Agriculture & Food

Since its opening in early 2023, China's demand for seafood purchases has been strongly recovering. However, Vietnam's seafood exports to China have not yet recovered due to both external international market factors and domestic environmental factors.

Customs data shows that in the first quarter of 2023, the export value of products from the South China Sea to China reached nearly 240 million US dollars, a year-on-year decrease of 27%. Customs data shows that the export value increased by 24% in February, while in January and March, it decreased by 60% and 39% respectively.

The top five sea products exported by Vietnam to China include salsa, anchovy, white leg shrimp, black tiger shrimp and surimi. According to customs data, salsa accounts for 55% of the total exports.

The decrease in Vietnamese salmon exports to China has had an impact on the overall trend, with exports of white leg shrimp, fish cakes, minced fish, and many other products also showing a significant decrease. However, Vietnam's export of dried anchovy to China increased by 50% in the first quarter. Many other dried and processed products, such as yellow snapper and dried shrimp, have experienced varying degrees of growth in export volume. In addition, the export value of black tiger shrimp to China is also recovering, with a year-on-year increase of 46%.

For exports to China, Vietnamese seafood companies need to face competitive pressure from countries such as Ecuador, India, and Indonesia. However, Vietnamese seafood exporting companies still look forward to a quick recovery in their export trade to China. Experts predict that China's seafood consumption will experience explosive growth in 2023.

According to customs data, in the first quarter of 2023, China's seafood imports exceeded 1 million tons, valued at over 4.5 billion US dollars, an increase of 17% and 13% compared to the same period in 2022.

China's imports of processed and re exported raw materials have significantly increased, accounting for 21% of the total and 12% of the value. The import volume has increased by 70% year-on-year.

Customs data shows that China's imported seafood accounts for 65% of the total domestic consumption, a year-on-year increase of 16%. In terms of imported varieties, China imports the most cod, nearly 200000 tons, followed by squid, nearly 94000 tons, and imported 45000 tons of Basha fish, with an average price of $2.18 per kilogram.