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Expectancy on the devaluation of the yuan

2015-10-06

The sector is expectant since the Bank of China surprised the markets by devaluating the yuan towards the end of August.

Although it is still early days for speculations, it is clear that the Chinese model, based on importing, processing and re-exporting seafood products alongside fishfarming to be subsequently exported, could be affected since processing species such as Alaska salmon for re-exporting involve paying for this fish in dollars. Besides that, countries such as the U.S.A. or Ecuador are being cautious with exporting seafood products to this Asian country, regardless of the fact that demand has been firm to date.

Despite the above, we should keep an optimistic view since there is no doubt about the fact that China will continue to be the main link in the chain of seafood products supply worldwide. As far as imports of these products are concerned, demand has increased so swiftly and is so large that even if it were to decrease slightly, the Asian giant will continue to be one of the main importing countries of fish and shellfish.

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