NDO – In the first quarter of 2024, Vietnam was the 8th largest seafood supplier to China with a turnover of 180.5 million USD, down 4.5% over the same period in 2023. Vietnam’s seafood market share in China’s total imports decreased slightly to 4.1% compared to 4.2% in the same period in 2023. In the second quarter of 2024, Vietnam has many opportunities to increase seafood export turnover to this market.
Squid products continue to be Vietnam’s main export item to China.
According to statistics from the China Customs, in the first three months of 2024, China’s seafood imports reached US$4.4 billion, down 2.3% year-on-year. In the first three months of 2024, China reduced its seafood imports from Ecuador, Russia, Norway and Vietnam, while increasing its imports from Canada, Indonesia and Chile. Ecuador was China’s largest seafood supplier in the first quarter of 2024, reaching US$769.8 million, down 18.9% year-on-year. Ecuador’s seafood market share in China’s total imports decreased from 21.1% in the first quarter of 2023 to 17.5% in the first quarter of 2024.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first quarter of 2024, while China’s imports of catfish and frozen shrimp decreased, imports of rock lobster, live, fresh or chilled crab, and processed or preserved shrimp increased sharply. The market share of Vietnam’s lobster, crab, and processed shrimp in China’s total imports in the first quarter of 2024 increased sharply compared to the same period in 2023.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first quarter of 2024, while China’s imports of catfish and frozen shrimp decreased, imports of rock lobster, live, fresh or chilled crab, and processed or preserved shrimp increased sharply. The market share of Vietnam’s lobster, crab, and processed shrimp in China’s total imports in the first quarter of 2024 increased sharply compared to the same period in 2023.
For squid and octopus, China and Hong Kong (China) are the third largest import markets of Vietnam, accounting for 10%. Vietnam’s squid and octopus exports to this market in the first quarter of 2024 reached 13 million USD, up 34% over the same period in 2023. Except for February due to the Lunar New Year, Vietnam’s squid and octopus exports to China and Hong Kong (China) in January 2024 grew by 3 digits and in March 2024 by 2 digits. China and Hong Kong (China) are considered the most “bustling” squid and octopus import markets of Vietnam in 2023 and in the first quarter of this year.
Squid products continue to be Vietnam’s main export item to China and Hong Kong (China), accounting for 93% of total cephalopod exports to China. In the first quarter of this year, the export value of squid products from Vietnam to China increased more strongly than the export value of octopus products.
Vietnamese squid and octopus products that China consumed strongly in the first quarter of this year included live/fresh/frozen squid, up an impressive 275%, and processed octopus, up 55%.
Vietnamese squid and octopus products that China consumed strongly in the first quarter of this year included live/fresh/frozen squid, up an impressive 275%, and processed octopus, up 55%.
China mainly imports from Vietnam products such as dried squid, dried squid and cuttlefish, frozen cleaned whole cuttlefish, frozen graded squid, frozen tempura breaded squid, dried squid, frozen cut octopus, frozen cleaned whole octopus… The enterprises exporting the most squid and octopus from Vietnam to China are: An Khang Thinh Investment and Development Company Limited, Gia Bao Seafood Trading and Service Import-Export Company Limited, Bardo Food Development Company Limited…
In addition, in the second quarter of 2024, pangasius is also expected to increase its turnover in the Chinese market. The reason is partly due to the high price of tilapia – one of the white fish species favored in China – while the supply is in short supply. VASEP predicts that when the supply of tilapia in China is scarce, pangasius can be a potential substitute product.
As of April 15, 2024, the total export turnover of Vietnamese pangasius to markets reached more than 495 million USD, down 1% over the same period. Of which, the export value to China and Hong Kong (China) reached 132 million USD, down 20% over the same period in 2023.
