May 7, 2004

China's Aquaculture Production Rose by 2% in 1st Quarter

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During the first quarter of 2004, China's aquaculture production registered steady growth, with total production up by 2% compared with the same period last year. Prices of aquatic products have recovered gradually. In particular, prices of various types of fish, whose prices were relatively low in the past few years, have

increased by higher margins.

In February, prices of carp in Guangxi province were at RMB7.20/kg, up by 25% versus the same period last year. In March, prices of carp in Beijing hovered around RMB9.31/kg, registering a remarkable rise of 55.1% compared to the same period last year. On the whole, prices of aquatic products in China registered a sharp year-on-year increase of 1.3 times during the first quarter of 2004.

Nevertheless, as a result of overheated investment in aquaculture production in the recent two years, prices of some higher-grade fish did not rise significantly during the first quarter, with prices of certain types of higher-grade fish actually falling drastically.

In March, prices of mandarin fish and soft-shell turtle in Wuhan city of Hubei province fell by more than 10% compared with prices in the pre-Chinese New Year period in mid-January. In April, prices of saury in Shanghai area hovered around RMB380 per 500 kilogram, showing a year-on-year one-fold decline.