Vietnam's aquatic exports to China has impressive growth

Vietnam’s aquatic export revenue to China has grown impressively so far this year, contributing to the success of the fisheries sector.
Vietnam's aquatic exports to China has impressive growth
Vietnam has impressive growth in aquatic exports to China. (Photo: VNA)

In 2019, before the COVID-19 pandemic broke out, Vietnam enjoyed a record revenue of over 1.2 billion USD from China, making fisheries one of the three agro-forestry-fisheries products with highest export value in the market.

However, the figure fell to under 1 billion USD in 2021 due to impacts of the pandemic.

But since the beginning of this year, fisheries exports to China have recovered. Statistics from the General Department of Vietnam Customs showed that in the first 10 months of this year, those to China exceeded 1.3 billion USD, a year-on-year rise of 82%, marking a new record.

Explaining the situation, experts held that the “Zero COVID” policy of China has greatly affected the country’s fisheries sector, while the demand for the product is high.

According to the Import-Export Department under the Ministry of Industry and Trade, China imported 13.5 billion USD worth of aquatic products in the first nine months of this year, a rise of about 40% year on year.

The Department forecast that the increase is likely to continue in the remaining months of this year.

Shrimp is one of the aquatic products with strongest growth so far this year. In the first eight months of this year, China spent 3.77 billion USD to import this product, a rise of 66.3%. The spending in August alone is 680 million USD, a record level for a month.

China’s spending on Vietnamese shrimp in the January-August period reached 198 million USD, a surge of 98.5% year on year.

Dr. Ho Quoc Luc, Chairman of Fimexvn, said that in reality China is the largest shrimp importer in the world. However, the country also has a strong domestic shrimp industry, he said, advising Vietnamese businesses to make clearer assessments on this giant market.

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(Source: VNA)