Sales: Traders look at online options
especially in the US and Europe, while export payments can take up to two months.
Rising labor costs in the seafood processing industry are another negative factor, making banks more wary about increasing credit lines, and forcing small companies out of business.
“As a large market player, we are still struggling and striving in the belief that we will get through the bad times so that we can vie for a place in the market when the good times return,” Yin said.
In a move to boost revenue and sales, Yin said he is turning to the country’s booming e-commerce marketplace after launching an online store on Alibaba Group Holding Ltd’s Tmall platform.
But foreign seafood exporters, such as Cooke Aquaculture and D&D Seafood, are playing a waiting game before joining the e-commerce rush in the country.
“We are obviously willing to ride on the e-commerce wave to beef up our presence in China, as long as some platforms can prove to be sophisticated partners,” Robin Dopico said.
A salesman grabs an Australian lobster at a seafood market in Nanjing, Jiangsu province. Chinese demand for expensive imported seafood appears to have dipped in line with the country’s slowing economy.