Vietnam: Chinese people's confidence was shaken, causing shrimp imports to stagnate

Published 2023년 9월 8일

Tridge summary

China's post-COVID-19 market boom in the shrimp industry has ended due to a lack of confidence in the economy, causing stagnation in the market. The country's shrimp imports experienced a recovery in the first quarter of 2023 but leveled off in the second quarter and are now completely stagnant. The large amount of imports has resulted in excess inventory and reduced import demand, leading to low prices and further deflating the market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Ronnie Tan - regional aquaculture consultant for the US Grain Council - said China's post-COVID-19 market boom is over, people's lack of confidence in the economy is causing the market to stagnate. . China's shrimp imports recovered in the first quarter of 2023, but in the second quarter, imports leveled off and are now completely stagnant. China imports large amounts of shrimp from late 2022 until April 2023. Massive imports cause a large amount of inventory to accumulate, reducing import demand. This trend is expected to continue in the fourth quarter. Chinese importers are mostly state-owned enterprises, so they can bear losses when selling inventory. However, selling off inventory at low prices is deflating the market. The short-term recovery of the Chinese market is affected by the global ...

Source: Vietstock