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China restricts Russian seafood imports
13-10-2020 15:36
China restricts Russian seafood imports
China restricts Russian seafood imports

China’s government prohibited seafood imports from Russia after traces of the coronavirus on the seafood’s outer packaging were found out. Russia's phytosanitary watchdogs at Rosselkhoznadzor tried to settle the conflict but failed. China values its stable epidemiological situation above money. Therefore, it temporarily stopped fish imports from Russia.

Russian officials argued that traces of the virus were detected in the warehouse but not during the inspection when entering the port. It means that the coronavirus traces appeared on imported goods in the warehouse, namely on China’s territory. Besides, a large number of people have access to the premises. However, local authorities still blame Russia and do not abolish restrictions on seafood imports of four Russian fishing companies. German Zverev, President of All-Russian Association of Fisheries Enterprises, stresses that these trade restrictions against Russia could be China's attempt to strike a new deal with lower prices. Approximately 61% of Russia's fish exports account for China. Last year, fish imports brought in $3.27 billion.

Perhaps Beijing took a hard stance on Russian imported goods only in fear of the second wave of coronavirus. Even China's economy is unlikely to withstand it. The Chinese authorities banned the import of goods from regions with a high risk of coronavirus infection. Similar restrictions were imposed in mid-August on Guangzhou, the capital of China's most populous province of Guangdong.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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