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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. During the same period, China’s seafood imports totaled USD 9.1 billion (EUR 8.5 billion), a decrease of 11.5 percent. Consequently, China’s seafood trade deficit stood at USD 1.1 billion (EUR 1 billion), down 35.6 percent.
China’s economy has been impacted by weaker consumer demand, despite growth in factory production, which has led to a downward pressure on prices. In a research note published on 17 June, multinational bank BBVA stated that a lack of confidence in business and market conditions seems to be curtailing investment and spending across the economy.
“We observe quite weak credit market data in both April and May,” the note said. “The credit shrinking reflects weak domestic growth and particularly weak market sentiments, leading households and enterprises to significantly reduce their borrowing and slow down economic activities.”
Between 2012 and 2017, China’s seafood imports rose by an average of 10.5 percent annually, while exports increased by 1.8 percent annually, according to Rabobank.
The data suggests a broader decline in demand for premium proteins. Similar trends were observed in meat imports, including beef, pork, and poultry, which fell by 17.2 percent in value to USD 16.6 billion (EUR 15.3 billion). Meanwhile, China’s meat exports increased to USD 2.5 billion (EUR 2.4 billion), up 1.2 percent, and the meat trade deficit decreased by 19.9 percent to USD 14 billion (EUR 13.1 billion).
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