China’s seafood trade has encountered a notable downturn in the first five months of 2024, marked by a sharper decline in imports compared to exports.
According to data from the China Ministry of Agriculture, from January to May 2024, the country’s seafood exports totaled USD 8 billion (EUR 7.4 billion), reflecting a 6.5 percent decrease year-on-year. Concurrently, seafood imports plummeted to USD 9.1 billion (EUR 8.5 billion), down by 11.5 percent. This resulted in a seafood trade deficit for China amounting to USD 1.1 billion (EUR 1 billion), which represents a significant decrease of 35.6 percent.
The economic backdrop reveals subdued consumer demand despite growth in factory production, contributing to downward pressure on prices. A research note from multinational bank BBVA, published on June 17, highlighted a lack of confidence in business and market conditions, which has dampened investment and spending across the economy. This sentiment is mirrored in weak credit market data observed in April and May, indicating reduced borrowing and economic activity among households and enterprises.
Historically, China experienced robust growth in seafood imports, averaging an annual increase of 10.5 percent from 2012 to 2017, as reported by Rabobank. However, the current data signals a broader softening in demand for premium proteins, evident also in declining meat imports—beef, pork, and poultry—down by 17.2 percent in value to USD 16.6 billion (EUR 15.3 billion). Meanwhile, China’s meat exports saw a modest rise to USD 2.5 billion (EUR 2.4 billion), up 1.2 percent, resulting in a reduced meat trade deficit of USD 14 billion (EUR 13.1 billion), down by 19.9 percent.
These trends underscore the complex economic challenges facing China, impacting both seafood and meat sectors amidst shifting market dynamics and internal economic adjustments.