Chinese demand for Vietnamese shrimp surging

The value of Vietnamese shrimp exports to China from the beginning of the year to March 15 reached 104 million USD, recording a remarkable increase of over 110% compared to the same period last year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) reported substantial growth in lobster exports to the country.

Popular Vietnamese processed shrimp products in China include shrimp dumplings and frozen white shrimp.

Figures from the General Department of Vietnam Customs show that shrimp exports in January-March were estimated at 620 million USD, up 24% year-on-year.

Vietnam's largest shrimp importers are the US and China.

In the Chinese market, VASEP noted a shift in import patterns, with the country reducing its imports from Ecuador, its largest shrimp supplier, and increasing imports from Vietnam.

Though Vietnam faces price competition from rival suppliers, Chinese buyers often perceive Vietnamese shrimp as being superior in quality compared to those from Ecuador and India, making them more willing to accept higher prices.

As for the US, experts in the shrimp industry anticipate a stabilisation of sales for fresh and frozen seafood in 2024. This follows a challenging 2023, characterised by inflation and reduced consumer spending./.