China has emerged as one of the biggest buyers of Indian Seafood especially the Shrimps. As per the Marine Products Export Development Authority (MPEDA), Indian seafood export to China reached $1 billion in January-November 2019. At the same time as the previous year, it was around $700 million.
To encourage the import and fulfill rising consumptions, China had lowered tariff on many seafood items. However, exporters have raised concerns about the tighter quality norms by China in the last couple of months.
This development becomes important as the increased demand in Indian seafood export to China could aid hold India’s over-dependence on the demand from the United States which is presently the biggest buyer of Indian seafood products, buying almost 33 percent of the total Indian exports in the sector worth over Rs. 46,500 crores.
While China purchases over 13 percent of the total Indian seafood exports against 33 percent share of the US, its growth of over 42 percent gains much merit against the US markets whose seafood imports from Indian markets have grown by a 13 percent figure.
Meanwhile, it is expected that the higher shrimp imports by China are likely to continue given its domestic production is not adequate to meet the booming demand which is only likely to further grow with the Chinese New Year approaching by end of January.
China is importing more seafood to bridge the gap between rising demand and inadequate supply. Apart from insufficient production, the strict monitoring of illegal border trade with Vietnam has also contributed to the increase in direct export with China. Exporters have also calculated that a decrease in pork production may have led to the rising consumption of fish and other meat.
In terms of export growth at 42% China is far ahead of the US which has a share of 13% in 2019. Other than that, exporters said, the US shrimp prices have also remained below par during most of the year.
This has raised the expectations of many who are looking to trade in China. Before investing your valuable time and money, consult Happily Trade Exim to get valuable data which will be helpful for your business.