Festive Demand and Strategic Growth Fuel Optimism for Year-End Surge
Vietnam’s shrimp sector is experiencing a powerful comeback in the Chinese market, bouncing back after early-year challenges to post robust growth in the latter half of 2024. Shrimp exports, which initially faced a dip in May, surged in June and saw even stronger momentum in July and August. With demand continuing to climb, especially ahead of China’s National Day celebrations, Vietnam’s shrimp exports are on track for a strong finish this year.
China’s Shrimp Imports Decline, but Vietnam Sees a Strategic Upswing
China, one of the world’s largest shrimp consumers, imported 610,249 tonnes of frozen warm-water shrimp between January and August 2024, worth a total of US$2.95 billion. This represents a 10% drop in volume and a 21% decline in value compared to the same period last year—largely attributed to economic slowdowns and domestic pricing pressures.
Despite this overall contraction, Vietnam’s shrimp exports to China have shown resilience, especially during the summer months. While Ecuador continues to dominate as China’s largest shrimp supplier, with sales totaling over US$2 billion (down 20%), Vietnam is beginning to carve out a competitive edge with its high-quality shrimp and a timely rebound in shipments.
National Day Holiday Set to Boost Demand
Looking ahead, Vietnam’s shrimp exporters are gearing up for a surge in demand as China’s National Day holiday (October 1-7) approaches. This festive period is traditionally marked by increased seafood consumption, making it a crucial opportunity for Vietnamese shrimp to shine in the market. Experts anticipate that the holiday will stimulate shrimp imports, adding further momentum to the upward trend Vietnam has seen in recent months.
The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts that this demand surge, combined with favorable market conditions, will allow Vietnam to capture a larger slice of China’s import market. However, the total annual import volume for shrimp in China is still expected to decline by 11%, settling at around 933,083 tonnes, down from over one million tonnes last year. This decline is mainly due to China’s economic slowdown, which has made importers more conservative in their purchasing.
Final Quarter Optimism: Vietnam Poised for Strong Year-End Results
As 2024 draws to a close, Vietnam’s shrimp sector is positioned for a promising final quarter. The recent rebound in exports to China, coupled with rising demand from other key markets, paints an optimistic picture. Vietnam’s competitive pricing, combined with its ability to deliver high-quality shrimp, will likely solidify its standing in China and beyond.
The National Day holiday and the approaching festive season offer an excellent opportunity to drive up sales of high-value shrimp products. Vietnam’s focus on premium, processed shrimp—which is increasingly favored by global markets—will further strengthen its export position as consumer preferences shift towards convenience and quality.
Key Highlights:
- Vietnam’s shrimp exports to China recovered strongly in June, with growth accelerating in July and August.
- China’s shrimp imports from January to August 2024 dropped by 10% in volume and 21% in value, reflecting broader economic challenges.
- Ecuador remains China’s largest shrimp supplier, but Vietnam is capitalizing on a growing market presence.
- Rising demand during China’s National Day holiday and festive season is expected to boost Vietnam’s shrimp exports through the end of the year.
- Vietnam’s shrimp sector is positioned for a strong finish to 2024, with total seafood exports expected to hit $9.5 billion.
Vietnam’s shrimp exporters are now seizing the moment, using their flexibility and market insight to tap into shifting consumer trends. With rising demand ahead of the holiday season and a rebound already in motion, Vietnam’s shrimp sector is ready to close out 2024 with strength and resilience. Don’t miss the opportunity to witness the continued rise of Vietnam as a global seafood powerhouse!
Source: Vasep
