Vietnam shrimp exports to China recover

According to data from the General Administration of Customs of China, in the first eight months of 2024, China imported 610,249 tons of frozen warm-water shrimp, worth $2.95 billion. This figure is down 10% in volume and 21% in value compared to the same period in 2023.

Specifically, Ecuador, China's largest shrimp supplier, recorded a 20% decrease in export value, down to more than 2 billion USD. However, Ecuador still accounted for 70% of China's total shrimp imports, reaching 451,366 tons, down 7% compared to the same period last year.

Source VASEP

In 2024, the sharp decline in Chinese shrimp import prices caused difficulties for low-cost shrimp suppliers from Ecuador. Chinese shrimp importers also faced difficulties when they had to sell shrimp at a lower price than they bought it.

Volatile shrimp prices and changes in the yuan-dollar exchange rate have further complicated the situation, preventing Ecuadorian suppliers from developing strong brands to increase their attractiveness.

After Ecuador, India maintained its position as the second largest shrimp supplier to China with 94,781 tonnes of shrimp worth $485 million, up 9% in volume, although the average price fell 9% to $5.12/kg.

Meanwhile, Thailand, the third largest supplier, struggled to maintain sales, with imports down 18% in volume and 22% in value. China imported just 14,331 tonnes of shrimp from Thailand, worth $140 million.

Other countries such as Saudi Arabia and Argentina also saw sharp declines, with shrimp import values ​​down 21% and 50% respectively. Imports from Indonesia also fell significantly due to weak Chinese demand.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said that for the whole year of 2024, China's shrimp imports could decrease by 11%, to only 933,083 tons, lower than the level of more than 1 million tons in 2023. The main reason is that China's economy is still facing difficulties and domestic shrimp prices are low, making importers more cautious.

Vietnam's shrimp exports to the Chinese market continued their recovery trend in August with double-digit growth. Photo: The Hai

According to Vietnam Customs, Vietnam's shrimp exports to China and Hong Kong (China) continued to recover in August with double-digit growth compared to the same period last year. In the first 8 months, shrimp exports to this market reached 477 million USD, up 21% compared to the same period last year.

Vietnam's shrimp exports to China in the first eight months of this year only recorded a decrease in May, recovering from June, with good growth in July and August.

Citing data from China Customs, the growth rate of shrimp imports into China from Vietnam in August this year was also more positive than shrimp imports from Ecuador.

Vietnam’s shrimp exports to China in the last months of this year are expected to recover from the market’s demand for shrimp imports to serve the National Day holiday (October 1-7) in this country. In addition, domestic shrimp production in the coming months is likely to be affected by the increase in disease after recent storms.

Source: https://congthuong.vn/xuat-khau-tom-viet-nam-sang-trung-quoc-phuc-hoi-349294.html