July 27, 2004

 

Shrimp Prices In China's Beijing Plunge To Five-Year-Low

 

The price of white shrimp in the Chinese capital city of Beijing has dropped to about ten yuan (1.2US dollars) per 500 grams, the lowest in the past five years.

 

The wholesale price of white shrimp declined one-third in July in Beijing's Sidaokou market, the largest wholesale market of aquatic products in the city.

 

"The restrictions imposed by some countries on China's seafood exports and the harvest of shrimps in many areas in the country are major reasons for the price fall," Bai Yun, who is in charge of the Sidaokou market, was quoted as saying.

 

On July 6, the U.S. Ministry of Commerce imposed anti-dumping duties ranging from 7.67 to 112.81 percent on Chinese shrimp, seriously curtailing the country's shrimp exports.

 

Customs statistics from south China's Guangdong Province showed that this June's exports of shrimp and related products to the United States plummeted 91.6 percent from a year ago.

 

Shrimp exports dropped 29.3 percent in the first half this year in Ningbo, a major port city in east China's Zhejiang Province.

 

"Faced with export decline, shrimp raisers have to compete at home for their sales, especially in big cities like Beijing," said Bai.

 

About 26 tons of white shrimp were traded daily at the Sidaokou market in July, a five-year high, Bai said.

 

There is also good news for Chinese shrimp raisers. On July 15, the European Union approved authorization lifting a ban on imports of shrimp and other animal products from China.

 

The lifting comes because the EU believes China has made significant improvements in meeting veterinary standards.

 

The decision is expected to be formalized by the European Commission in the near future and to take effect shortly afterwards.