Mature markets such as the United States and Europe have slowed down the seafood exports of China. Beijing is now working hard to target the new emerging markets like America, India and the Middle East to infuse new energy in its seafood export sector. China’s central government has announced that the seafood producers will also get a new round of tax rebates and export credits.
It is found that China’s appreciating currency has boosted imports but hurt exports. The provisions are among a range of measures announced recently to keep the country’s economy growing by at least 8 percent in 2009. Chinese President Hu Jintao and Premier Wen Jiabao have traveled the world over the past two years signing investment and development deals. Now they expect the countries to deliver by importing more Chinese products.
According to experts Brazil is seen as a key new market and it is already China’s seventh largest export market, and imports of seafood, mainly sleevefish and cuttlefish, have increased sharply over the past two years. The official report reveals that in 2007, they totaled $7.3 million, a 15-fold increase from the pervious year, and they reached $2 million in January 2008 alone. The seafood industry will also benefit from tax rebates of 13 percent and as yet unspecified export credits.
