In the first half of January 2025, Vietnam's shrimp exports to China and Hong Kong (China) increased sharply by 191% over the same period in 2024, reaching more than 51 million USD.
Vietnam increases lobster exports to China
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2024, in the structure of Vietnamese shrimp products exported to China and Hong Kong (China), other types of shrimp will account for the highest proportion of 51.7% due to China's sharp increase in lobster imports from Vietnam in 2024. Next, white-leg shrimp will account for 36.1% and black tiger shrimp will account for 12.2% of the proportion.
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| Vietnam sharply increased lobster exports to China. |
In 2024, black tiger shrimp exports to China will decrease more sharply than whiteleg shrimp. Processed black tiger shrimp and whiteleg shrimp products will decrease more sharply than fresh/live/frozen products. Processed black tiger shrimp will decrease the most, by 44%.
Other shrimp exports recorded a sharp increase of 174%. Other processed shrimp increased by 199%, other live/fresh/frozen shrimp increased by 185%. In this group of other shrimp products, mainly lobster products such as live rock lobster. Vietnam's lobster exports to China increased sharply in 2024. Currently, China is the largest import market for Vietnamese lobster, accounting for 98 - 99%.
According to ITC data, China's shrimp imports in 2024 reached $6.8 billion, down 10% compared to the same period last year. Only imports from Vietnam increased while China reduced imports from the remaining sources.
In terms of imported products, in 2024, rock lobster and other marine shrimp were the second most imported products into China, recording an increase of 39% compared to 2023. Warm water shrimp products, including frozen whiteleg shrimp, imported into China recorded a decrease.
China tends to reduce whiteleg shrimp imports
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the whiteleg shrimp market in China, even near the Lunar New Year, shows no signs of warming up and prices are falling. The reason for this situation is not due to oversupply but due to a significant decline in the consumption capacity of the middle class.
Whiteleg shrimp used to be a regular item on the tables of the middle class, favored for its affordable price and rich nutrition. However, as economic growth slows and income growth declines, the cost of living increases, consumers pay more attention to cost efficiency, and aquatic proteins are gradually shifting from "preferred" to "optional". In this context, whiteleg shrimp is a price-sensitive product, affected by the decline in demand.
The Vietnam Association of Seafood Exporters and Producers (VASEP) stated that the trend of decreasing consumption is especially evident in large cities. Food consumption is gradually returning to a reasonable level, affordable and easy-to-preserve meat has become the first choice of most families. Especially in the mid-range and low-end markets, the situation of white-leg shrimp is in stark contrast to high-end seafood products such as (lobster, salmon, king crab...) in the high-end market. The consumption level of the rich is relatively stable.
The decline in the whiteleg shrimp market is not an isolated phenomenon but a reflection of the vulnerability of the mass consumer goods market to economic pressures in China. Shrimp exporting enterprises should continue to strengthen their lobster export strengths and step up promotion and marketing, find attractive solutions and stimulate demand for traditional products such as whiteleg shrimp and tiger shrimp in the Chinese market.
| Ecuador, a competitor of Vietnamese shrimp in the Chinese market, mainly supplying whiteleg shrimp to this country, also recorded a decrease in shrimp export value to China in 2024. In 2024, Ecuadorian shrimp exports to China reached about 3 billion USD, down 14% compared to 2023. In 2024, Vietnam's whiteleg shrimp exports to China and Hong Kong (China) also decreased by 5% to nearly 305 million USD. |
Source: https://congthuong.vn/xuat-khau-tom-sang-thi-truong-trung-quoc-tang-manh-373788.html
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