Overtaking the US, China became Vietnam's largest shrimp import market

Published Nov 30, 2022

Tridge summary

In October 2022, Vietnam saw a significant 50% increase in shrimp exports to China, reaching 65 million USD, making China the largest market for Vietnamese shrimp. The 10-month export figure to China stood at 547 million USD, a 60% year-over-year increase, due to a decrease in domestic production and increased demand. Despite the application of the Zero Covid policy, China imported over 15 billion USD worth of seafood in the first 10 months of 2022. However, the Vietnamese shrimp industry, while experiencing an 18% growth and generating nearly 3.8 billion USD in exports, faced challenges such as decreased demand and a lack of domestic raw materials, resulting in a lower market share compared to the previous year. The removal of the suspension on imported frozen food contaminated with the Sars-COV-2 virus is positive for shrimp suppliers to China, including Vietnam.

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

Original content

According to Ms. Kim Thu, shrimp market expert of the Vietnam Association of Seafood Exporters and Producers (VASEP), in October 2022, Vietnam's shrimp exports to China increased by 50% to reach 65 million USD. This increase helps China to surpass the US and continue to be Vietnam's largest shrimp import market in October. With this increase, Vietnam's shrimp exports to China recorded the highest growth rate in the top 5. Vietnam's main shrimp import market. In the 10 months of 2022, shrimp exports to China reached US$547 million, up 60% over the same period last year. Analyzing the reason why Vietnamese shrimp exports to China are high, Ms. Kim Thu said that China's domestic shrimp production decreased due to adverse weather and shrimp diseases in some main shrimp production areas. The increased demand for shrimp imports for the Mid-Autumn Festival, National Day, and the Lunar New Year has prompted China to increase shrimp imports in recent months. According to China Customs, in ...

Source: Haiquanonline