Vietnamese shrimp exports to China have experienced a remarkable surge in demand, with figures reaching USD 104 million in value from the beginning of the year to March 15, according to VASEP. This represents an impressive increase of over 110% compared to the same period last year.

Shrimp Delicacies Gain Popularity

In the vast Chinese market, Vietnamese processed shrimp products have gained popularity, with favorites including shrimp dumplings and frozen white shrimp. This growing demand has contributed significantly to the overall increase in Vietnamese shrimp exports.

According to data from the General Department of Vietnam Customs, total shrimp exports for January-March stood at USD 620 million, marking a 24% increase compared to the previous year.

Vietnam’s Key Markets

Vietnam’s largest shrimp importers remain the United States and China. While the US market continues to be significant, recent trends indicate a shifting landscape in China’s import patterns.

Notably, the Chinese market has witnessed a shift in its shrimp import preferences. Import data reveals a reduction in imports from Ecuador, previously China’s largest shrimp supplier, coupled with an increase in imports from Vietnam. This change reflects Chinese buyers’ growing preference for Vietnamese shrimp products.

Quality Perception Fuels Demand

Despite facing price competition from other suppliers, Vietnamese shrimp enjoys a favorable perception of superior quality among Chinese consumers. This perception often translates into a willingness to pay higher prices, further bolstering Vietnam’s position in the Chinese market.

Looking ahead, experts in the shrimp industry anticipate a stabilization of sales for fresh and frozen seafood in the United States in 2024. This projection comes in the wake of a challenging 2023, characterized by inflationary pressures and reduced consumer spending. Despite these challenges, the outlook for the US shrimp market remains cautiously optimistic.