Vietnamese shrimp exports to China and Hong Kong continue to decrease by 24% of proportion, reaching 52 million USD in November 2023. The demand for China and HK is unstable, growing positively for 3 months from June to August, then returning to a downward trend in September, October, and November. However, the decline is not as strong as in the first months of the year. China and Hong Kong are the markets with the lowest decline among the main import markets.
The demand for Vietnamese shrimp from the Chinese and Hong Kong markets not only depends on economic growth and inventory in China and HK but also heavily depends on cheap supply from Ecuador. China's demand for shrimp imports is still increasing strongly, but because there are too many supplies "rushing" to China and Hong Kong at low prices, it is difficult for Vietnamese shrimp to compete on price. In the last month of this year, Vietnamese shrimp exports to China and Hong Kong are expected to still decrease compared to the same period.
Vietnamese shrimp exports to China and Hong Kong fluctuated from 543 million USD in 2019 to 664 million USD in 2022. In the past 5 years, shrimp exports to China and Hong Kong have fluctuated, but in China and the Hong Kong market remain that Vietnam is the third-largest shrimp importer after the US and Japan. Although shrimp exports to China and Hong Kong markets in 2023 will decrease compared to 2022 (the year when shrimp export turnover reached a record), they will still increase compared to previous years.
Potential market but fierce competition
The COVID-19 epidemic has ended, China's economy has shown positive signs, and demand for giant tiger shrimp and whiteleg shrimp is recovering. The geographical position is favorable for Vietnamese businesses exporting to China in terms of logistics costs.
China is promoting economic recovery, but it seems they do not spend much on domestic seafood production. Because China does not consider this a key industry with high profits. Therefore, this is an opportunity for Vietnam to increase exports to the market.
Economic experts assess that China will increasingly depend on imported seafood, similar to the model of Western countries.
China's shrimp consumption is large, even more than in the US and Europe. In 2023, it is estimated that China will import a huge amount of shrimp, up to 1 million tons, mainly for processing and domestic consumption, with almost negligible exports.
The Chinese Ambassador affirmed that the country is ready to expand imports of Vietnamese aquatic and agricultural products. The above statement was made in the context of Chinese President Xi Jinping's recent visit to Vietnam, opening up many bright prospects for trade cooperation between the two countries. China is the target market of many shrimp exporting countries, such as Ecuador and India, with a supply of cheap raw shrimp, so Vietnamese shrimp are under competitive price pressure. Besides, businesses also have to face competition from shrimp processors in the Chinese domestic market.
To take advantage of opportunities from China, B2B trade activities need to be further enhanced, and local-level trade needs to be given more attention. In addition, there needs to be an exchange and sharing of information about market needs and regulations, especially when there are changes in import and export policies.
(vasep.com.vn) Through the first quarter of the year, in a context where the shrimp industry still faced many risks, shrimp exporting enterprises still showed efforts and determination in production and business.
(seafood.vasep.com.vn) In the first quarter of this year, Vietnam's shrimp exports reached over 686 million USD, an increase of 14% over the same period in 2023.
Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices.
(seafood.vasep.com.vn) After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.
(seafood.vasep.com.vn) Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.
Economic and social development activities, overexploitation, pollution, diseases, and climate change have adversely affected the ecological environment, leading to a severe decline or the extinction of many precious indigenous aquatic species.
(seafood.vasep.com.vn) The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.
(seafood.vasep.com.vn) In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.
(seafood.vasep.com.vn) There was a 6% decline in Vietnam's pangasius exports to Brazil in February 2024 compared to the same period in 2023, with the total value reaching 6 million USD.
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