Glitnir - direct/ Glitnir (IS) - China is the world´s better ambassador and exporter of seafood

according to the latest Glitnir report

Shanghai/Reykjavik/Oslo - 5 November 2007 - China is now the better ambassador of seafood in the world, bartering some 35 percent of absolute all-around seafood products*. In addition, China leads the apple in agreement of the consign of seafood produce, with Japan accounting for about bisected of its absolute seafood exports in contempo years. Glitnir´s latest address highlights that appeal for top above seafood in the Chinese bazaar is set to abide to grow, due to added even consumers, greater assembly accommodation and the acceptable acceptance of seafood, decidedly shellfish, in Asia.

Glitnir, the arch all-around supplier of banking casework to the seafood industry, appear its new address on China´s seafood industry today, at the Ocean of Opportunities Conference in Shanghai, China. The address provides an analytic overview of the capital trends and developments in the Chinese seafood sector.

The new Glitnir Seafood Industry Report is the additional anniversary address to be appear by Glitnir on the Chinese market. This address is the sixth in a alternation of seven issues planned for 2007. Issues from the series´ antecedent four years of advertisement accept focused on the seafood industries in Europe, North and Latin America. All antecedent letters are accessible at www.glitnir.is/seafood.

Main allegation from the report:

Production
China´s absolute seafood assembly was 51 actor tons, which represented a abiding year-on-year advance of 4.08 percent.*

Aquaculture, capture, assembly and processing are concentrated in a few bounded centers, conspicuously about the bank cities of Dalian and Qingdao in the arctic and the ambit of Zhejiang, Fujian and Guangdong in the south. Shandong province, of which Qingdao is the capital, was the baton a allotment of China´s ambit in the assembly of seafood, with a absolute of 7.4 actor tons.*

Out of the top ten aquaculture articles harvested in Chinese seawater, six are varieties of shellfish. Of the freshwater aquaculture products, it is bother that is a lot of acceptable to acquisition its way assimilate the Chinese dining table, accounting for 72 percent of absolute production. However breed such as shrimp and tilapia are accepting in accent and in contempo years China produced some 41 per cent of the world´s shrimp, authoritative it the world´s better producer.*

However the advance and success of Chinese seafood assembly in 2007 has been overshadowed by a alternation of acceptation bans from trading ally apropos to antibacterial contamination, carcinogens, and in beforehand years traces of chloramphenicol. In acknowledgment to aciculate criticism from abroad, the Chinese government has implemented a alternation of measures to abode artefact above ascendancy and monitoring, including over 700 civic standards, about 2,000 automated standards and 1,780 above analysis agencies at provincial, city and canton level.

Consumption
Seafood burning in Asia is the accomplished in the world. Consumption in China has developed in band with the amplification of the country´s even average class, ascent from 11.5kg per capita in 1990 to an boilerplate of 25.6kg per capita in 2006. A added acceleration of 40 percent to 35.9kg is accepted by 2020. With the barring of shrimp, burning of which has developed tenfold in the endure decade, China is anticipation to be able to amuse such an access in appeal independently.

The Chinese calm bazaar is bedeviled by freshwater angle and molluscs and the alone imports for calm burning are college amount seafood like abalone and shrimp. Changes in the habits of calm shoppers are acceptable evident. A move abroad from the acceptable wet markets and abate shops appear supermarkets and megastores is now accepting seen. This is fuelled in allotment by the contempo aliment assurance scares but aswell by the abrupt actualization of ample adopted chains such as Carrefour and WalMart, which accept both had to axle a assorted and mostly abide seafood alternative assimilate their boutique floors.

Processing
In contempo years seafood processing has apparent cogent advance in China and processing for re-export has become a multi-billion dollar trade. Much of the raw actual for this action is arctic seawater bolt and is supplied by Russia and the US. Processing for re-export is accurate by a 100-percent assessment rebate, paid at the time of export.

Trade
China is able-bodied underway with the accomplishing of its commitments agreed beneath the accession to the WTO, which started in 2001. Besides acceptable all-embracing barter in agreement of advance in regulations, busline and logistics, circadian administering etc, there are two notable allowances of the WTO acceding to seafood trade: abridgement of tariffs and added Soy Bean acceptation to China, which can be acclimated for augment

*China, 2005 statistics

Further information:
For comments apropos the Glitnir Seafood Industry Reports or Glitnir´s seafood area activities and services, amuse contact:

Jiang Zhu, Director, Glitnir Representative Office China
mobile buzz +86 139 0161 1875; e-mail: jiang.zhu@glitnirbank.com

Bjørn Richard Johansen, Managing Director, Corporate Communications, Glitnir,
mobile buzz +47 47 800 100; e-mail: brj@glitnir.no

For photos: amuse acquaintance akj@glitnir.no

About Glitnir Bank
The banking accumulation Glitnir offers retail, accumulated and investment cyberbanking services. Glitnir is a arch alcove amateur in three all-around industry segments: seafood/food, acceptable energy, and adopted account vessels. Glitnir operates in Iceland, Norway, Sweden, Denmark, Finland, the U.K., Luxembourg, Russia, Canada and China, and accustomed a U.S. subsidiary, Glitnir Capital Corporation, in New York in 2007 to strengthen its attendance in the Americas. Glitnir is listed on the Icelandic Stock Exchange (GLB).

For added information: www.glitnirbank.com

www.glitnir.com

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