Chinese traders increase purchases of crabs and lobsters from Vietnam, export value skyrockets by 502%

Specifically, according to statistics from the Chinese Customs, in the first 5 months of 2024, China's seafood imports reached 7.235 billion USD, down 11.8% over the same period in 2023. In May 2024, China's seafood imports from most major supplying markets decreased compared to the same period in 2023, except for imports from Indonesia and Vietnam which increased.

Vietnam was the 4th largest seafood supplier to China in May 2024, reaching 91 million USD, up 18.2% over the same period in 2023. In the first 5 months of 2024, China's seafood imports from Vietnam reached 365.5 million USD, up 9.7% over the same period in 2023.

Vietnam's seafood market share in China's total imports increased from 4.1% in the first 5 months of 2023 to 5.1% in the first 5 months of 2024.

In the first 5 months of 2024, Vietnam's seafood market share in China's total imports increased, mainly due to this market's sharp increase in imports of lobster, crab and processed shrimp from Vietnam. These are the 3 product groups with Vietnam's market share in China's total imports increasing sharply.

According to the Vietnam Association of Seafood Exporters and Producers, China and Hong Kong are still the largest import markets for crabs and other crustaceans from Vietnam, accounting for 42% of total export turnover.

The export value of crabs and crustaceans to this market is increasing rapidly at a three-digit rate compared to the same period last year, but the growth rate is slowing down.

In May 2024 alone, crab and other crustacean exports to this market increased by 418% over the same period, reaching nearly 11 million USD. In the first 5 months of the year, exports to this market reached more than 41 million USD, an increase of 502%.

Crab exports to China grew strongly by 502% in the first 5 months of 2024. Source: VASEP.

Regarding catfish, China increased its imports of frozen catfish while sharply reducing its imports of catfish fillets. Meanwhile, Vietnam's market share of frozen shrimp (HS code 030617) in China's total imports decreased slightly from 1.5% in the first 5 months of 2023 to 1.4% in the first 5 months of 2024.

According to the General Department of Customs, in June 2024, the country's seafood exports reached 840.7 million USD, an increase of 8.4% over the same period in 2023. In the first 6 months of 2024, Vietnam's seafood exports reached over 4.4 billion USD, an increase of 6.2% over the same period in 2023.

Regarding the market, in June 2024, Vietnam's seafood exports to the two largest markets, the US and China, both grew positively with double-digit growth.

Specifically, seafood exports to the US increased by 10.1%, reaching 160.1 million USD; exports to China increased by 18%, reaching 144.5 million USD. Exports to the EU are also showing signs of recovery as exports to major markets in the bloc such as the Netherlands, Belgium, Germany, etc. have shown positive growth.

In the first 6 months of 2024, Vietnam's seafood exports to most major markets increased compared to the same period in 2023, except for exports to Japan which decreased by 1.4%, Thailand which decreased by 16.1%, and Hong Kong which decreased by 8.8%.

Of which, seafood exports to the US in the first 6 months of 2024 reached 733 million USD, up 9% over the same period in 2023; exports to China reached 766 million USD, up 7% over the same period in 2023; Notably, Vietnam's seafood exports to Canada and Russia increased sharply, up 37.3% and 105.5% respectively over the same period in 2023.

In the last 6 months of 2024, Vietnam's seafood exports are likely to continue to recover as the world economy improves. Accordingly, the US economy has shown many positive signs such as rapidly decreasing inflation and a stable labor market, which will be factors supporting consumer spending. This will be a good opportunity for Vietnamese seafood exporters to the US market in the coming time.

Meanwhile, the EU economy is also gradually stabilizing. Consumer prices are stabilizing, while inflation continues to decrease, so EU demand for seafood consumption and imports is likely to increase again.

However, seafood exports also face many difficulties when the main product, shrimp, has to compete fiercely with similar products from Ecuador and India because the shrimp prices of Ecuador and India are more competitive than those of Vietnam.

In addition, the unpredictable developments of the pandemic may affect raw material sources in the last 6 months of the year. Meanwhile, transportation activities through the Panama Canal and the Suez Canal are still facing difficulties. Although transportation costs have decreased compared to the peak in February and March 2024, they are still high, which may lead to an increase in seafood prices in the consumer market.

Source: https://danviet.vn/thuong-nhan-trung-quoc-tang-mua-cua-ghe-tom-hum-cua-viet-nam-gia-tri-xuat-khau-tang-chong-mat-toi-502-20240722181312703.htm