The damage to China’s aquaculture sector caused by coronavirus could be far-reaching as customers from the US and elsewhere hold off on orders. Companies that specialise in sustainable aquaculture products look to be especially affected because they rely most on exports. Two major industry events have already been postponed: Seafood Expo North America, the largest such exhibition in the continent, was due to take place in Boston mid-March, and Seafood Expo Global was planned for Brussels in April.
China produces over 60 per cent of the world’s aquatic products. Alongside supplying an ever-expanding domestic market, about 20 per cent of its output is exported. Because of tougher overseas customs rules and buyer requirements, higher environmental and management standards are often applied when products are intended for export.
The industry still faces uncertainty in its overseas markets, as well as competition from other products. China has long supplied about 70 per cent of US tilapia imports but sales have slid in the last five years. According to an Undercurrent News report, the US-China trade war and other factors saw 2019 exports fall 16 per cent on the previous year – and that was the smallest drop among the nine major seafood categories which China exports to the US.
Source: Eco Business
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