood exports to China need to drop their prices to maintain their market, and cheaper seafood will probably be more attractive compared with higher-priced items. For the whole of 2024, it’s a bit too early to make conclusions because we don't know if the economy will recover.”
This has led exporters into a spot where maintaining, or even increasing, their focus on China is a gamble, though an extremely lucrative one if the financial landscape turns back around. For example, export prices for salmon shipped to China have dropped in 2024, but demand has increased in the country, signaling a big payoff if prices course correct.
“We see a 10 percent increase in salmon consumption [in China] this year,” Qiang Weng, the head of purchasing at Beijing-based Sunkfa International Food, told SeafoodSource.
That demand has sparked the attention of …
