China resumed the import of marine products from 20 global companies

 

The latest market trends suggest that China has resumed the import of marine products from over 20 global companies. The majority of companies are located in Pakistan, Malaysia, Spain, Brazil, Indonesia and New Zealand. This step was taken by the Chinese government in order to boost marine products at the domestic level.

Earlier, the decision to restrict the imports from these countries was basically due to the inappropriate hygiene and safety measures as per China's import standards. Over the years, China did a significant amount of seafood imports. This is basically due to the high consumption of marine products by the people.

As per China import data reports, these were mainly from Russia, Argentina and Australia. In the financial year 2022, China's sea food imports increased by 35%. According to the China import export data reports, the worth for these seafood products is around 19 billion dollars. These include fresh & frozen fish, crustaceans, mollusks, etc.

On the other hand, China's marine products exports during 2022 were estimated around 23 billion dollars. Our China export data reports suggest that Japan was the leading importer of Chinese seafood product exports worth 3 billion dollars. Other major seafood importers countries were the United States, South Korea, Thailand, Taiwan and Hong Kong. Currently, China is the leading exporter of processed fish along with Thailand and Ecuador.

Globally, China is the leading seafood exporting country in the world followed by Norway, Vietnam, and India. While, our import export data reports reflect that European Union countries along with the United States are the top seafood importing destinations in the world. 

Another major import category was coal products. Being the largest consumer of coal globally, China had made a remarkable amount of coal imports during the fiscal year 2022-23. So far, in 2023, China's coal imports rose to 89%. The worth for the coal imports from China was around 142 million mostly dominated by Australia and Russia.

According to the Chna customs data reports, the top markets by coal exports to China were Indonesia, Australia, Russia, and Mongolia. Indonesia had over 52% Share of China's total coal exports. Reason being the cheap coal prices. 

China is targeting cheap coal to meet the growing demand in the domestic market. As per the experts, China's coal exports could reach 380 million tons by the end of this year. Earlier, South Africa and Colombia were the prominent exporters of coal to China but the cargo rates were high. With Russia offering cheap coal due to the Ukraine war, China seized that as an opportunity as the cargo charges are pretty low.

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