China spent 547 million USD to buy a seafood species from Vietnam, buying more than the US

Published Dec 4, 2022

Tridge summary

In October 2022, Vietnam saw a significant 50% increase in shrimp exports to China, amounting to $65 million, making China the largest shrimp import market for Vietnam, surpassing the US. From January to October 2022, shrimp exports to China reached $547 million, a 60% increase, due to a decrease in domestic production and increased demand. Despite a slight decline in October, China's total shrimp imports from January to October rose by 49% to 691,000 tons, valued at $4.52 billion, with Ecuador and India being the top suppliers. The Vietnam Association of Seafood Exporters and Producers (VASEP) anticipates a seasonal decline in import demand in November and December, but a strong increase thereafter, attributed to the Lunar New Year. The removal of China's suspension on food imports with Sars-COV-2 virus infection starting from July 2022 is expected to positively impact shrimp suppliers, including Vietnam.

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

Original content

According to information from the Vietnam Association of Seafood Exporters and Producers, in October 2022, Vietnam's shrimp exports to China increased by 50%, reaching 65 million USD. This increase helps China surpass the US, continuing to be Vietnam's largest shrimp import market in October. Accumulating 10 months of 2022, shrimp exports to China reached 547 million USD, up 60% over the same period. In October, Vietnam's shrimp exports to China recorded the highest growth rate in the top 5 main shrimp import markets of Vietnam. VASEP said that China's domestic shrimp production decreased due to adverse weather and shrimp diseases in some main shrimp production areas; While the increased demand for shrimp imports to serve the Mid-Autumn Festival, National Day and Lunar New Year, China has increased shrimp imports in recent months. According to China Customs, in October 2022, China's shrimp imports reached 80,000 tons, down from 87,000 tons imported in September. In terms of import ...

Source: Danviet