STAG News Bites

Some of these articles are in foreign languages and can be automatically translated on Google Chrome.

Note: These articles are a round-up of news media in key seafood markets. The information is provided as part of our market intelligence service to Australian seafood exporters. The views expressed in the media articles are not those of the STAG and are in no way endorsed by us.

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📉China: Domestic abalone price hits ten-year low

A detailed article in China Entrepreneur Magazine looks at China’s abalone market at a time when the price of domestically-produced abalone has fallen to a ten-year low.

An industry source said “the main reason for the price reduction of abalone is the development of breeding technology and the increase of farmers, both of which have boosted the increase in abalone production.” China’s annual production now accounts for more than 85 percent of the world's total abalone farming. Value-added (i.e. dried and preserved) products are less affected by the price downturn.

🦞China: Tianjin customs focused on live seafood imports

As the Lunar New Year period approaches, Tianjin Customs is focusing on facilitating the live seafood trade to ensure banquet tables are full.

“Through a series of customs measures, we strive to minimize the detention time of fresh aquatic products and other goods at the port. We have now achieved the goal of ‘landing in the afternoon and releasing in the evening’ for lobsters in Tianjin, and ‘entering the market in the early morning and serving lunch’ in Beijing.”

Read the full article here (Chinese).

🐚China: Abalone conference report

The 2023 Lianjiang Abalone Conference was held on 20 December 2023. Topics included the development of Fujian’s abalone industry capacity, sales distribution channels, new product development, and consumption trends.

“With the rapid development of prepared dishes, consumers have gradually developed the habit of eating abalone, and the frequency of abalone consumption has also increased significantly. Prepared abalone dishes have gradually become an important part of marine prepared dishes, which has also triggered abalone breeding companies to develop their layouts.”

Read all about the conference here (Chinese).

🦐Japan: Ise lobster catches decline

Shima City in Mie Prefecture is a major Japanese spiny lobster production area with over 20 fishing enterprises. However, catches are down significantly in recent years and fishers are getting worried.

“In 2022, 65 tons (were) produced in Shima City. This was almost halved from 127 tons in 2019. Mr. Ota said, ``Even if I go fishing, I won't be able to do business. I'm in a situation where I can't do anything. Maybe more people in my industry will change their jobs.''

The main cause of the population decline is thought to be rocky shore erosion, which reduces seaweed beds on the ocean floor.

🌏Seafood Market 2024 outlook

The Vietnam Association of Seafood Exporters and Processors (VASEP) has published ten observations on market trends and seafood exports for 2024. Takeaways include:

Geopolitical disputes will continue to affect global seafood trade, resulting in “increased transportation costs, increased prices of input products for aquaculture and seafood processing.”
“The cycle of price reductions for many aquatic species may continue until the end of the first half of 2024.”
China demand will recover, but prices are low
US demand will recover slowly with a focus on commodity products
IUU concerns will increasingly affect supply-chain decisions, especially with regard to China

Read more on the VASEP website here (Vietnamese)

🐟China: Jack Ma takes business interest in seafood

The South China Morning Post reports on Chinese internet billionaire Jack Ma’s increasing interest in the agrifood and fisheries space. His latest move is to back an online platform offering consumers seafood products via Alibaba’s Freshippo retail chain and Tmall online marketplace.

According to the report, “Since handing over the reins of the e-commerce behemoth he founded nearly a quarter century ago (Alibaba), the globe-trotting tech billionaire has visited agricultural laboratories in the Netherlands, a tuna farm in Japan and a shrimp farm in Thailand to better understand his new avocation.”

🍽️China: High-end abalone and lobster buffet

Have a look at this ¥1000 seafood feast: “It's really luxurious, mainly because all the abalone and lobster in this buffet are flown in, and they are all of the highest quality”

See more here (Chinese).

📈Switzerland: Seafood imports

Switzerland imports around 96 percent of its seafood consumption. Activist groups are now concerned about the sustainability of imported products. Read more here.

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STAG News Bites:📉China abalone prices; 🦞Tianjin customs seafood focus; 🐚Abalone conference report