July 29, 2013

China overtakes Korea as third largest importer of Vietnamese seafood

China has overtaken South Korea as the third largest importing nation of Vietnamese seafood for 2012 until the second quarter of 2013.

With a revenue of US$231 million in first six months of 2013, China made up nearly 28% of total seafood exports from Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

During the first quarter of 2013, seafood exports to China were valued at US$98 million, up 8% over the same period in 2012. Since then, the positive growth has been continuing through to the second quarter. Vietnam has been exporting mostly shrimp and pangasius to the Chinese market.

In spite of the economic downturn, China's seafood demand remains high due to its high population density. In 2012, the country's seafood imports reached US$5.5 billion, a decline of less than 2% from the previous year.

Due to lack of raw materials, China has increased the importation of raw shrimp and finfish. This trend is forecast to continue in 2013. Moreover, this year will witness a rise in China's seafood consumption over poultry due to the ongoing H7N9 outbreak.