In 2024, China spent 39% more on shrimp from Vietnam than in 2023. Thanks to that, China surpassed the US to become Vietnam's largest shrimp import market.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), by 2024, seafood exports will shrimp reached nearly 4 billion USD, an increase of 14% compared to 2023. Of which, the export of this item to the Chinese market reached more than 840 million USD, an increase of 39% compared to 2023. Thanks to strong growth, China has surpassed the US to become Vietnam's largest shrimp import market.
Notably, in 2024 China reduced imports from other sources, only increasing the proportion of shrimp imports from Vietnam. According to data from the International Trade Center (ITC), last year China's shrimp import turnover reached 6.8 billion USD, down 10% compared to the same period last year.
VASEP believes that Vietnamese shrimp has dominated the Chinese market because the domestic supply of this “billion-people” country has decreased sharply due to the impact of unfavorable weather, while China has introduced many measures to promote domestic consumption. In addition, Ecuador - the country that mainly exports white-leg shrimp to China - has reduced this item.
In the structure of Vietnamese shrimp products exported to the Chinese market, exports of black tiger shrimp and whiteleg shrimp both decreased while lobster and other shrimp increased sharply. This made China the largest import market for Vietnamese lobsters, accounting for 98-99%.
Ms. Kim Thu - shrimp market expert of VASEP - explained: "The clear change in the structure of shrimp products exported to China is due to the change in consumer demand of social classes in China".
In the past, whiteleg shrimp was a regular item on the tables of the middle class, favored for its affordable price and rich nutrition. However, as economic growth slows and income growth declines, the cost of living increases, consumers pay more attention to cost efficiency, and aquatic proteins are gradually shifting from "preferred" to "optional".
In the context of declining demand, affordable, easy-to-preserve foods have become the top choice of most families, especially in the mid-range and low-end markets. Therefore, imported white-leg shrimp is gradually becoming less of a choice for middle-class and low-end customers.
Meanwhile, the Chinese elite have a relatively stable consumption level. High-end items such as lobster are always popular and present at luxurious parties. This makes this item consumed strongly in this country of "billion people".
In the first half of January, shrimp exports from Vietnam to China increased sharply by 191% over the same period in 2024, reaching more than 51 million USD.
VASEP forecasts that in the coming time, when the US tariff policies on imports from Canada and China come into effect, there will be strong fluctuations in the market. China will reduce imports of many products and increase domestic consumption to compensate for the decline in market share in the US. In addition, Vietnamese shrimp will also face competitive pressure with shrimp from Canada pouring into China.
In the coming time, shrimp exporting enterprises should continue to strengthen their lobster export strengths and step up promotion and marketing, have attractive solutions and stimulate consumption demand for traditional products such as whiteleg shrimp and tiger shrimp in the Chinese market.
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