CRAB EXPORTS TO CHINA GREW STRONGLY BY 502%

In the first five months of the year, China’s seafood imports from Vietnam reached 365.5 million USD, up 9.7% over the same period in 2023.

Vietnam’s market share in China’s total imports increased from 4.1% to 5.1%. This is mainly due to China’s sharp increase in imports of processed lobster, crab, and shrimp from Vietnam. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), China and Hong Kong remain the largest import markets for crabs from Vietnam, accounting for 42% of total exports. The export value of crabs to this market is increasing by three digits compared to the same period last year, but the growth rate is slowing down.

Crab exports to China grew strongly by 502% in the first five months of 2024.

According to the General Department of Customs, in June 2024, Vietnam’s seafood exports reached 840.7 million USD, up 8.4% over the same period last year. In the first half of the year, Vietnam’s seafood exports reached over 4.4 billion USD, up 6.2% over the same period in 2023.

In terms of market, in June 2024, Vietnam’s seafood exports to the two largest markets, the US and China, grew positively with double-digit growth. Specifically, seafood exports to the US increased by 10.1%, reaching 160.1 million USD; exports to China increased by 18%, reaching 144.5 million USD. Exports to the EU are tending to recover when exporting to major markets in the bloc, such as the Netherlands, Belgium, or Germany, has positive growth.

In the last six months of 2024, Vietnam’s seafood exports are likely to continue to recover as the world economy improves. Accordingly, the US economy appears to have many optimistic signals. Fast-falling inflation and a strong labor market are the factors supporting consumer spending. This will be a good opportunity for Vietnamese seafood exporters to enter the US market in the coming time. Meanwhile, the EU economy gradually tends to be stable. Consumer prices are stable, while inflation continues to fall. The EU demand for seafood consumption and imports is likely to rise again.

However, seafood exports are facing many difficulties when shrimp, the key item, has to compete fiercely with Ecuador’s and India’s products of the same type. In addition, the on-going pandemic can affect raw materials in the last six months of the year. Meanwhile, transportation through the Panama Canal and the Suez Canal remains difficult. Although shipping prices have fallen from their peak in February and March 2024, they remain high and will likely lead to an increase in seafood prices in the consumer market.