There are more and more signs that China’s domestic demand for seafood is increasing. According to domestic inflation data in March, the average seafood price of the month rose 8.1% compared to the same period last year. In contrast, according to data released by the National Bureau of Statistics, pork prices have fallen by 18% year-on-year, and poultry prices have fallen by 4% year-on-year. In addition, a report by the Financial Channel of China Central Television in early April showed that the wholesale price of crayfish in Wuhan, the capital of Hubei Province’s main crayfish province, has increased by 40% from last year, indicating a rebound in demand.
Last year, China’s seafood imports fell by 20% year-on-year, however, this is a decline compared to the high base set in 2019. Over the past ten years, China’s seafood imports have grown substantially, and imports have tripled between 2002 and 2019.
As the demand for domestic seafood increases, processing plants in China have also shifted their focus to domestic customers, which may have a long-term impact on international processing trade. Although this trend has existed a long time ago, the COVID-19 epidemic has accelerated the process.
