Shrimp exports to China and Hong Kong achieved double-digit growth in the third quarter
According to Vietnam Association of Seafood Exporters and Producers (VASEP), in the third quarter, shrimp exports to China and Hong Kong reached more than USD 173 million, an increase of 15% over the same period in 2022. This is the first quarter of positive growth in 9 months this year.
In the first and second quarters, shrimp exports to this market decreased by 31% and 8% respectively compared to the same period last year.
Accumulated over the first nine months of 2023, Vietnamese shrimp exports to China and Hong Kong reached USD 454 million, a decrease of 6% compared to the same period in 2022.
On a monthly basis, shrimp exports to the market of 1.4 billion people in June, July and August all achieved positive growth compared to the same period in 2022 thanks to more stable demand after China lifted restrictive measures for Covid-19 control. On the other hand, after the second quarter, seafood exports from Ecuador to China has decreased, therefore this market has increased imports from Vietnam.
However, in September, Vietnamese shrimp exports to China reversed, decreased by 13% due to reduced demand after the Mid-Autumn Festival and National Day holidays.
According to VASEP, China has imported a lot of shrimp from Ecuador therefore, the inventory level is quite high. In addition, the nuclear waste discharge event from Japan is also affecting the demand for seafood in general, including shrimp in the Chinese market.
In the first nine months of 2023, the average price of frozen whiteleg shrimp exported to China ranges from USD 4.9 to 7.9/kg. Meanwhile, the price of frozen black tiger shrimp exported to the market is about USD 8.2-13.8/kg.
VASEP believes that the purchase price of Chinese importers is quite low because there are many supplies targeting this market. However, China is still an important market for Vietnamese shrimp, especially in the context of China banning seafood imports from Japan.
According to information from VASEP, the Chinese government is stimulating shrimp consumption in China's tier 2 and 3 cities, creating opportunities for domestic fresh shrimp to reach customers. Chinese consumers are quite fond of fresh shrimp and are willing to pay higher prices for this product.
Experts recommend that foreign suppliers should aim to develop the market for whole frozen shrimp and value-added shrimp, instead of competing with Chinese domestic shrimp in the fresh product segment.
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