March 26, 2024

Vietnamese shrimp exports to China surge, lobster exports witness 18-fold increase

Vietnam's shrimp exports to China saw a surge in the first two months of the year, with lobster exports experiencing an 18-fold increase compared to the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP), Voice of Vietnam reported.

Shrimp exports to China and Hong Kong during this period soared by 143% to reach US$81 million, while lobster exports surged to nearly US$30 million, marking a substantial rise from US$1.6 million recorded last year.

White-legged shrimp and black tiger shrimp exports also saw significant growth, rising by 18% and 8%, respectively.

Industry analysts noted that although Ecuador is a major shrimp supplier to China, predominantly providing raw materials, Vietnamese shrimp products offer a diverse range, catering to varied preferences of Chinese consumers.

Rising tensions in the Red Sea have led to increased freight rates, posing challenges for Ecuadorian businesses in transporting goods to China. Vietnamese exporters, facing hurdles in reaching distant markets like the EU and the US, are strategically focusing on tapping into the advantages of the Chinese market for shrimp exports.

Experts foresee positive prospects for Vietnamese shrimp exports to China, given that Vietnamese shrimp products command higher prices, reflecting Chinese consumers' trust in their quality over products from other sources.

Chinese companies have shown willingness to purchase higher-priced shrimp from Vietnam, leading to a consistent rise in import volumes from the country.

With China demonstrating consistent high demand for Vietnamese shrimp, particularly processed products, which saw nearly one million tonnes imported last year, shrimp export enterprises are advised to intensify trade promotion efforts and prioritise the export of value-added, deeply processed products in the coming months.

-      Voice of Vietnam