China’s shrimp imports in May 2024 dropped to just over 70,000 tons, worth USD 341 million, a 30% decrease in volume and a 41% decrease in value compared to the start of the year. The average price also fell by 16% to USD 4.86 per kilogram.

Year-to-Date Trends

In the first five months of 2024, China imported over 367,000 tons of shrimp worth USD 1.78 billion, down 11% in volume and 24% in value. This decline is due to reduced demand and a shift towards boosting domestic shrimp production.

Ecuador, the largest supplier, exported over 50,000 tons in May, valued at USD 226 million, down 31% in volume and 42% in value. India, the second-largest supplier, exported over 12,000 tons. Both countries saw double-digit declines in exports to China this year.

Price Changes

The average price of shrimp from India (mainly headless shrimp) decreased by 11% to USD 5.07 per kilogram, while Ecuadorian shrimp decreased by 16% to USD 4.50 per kilogram.

Imports from Malaysia, Vietnam, Argentina, and Peru also saw double-digit declines in both volume and value.

Vietnam’s Shrimp Exports

As of June 15, Vietnam’s shrimp exports to China and Hong Kong reached USD 295 million, up 19% from last year. However, growth slowed from January to April, with a sharp decline in May due to high prices and competition.

VASEP predicts that from June to September, Vietnam’s shrimp exports to China may stagnate or decrease as China increases purchases from Ecuador, India, and Indonesia. Despite this, Vietnamese shrimp’s bright red color and the high demand for small shrimp provide opportunities.

Anticipated Demand Increase

China’s shrimp import demand is expected to rise again from late Q3 2024 for the National Day and Mid-Autumn Festival period, potentially boosting Vietnam’s shrimp exports during this time.