News

China increases shrimp imports from Vietnam

Frozen Common Shrimp & Prawn
Seafood
China
Vietnam
Market & Price Trends
Published Apr 15, 2024

Tridge summary

In the initial months of 2024, China's shrimp imports saw a significant increase, reaching 157,000 tons valued at US$743 million, indicating a 19% and 3% growth in volume and value respectively compared to the previous year. This surge was notably influenced by a decline in imports from Ecuador, previously China's largest shrimp supplier, due to heightened shipping costs following the Red Sea incident. Consequently, Vietnam emerged as a beneficiary, with its shrimp exports to China growing by 22% and 3% in February alone. By mid-March, Vietnam's exports to China and Hong Kong had soared to approximately US$104 million, marking a 113% increase year-on-year, with expectations of further growth during upcoming festivals.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to data from the General Administration of Customs of China cited by the Vietnam Association of Aquatic Products Processing and Export, in the first two months of 2024, China's shrimp imports were 157,000 tons and the import value was US$743 million, up 19% and 3% year-on-year respectively. In February, Vietnam's shrimp exports to China increased by 22% and 3% year-on-year. Ecuador is still China's largest shrimp supplier, but China's shrimp imports from the country in February fell by 24% and 35% year-on-year. The reason is that the Red Sea incident has increased shipping costs, and China's shrimp imports from Ecuador and even markets such as the Americas and Europe have dropped significantly, while increasing shrimp imports from Vietnam. ...
Source: Foodmate
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.