Chinese seafood prices rose by an average 1.7 percent year over year in August, representing stronger price growth than the 0.9 percent price growth seen in July.
However, a continued slump in Chinese consumer confidence has been reinforced by August economic data showing the country’s consumer price index grew by 0.6 percent in the month, compared to 0.5 percent in July – much weaker price growth than that seen in major Western economies.
Chinese seafood marketing expert Fan Xubing told SeafoodSource recently he expected a drop in China’s 2024 seafood imports and warned that foreign suppliers would have to accept lower prices in order to hold market share as Chinese consumers cut back spending.
Fu Peng, the chief economist at Chinese brokerage Northeast Securities, has warned the cooling economy means China faces a “consumption downgrade” that will impact local demand for premium food and other items.
Speaking at a recent capital markets conference, Fu warned that ...
