Shrimp exports to China and Hong Kong grew by double digits in the third quarter of 2023


Shrimp exports to China and Hong Kong grew by double digits in the third quarter of 2023

In the three months of June, July and August, shrimp exports to China and Hong Kong grew positively. After the second quarter, the Chinese market increased demand for shrimp imports because the market stabilized after Covid-19 epidemic prevention restrictions.

In September 2023, Vietnamese shrimp exports to China reversed and decreased by 13%. After the long holiday period including Mid-Autumn Festival and National Day in China, shrimp consumption demand has recorded a sharp decrease.

In the structure of shrimp products exported to China and Hong Kong, vannamei shrimp accounted for 53.2%, black tiger shrimp accounted for 22.7%, and the rest was other shrimp items. In the first 9 months of this year, exports of vannamei and black tiger shrimp to China and Hong Kong increased by 14% and 22% respectively compared to the same period in 2022. Exports of live/fresh/frozen black tiger shrimp increased the most 22%, exports of frozen raw vannamei shrimp and processed vannamei shrimp increased by 14% and 16% respectively. The dried shrimp exports increased sharply by 661%.

In the first 9 months of 2023, the average price of frozen vannamei shrimp exported to China has ranged from 4.9-7.9 USD/kg. While the average price of frozen black tiger shrimp exported to this market has ranged from 8.2-13.8 USD/kg.

After the ban on seafood imports from Japan, many foreign suppliers expect to have new opportunities in China. However, Chinese businesses also look for alternative products from domestic supplies.

The Chinese shrimp market consists of two separate segments. One type is for live shrimp, mainly consumed at public markets in China. The remaining market is frozen HOSO as well as value-added shrimp, consumed through distributors, food services, e-commerce and retail channels.

According to experts, both imported shrimp and domestic shrimp have the opportunity to develop in both market segments as long as the Chinese economy recovers stably and the financial capacity of consumers.