China's Frozen Shrimp Imports Up 71% So Far in 2022

Overall Chinese frozen shrimp import value from January through September 2022 was CNY 26.25 billion (USD 3.9 billion), up by a net CNY 10.86 billion or 70.6% compared to the same period last year.

Twenty-one countries posted gains in China’s frozen shrimp imports, adding up to CNY 11.1 billion. Several countries posted losses, amounting to CNY 236 million. This resulted in the net increase of CNY 10.86 billion.

The country with the biggest gain, and which was already China's major exporter of this product, was Ecuador, which exported CNY 16.4 billion of frozen shrimp to China, up by CNY 7.7 billion or 89% YoY. Of the total gains recorded by China, Ecuador's represented 70%. Of China's total market share, Ecuador climbed from 56% in Jan-Sep 2021 to 62% in Jan-Sep 2022.

It's worth noting that, among major frozen shrimp exporters, Ecuador has typically the lowest export price. In August 2022, Ecuador's export price was $6.4/kg, which was considerably lower than India's, for example, which was $7.6/kg,

The country with the second largest gain was India, which exported CNY 4.8 billion of this product to China, up by CNY 1.3 billion or 38% YoY. Of China's total gains, India represented 12%. However, in terms of market share, India's share declined from 23% in Jan-Sep 2021 to 18% in Jan-Sep 2022.

Following India, Vietnam was the country with the third largest gain, exporting CNY 1.3 billion of frozen shrimp to China, up by CNY 715 million or 118% YoY. Of Chinese imports' total gains, Vietnam’s increase represented 6%. In total market share, Vietnam rose from 4% in Jan-Sep 2021 to 5% in Jan-Sep 2022.

According to Vietnam's Association of Seafood Exporters and Producers (VASEP), China was Vietnam's largest export market for shrimp (including all shrimp products) in September 2022. Vietnam’s shrimp exports to China in September reached $70 million, up by over 100% YoY. The same organization attributes this sharp increase to heightened demand before China's autumn holidays and to lower domestic shrimp production.

Indeed, just in September 2022, China’s frozen shrimp imports from all locations were recorded at CNY 3.9 billion ($560 million), which represents a YoY increase of 111%.

Meanwhile, the country with the largest loss was Malaysia, which exported CNY 281 million, down by CNY 134 million or 32% YoY. Malaysia's import loss represented 57% of total Chinese import losses. In terms of market share, Malaysia declined from 3% in Jan-Sep 2021 to 1% in Jan-Sep 2022.

Source: Tridge and China Customs

As of 2021, China was the second largest importer of frozen shrimp in the world, just behind the US, with an import value of $3.7 billion.