In 2024, China surpassed the US to become Vietnam's largest shrimp importer, with a turnover of 843 million USD, up 39% compared to 2023.

Information from the Vietnam Association of Seafood Exporters and Producers (VASEP) shows that in 2024, shrimp exports reached nearly 4 billion USD, up 14% compared to 2023. Of which, exports of this item to the Chinese market reached 843 million USD, up 39% compared to 2023. Thanks to strong growth, China has surpassed the US to become Vietnam's largest shrimp import market.

According to the association, China increased its imports of Vietnamese shrimp due to a decrease in domestic supply due to unfavorable weather, and Ecuador also reduced its exports to China in 2024.

In addition, this country has also introduced many solutions to increase consumption among the people, which has supported Vietnam's shrimp exports to China. In the first half of January, exports of this item from Vietnam to China also increased sharply by 191% compared to the same period in 2024, reaching more than 51 million USD.

According to data from the International Trade Center (ITC), in 2024, China's shrimp import turnover reached 6.8 billion USD, down 10% compared to the same period last year. Notably, imports from Vietnam increased while China reduced imports from the remaining sources.

Photo: Dan Tri Newspaper

In the product structure, other shrimp, mainly lobster, accounts for the highest proportion of 51.7%, due to China's strong increase in lobster imports from Vietnam. This is followed by white-leg shrimp at 36.1% and black tiger shrimp at 12.2%.

Ecuador, a competitor of Vietnamese shrimp in the Chinese market, recorded a decrease in the export value of this item to China in 2024, reaching about 3 billion USD, down 14% compared to 2023.

The Vietnam Association of Seafood Exporters and Producers assessed that the reason for the decrease in white-leg shrimp imports in China is not due to oversupply but due to a significant decline in the consumption capacity of the middle class.

As economic growth slows down and incomes decrease, living costs increase, consumers increasingly pay attention to cost efficiency and aquatic protein, gradually shifting from "preferred" to "optional". Whiteleg shrimp is a price-sensitive product, affected by the decline in demand.

The association noted that businesses should increase lobster exports, while promoting and finding attractive solutions to stimulate demand for traditional products in the Chinese market.

Source: Dan Tri Newspaper