Vietnam enjoys impressive growth in aquatic exports to China

In 2019, before the COVID-19 pandemic broke out, the country enjoyed a record revenue of more than US$1.2 billion from China, thereby making fisheries one of the three agro-forestry-fisheries products to record the highest export value in the market.

However, this figure dropped to under US$1 billion in 2021 due to the impact of the pandemic.

However, since the beginning of the year, fisheries exports to China have recovered. Statistics compiled by the General Department of Vietnam Customs indicate that during the first 10 months of the year, exports to China exceeded US$1.3 billion, an annual rise of 82%, marking a new record.

Assessing the current situation, experts have noted that the “Zero-COVID” policy being pursued by China has greatly affected the country’s fisheries sector, while the demand for the product remains high.

According to details given by the Import-Export Department under the Ministry of Industry and Trade, China imported US$13.5 billion worth of aquatic products in the first nine months of the year, an increase of around 40% on-year.

The department forecast that the increase is likely to continue ahead during the remaining months of the year.

Shrimp is one of the aquatic products to record the strongest growth so far this year. In the first eight months of the year, China spent US$3.77 billion importing this product, a rise of 66.3%. Indeed, spending in August alone stood at US$680 million, a record level for a month.

Chinese spending on Vietnamese shrimp in the January to August period hit US$198 million, a surge of 98.5% on-year.

Dr. Ho Quoc Luc, chairman of Fimexvn, said that in reality China represents the largest shrimp importer in the world. However, the northern neighbour also has a strong domestic shrimp industry, he stated, therefore advising Vietnamese businesses to make clearer assessments of the vast Chinese market.