Sri Lanka set to re-enter US$ 15 billion Chinese seafood market - Opportunity Sri Lanka
Sri Lanka set to re-enter US$ 15 billion Chinese seafood market

Sri Lanka set to re-enter US$ 15 billion Chinese seafood market

Sri Lanka is reportedly preparing to re-enter the US$ 15 billion Chinese seafood market after successfully resolving issues connected to mandatory health certification.
The General Administration Customs of China (GACC) has reportedly approved the amended health certificate, thereby enabling the import of fisheries and aquatic products from Sri Lanka from 1 July.
With the involvement of Sri Lanka’s Export Development Board (EDB) Department of Fisheries and the Sri Lanka Embassy in China, the certificate was upgraded to meet the quarantine requirements of the GACC – Import and Export Food Safety Bureau, according to local media reports.
Seafood and aquaculture export products are required to obtain necessary clearance from the relevant authorities of the importing country.

“China is a lucrative market for seafood and aquaculture products such as frozen fish, crabs, prawns, lobsters and sea cucumbers. This arrangement will strengthen Sri Lanka’s seafood export market share in China,” EDB Chairman Suresh de Mel has told the Daily FT.
He has said the amended health certificate would facilitate existing Sri Lankan companies to continue exports and new exporters to enter the lucrative Chinese market.
China is a key player in global seafood trade and represents one of the largest producers, consumers, importers, and exporters of seafood in the world. China›s consumption has steadily grown and shifted toward an increasing quantity of high-value marine species.
“There is a significant increase in our seafood exports to China, particularly shellfish. With the Chinese consumption pattern, there is more demand for Sri Lankan crabs, shrimp and prawns and lobster than tuna and swordfish, which are generally exported in larger quantities to other markets. The key reason for this is their food culture and preference,” de Mel has said.
Sri Lanka had exported 1.3 million kilograms of seafood worth US$ 1 billion to China last year and graduated from 14th rank in 2019 to 10th seafood export destination in 2020.
China’s seafood imports had reached 4.3 million tons worth US$ 15.44 billion in 2019 – a 30% increase over 2018 due to rising meat prices, strong domestic demand, and continued value-added processing for the export market.
China’s requirements for seafood imports are expected to rise to as high as 18 million tons by 2030.

OSL take:

Sri Lankan authorities are committed to promoting the country’s fisheries products in the international market. Sri Lanka being an island and it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country have helped the country’s fisheries industry. Sri Lanka’s trade agreements as well as concessions from the EU enjoyed by the country have helped boost the country’s fisheries industry as well as assist in finding foreign markets. With access being granted to the billion dollar Chinese seafood market, Sri Lanka’s fisheries industry is fast growing as a lucrative business/investment opportunity.

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Article Code : VBS/AT/08072021/Z_5

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