China trailed the US to become the biggest importer of Vietnamese shrimp
In October, Vietnam achieved USD 65 million from exporting shrimps to China, up 50% from the same period last year. As a result, China trailed the US to become the biggest importer of Vietnamese shrimp.
According to VASEP, in October, Vietnam’s shrimp exports to China increased by 50% from the same period of 2021, reaching USD 65 million. This growth made China trail the US to become the biggest importer of Vietnamese shrimp in October.
In October, Vietnam saw the highest growth in China among the top five importers of Vietnamese shrimp.
The accumulated value of Vietnam’s shrimp exports to the US in the first ten months of 2022 reached USD 547 million, up 60% from the same period last year.
China saw a slump in shrimp output due to unfavorable weather conditions and disease outbreaks, VASEP informed. As a result, this country had to increase their importation to serve the Middle Autumn Festival, the National Day, and Tet Holiday.
However, VASEP anticipated that shrimp imports into the Chinese market would decline in November and December as compared to previous months, due to seasonally falling demand after a stockpile in the run up to Tet Holiday. The country will increase their purchases of shrimp after Tet Holiday.
The Government of China announced that they would not relax the Zero-COVID policy immediately. However since this July, China has stopped the policy of suspending the importation of frozen seafood which were contaminated with Sars-COV-2 virus after nearly two years of enforcement. That’s been good news to China’s shrimp providers, Vietnam included.
According to the General Administration of Customs of China, the total shrimp import value into this country reached about USD 524 million, with 60% from Ecuador, 13% from India, and 12.5% from Vietnam.
The accumulated value of shrimp import value into China increased by 65% as compared to the same period of 2021, valued at USD 4.5 billion, with Vietnamese shrimp accounting for 12% of the market share.