Vietnamese shrimp exports to China skyrocket

Vietnamese shrimp exports to the Chinese market saw a drastic upswing during the opening two months of the year, with lobster exports witnessing a 18-fold rise compared to the same period from last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Specifically, shrimp exports to China and Hong Kong (China) in the reviewed period escalated by 143% to reach US$81 million on-year. Of the figure, lobster exports reached nearly US$30 million, representing an 18-fold rise compared to US$1.6 million recorded in the same period from last year.

Furthermore, white-legged shrimp and black tiger shrimp exports enjoyed robust growth of 18% and 8%, respectively.

Industry insiders pointed out that Ecuador represents a major supplier of shrimp to the Chinese market, but mainly in the form of raw materials. Meanwhile, Vietnamese shrimp products remain very diverse, providing Chinese consumers with a range of options.

Furthermore, Red Sea tensions have served to push up freight rates, thereby making it difficult for Ecuadorian businesses to transport goods to China. Vietnamese businesses have also encountered numerous difficulties in terms of exporting shrimp to distant markets such as the EU and the United States, so they devised solutions to fully tap into the numerous advantages of promoting shrimp exports to China.

Experts analyzed that there are positive signs ahead for shrimp exports to China as Vietnamese shrimp products are currently sold at a higher price than their competitors.

The high export price reflects that Chinese consumers have place their trust in the quality of Vietnamese shrimp rather than products from other countries.

In fact, Chinese firms have accepted purchasing high-priced shrimp from Vietnam and have continuously increased the import volume from the nation.

Experts also revealed that the Chinese market has always had high demand for Vietnamese shrimp products, especially processed products with the northern neighbour importing nearly one million tonnes of shrimp from Vietnam last year.

Shrimp export enterprises have been advised to focus on trade promotion activities and accelerate the export of deeply-processed products with high-added value in the time ahead.