June 26, 2008

China's Qingdao reports robust seafood trade on modernization


Qingdao, a major fishing and trade port of China, reports upswing seafood trade due to ongoing modernization of the sector.


Qingdao's 11th Five-Year Plan (2006-2010) for the marine economy aims to hit a total production value for fish industry at RMB25.8 billion by 2010. Annual average per capita net income of those harvesting and fishing is seen to hit RMB11,000.


Huang Yusong, director-general of Qingdao Ocean and Fishery Bureau, said last year's total catch and aquaculture production was about 1.4 million tonnes that generated revenues of RMB18.48 billion.


Harvests of cultivated seafood and other marine organisms totalled 884,800 tonnes, some 61 percent of the total aquatic production in 2007. Products include fish, prawns, sea cucumber and abalone.


Currently, Qingdao is home to more than 1,800 Chinese processing firms that have combined revenues of more than RMB8 billion annually.


Furthermore, the port's import and export of aquatic products is also expanding, rising to 916,000 tonnes last year with a total value of US$1.5 billion.


The industry is also drawing overseas investment. In 2007, 37 foreign-funded fishery enterprises were established with total investment of US$190 million, an increase of 57 percent on-year.


US$1 = RMB6.863 as of June 26, 2008

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