China replaces US as Vietnam’s largest shrimp export market
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China imported US$834 million worth of Vietnamese shrimp last year, surpassing the U.S. as the largest buyer of the seafood.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the figure marked an increase of 39% year over year.
The decline in China’s supply due to unfavorable weather conditions is among the factors attributed to the import hike, VASEP said.
Ecuador’s reduced shrimp shipment to China allowed Vietnamese exporters to snap up sale opportunities, which were also driven up by China’s many policies to promote general domestic consumption of goods, it added.
In total Vietnam’s shrimp exports in 2024 reached $3.9 billion, up 14% from 2023.
It was the biggest category in Vietnam’s seafood exports, which reached $10 billion.
Pangasius contributed $2 billion. Vietnam’s shrimp exports to China seem to remain strong this year. In the first two weeks of January exports jumped 191% to $51 million.
China was also the largest buyer of Vietnamese lobster last year, accounting for about 99% of total exports volume.
VASEP advises exporters to prioritize lobster, salmon, and king crab this year as consumers have shown steady demand for them.
Questions & Answers
Q.What were the main reasons cited for China becoming Vietnam's largest shrimp export market last year?
What were the main reasons cited for China becoming Vietnam's largest shrimp export market last year?
China's domestic supply declined due to poor weather, creating a gap in the market. Ecuador also reduced its shrimp shipments to China, and China implemented policies to boost domestic consumption, further driving demand for Vietnamese shrimp.
Q.Which specific seafood products is VASEP advising Vietnamese exporters to focus on this year?
Which specific seafood products is VASEP advising Vietnamese exporters to focus on this year?
VASEP recommends that Vietnamese exporters prioritise lobster, salmon, and king crab in their export strategies for the current year. This advice is based on observed steady consumer demand for these particular seafood categories.
Q.What was the total value of Vietnam's shrimp exports in 2024 and how did this compare to the previous year?
What was the total value of Vietnam's shrimp exports in 2024 and how did this compare to the previous year?
Vietnam's total shrimp exports in 2024 reached $3.9 billion. This figure represents a notable increase of 14% when compared to the total shrimp export value from the year 2023.
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