In the first eight months of 2022, Vietnam’s shrimp export to China reached 413 million US dollars, an increase of 56% over the same period of 2021.
The growth trend of shrimp exports to China in June, July and August was slower than that in previous months, and the export to China slowed down.
In March, April and May, Vietnam’s shrimp exports to China recorded a high growth rate of 126% – 140%, while in the following three months (June, July and August), the growth rate was only 13% – 32%. Especially in July, shrimp exports to China fell by 17% year on year.
The demand for shrimp imports in China has always been high, coupled with a decline in China’s domestic shrimp production this year. Therefore, as of September 15, 2022, Vietnam’s shrimp export to China still increased by 56%, reaching 438 million dollars.
In August 2022, China’s import volume reached a record of 95,000 tons, an increase of 89% year on year. In July, China’s shrimp imports also set a record of 93,000 tons.
In the first eight months of this year, China’s shrimp import volume was the same as that in the first 11 months of last year, reaching 524,000 tons. Imports increased by 64% to US $3.42 billion.
China is a huge consumer market, but the regulations on frozen imports are still very strict. Although China has reopened and relaxed the regulations related to Covid-19, it still brings many difficulties to export companies.
The restrictive policies adopted by China to prevent Covid-19, the increase in transportation costs and the devaluation of the RMB have made Chinese shrimp importers face many difficulties. Therefore, if the financial pressure of Chinese shrimp importers is not alleviated, the overall import of shrimp may decrease in the near future.
Vietnam’s shrimp exports to China are expected to continue to grow in the last few months of this year, although they cannot maintain the strong growth momentum of the previous months.