China increases seafood imports from Vietnam.

According to statistics from China Customs, cited by the Import-Export Department ( Ministry of Industry and Trade ), China's seafood imports in May 2024 decreased by 25.2% compared to the same period in 2023, reaching US$1.43 billion. For the first five months of 2024, China's seafood imports totaled US$7.235 billion, a decrease of 11.8% compared to the same period in 2023.

In May 2024, China's seafood imports from most major suppliers decreased compared to the same period in 2023, except for imports from Indonesia and Vietnam, which increased. Overall, in the first five months of 2024, China's seafood imports from major suppliers such as Ecuador, Russia, the United States, India, and Norway decreased, while imports from Canada, Indonesia, Vietnam, Chile, and New Zealand increased.

Vietnam was China's fourth largest supplier of seafood in May 2024, reaching US$91 million, an increase of 18.2% compared to the same period in 2023. In the first five months of 2024, China's seafood imports from Vietnam totaled US$365.5 million, a 9.7% increase compared to the same period in 2023. Vietnam's market share in China's total seafood imports increased from 4.1% in the first five months of 2023 to 5.1% in the first five months of 2024.

In the first five months of 2024, Vietnam's share of seafood in China's total imports increased, mainly due to a sharp rise in imports of processed lobster, crab, and shrimp (HS 160529) from Vietnam.

These are three product groups where Vietnam's market share in China's total imports has increased sharply. Regarding catfish, China increased imports of frozen catfish, while significantly reducing 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 five months of 2023 to 1.4% in the first five months of 2024.

Previously, according to the Vietnam Association of Seafood Processing and Export, in the first half of this year, shrimp exports brought in over $1.6 billion, 7% higher than the same period last year. Of this, whiteleg shrimp accounted for nearly $1.2 billion, a slight increase of 3%, while tiger shrimp reached over $200 million, a decrease of 10%. Lobster exports, however, surged 57 times compared to the same period, reaching over $130 million.

Regarding lobster specifically, China is currently the largest importer of this product from Vietnam, accounting for 98-99%. According to experts, China's massive purchase of Vietnamese lobster will lead to strong exports of this product in the first half of 2024.

In Vietnam, many localities currently have strong potential for lobster farming, with an estimated production of about 4,000 tons per year. Spiny lobsters, in particular, have high economic value, generating revenue of approximately 2 trillion VND.

Currently, Vietnam has 46 packaging facilities that export lobster to the Chinese market. Lobster exports to China are trending favorably, but in the long term, it is necessary to move towards official export channels. To achieve this, it is essential to build integrated supply chains from production and procurement to export, linked with transparent traceability.

Source: https://congthuong.vn/trung-quoc-tang-nhap-khau-thuy-san-tu-viet-nam-333747.html