Second round of cuts on China’s seafood import tariffs
December 8, 2017
By Ruby Gonzalez
This year’s second round of tariff cuts in China is making seafood exporters revved up to do even more business with the country.
The latest import tariff reduction took effect on December 1 and aims to “enrich domestic consumption choices.” It covers a range of 187 consumer products. The new list of seafood includes frozen salmon.
General tariff rates fell from an average of 17.3 to 7.7 percent, according to the Chinese finance ministry.
China’s 2016 seafood importation is valued at $7 billion. It is projected to hit $20 billion by 2020. It is the world’s third largest seafood importer, following US and Japan.
Among China’s leading seafood imports are pollock, tuna, coldwater shrimp, frozen and unfrozen crab, and lobster.
In January 2017, the government implemented a new tax cut on certain seafood categories. The aim is to maintain normal supply inventory at stable prices.