China to become second largest importer of Vietnam shrimp

Vietnam’s shrimp exports are estimated at US$3.5 billion in the 11 months leading up to December with the EU, Japan and China as the three biggest importers.
TIN LIÊN QUAN
china to become second largest importer of vietnam shrimp Proper strategies needed to boost aquatic exports to China
china to become second largest importer of vietnam shrimp Chinese market promising for Vietnam’s shrimps as exports surge 30%

Exports to China obtained an impressive growth of 60.5% with an estimated value of US$629.26 million, accounting for 18.1% of Vietnam’s total shrimp export value. Meanwhile China’s shrimp imports are on a strong upward trend to meet rising consumer demands for year-end festivals, especially the Lunar New Year. 

china to become second largest importer of vietnam shrimp
Workers process shrimps for export at ​a factory in Vietnam.

The trend also pushes shrimp raw material prices up in some neighbouring countries, including Vietnam. With the move, China is likely to surpass Japan to become the second largest consumer of Vietnamese shrimp in the first quarter of next year.

However, Vietnam just ranks eighth among biggest suppliers of shrimp products to China, trailed by Ecuador, Canada, India, Greenland, Thailand, Argentina and Indonesia.

Experts said China’s shrimp imports have kept rising while its exports have declined over the past 10 years. The country is currently among top ten shrimp consumers in the world. It has become an important destination for shrimp exporters, including Vietnam thanks to increasing consumer demand and attractive payment terms.

Chinese importers are deeply penetrating Southeast Asian markets to buy huge volume of shrimps to supply the domestic market. China is also a strong rival of Western importers in terms of shrimp raw material, said an expert.

Seafood is very important in Chinese cuisine. Besides, the rapid growth of the middle class in the 1.38 billion population country also pushes shrimp consumption up. According to statistics, shrimp consumption in China had skyrocketed 123% in 10 years from 2005 to 2015 with 1.6 million tons annually.

Experts also forecast that Chinese shrimp output would drop sharply this year due to diseases and the changing weather. The country has been confronted with 15 storms this year.

Professor James from Florida University forecast that China’s output of white-leg shrimp would fall from 1.7 million tons to 600,000 tons this year.

Since December 1, China has cut down the import duties on frozen shrimp from 5% to 2%, which benefited shrimp exporters, including Vietnam.

china to become second largest importer of vietnam shrimp More shrimp farming cooperatives meet ASC standards

Up to 30 shrimp farming cooperatives in the Mekong Delta provinces of Soc Trang, Bac Lieu, Ca Mau have achieved the Aquaculture Stewardship Council (ASC) ...

china to become second largest importer of vietnam shrimp Australia agrees to re-import processed shrimps from Vietnam

The Australian Department of Agriculture and Water Resources has received a document from the National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD) affirming that Vietnam is able ...

china to become second largest importer of vietnam shrimp Seafood exports to US face tough recovery

Vietnam’s seafood exports to the United States reduced in the first five months, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

(Source: VOV)