Shrimp exports to China & HK have double-digit growth in Q3/2023

In the three months of June - August, shrimp exports to China & HK had a positive growth. After QII, demand for shrimp imports from the Chinese market increased because the market stabilized after Covid-19 prevention restrictions. In QI/2023, Ecuador’s exports to China increased sharply, therefore, supply from Ecuador to China decreased in the period after QII. As a result, China increased imports from Vietnam. In September 2023, Vietnam's shrimp exports to China reversed and decreased by 13%. After the long holiday period including the Mid-Autumn Festival and National Day in China, shrimp demand declined sharply. China had a high inventory due to importing a lot of shrimp from Ecuador previously. Companies hold inventory and do not want to reduce prices to release stock. The nuclear wastewater discharge event from Japan is also said to have an impact on seafood consumption demand in general, including shrimp in the Chinese market. Regarding the structure of export products, ...