China increases seafood imports from Vietnam

The Import and Export Department ( Ministry of Industry and Trade ) cited statistics from the Chinese Customs agency, saying that China's seafood imports in May 2024 decreased by 25.2% compared to the same period in 2023, reaching 1.43 billion USD. In the first 5 months of 2024, China's seafood imports reached 7.235 billion USD, down 11.8% compared to 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. In the first 5 months of 2024, China's seafood imports from major supplying markets such as Ecuador, Russia, the United States, India, and Norway decreased, while imports from Canada, Indonesia, Vietnam, Chile, and New Zealand increased.

Vietnam was the fourth 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. The market share of Vietnamese seafood 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 (HS 160529) from Vietnam.

These are the three groups of goods where Vietnam's market share in China's total imports has increased sharply. With catfish, China has 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.

Previously, according to the Vietnam Association of Seafood Exporters and Producers, in the first half of this year, shrimp exports brought in more than 1.6 billion USD, 7% higher than the same period last year. Of which, white-leg shrimp reached nearly 1.2 billion USD, a slight increase of 3%, and black tiger shrimp reached over 200 million USD, a decrease of 10%. Lobster exports alone increased sharply by 57 times compared to the same period, reaching more than 130 million USD.

As for lobster, China is currently the largest import market for this product from Vietnam, accounting for 98 - 99%. According to experts, China's massive purchase of Vietnamese lobsters will make the export of this item strong in the first half of 2024.

In Vietnam, many localities are now strong in lobster farming, with an estimated output of about 4,000 tons/year. Spiny lobsters alone have high economic value, generating revenue of about 2,000 billion VND.

Currently, Vietnam has 46 packaging facilities that export lobsters to the Chinese market. Lobster exports to China are on a favorable trend, but in the long term, it is necessary to move towards official exports. To do so, it is necessary to build chains from production, purchasing to export, associated with transparent traceability.

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