Shrimp exports to China show drastic upturn after five years

China has remained the main buyer of Vietnamese shrimp over the past 5 years, with an average annual growth of 16% and the figure rose to over 55% after a five-year period.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the five-year period (2015-2019) saw the shrimp industry yield positive results in production and exports, with shrimp farming areas expanding by an average of 1.4% per year, and annual shrimp output by 5.7% on average, mainly thanks to the improved white shrimp farming productivity.

It is worth mentioning that white leg shrimp production surged by nearly 41% after 5 years, with an average increase of 9% per year while black tiger shrimp production enjoyed an average rise of 3.1% after the reviewed period.

Also during this period, the main export markets of Vietnamese shrimp- the EU, the US, Japan, China, and the Republic of Korea (RoK) accounted for 81-85% of the country's total export value.

Meanwhile, exports to China enjoyed the highest growth of over 55% after the five-year period, followed by the EU and the RoK.

Of the national total shrimp export volume, frozen shrimp products still made up a large proportion while processed shrimp products only accounted for a considerable proportion in some major markets, with the US holding the highest volume, trailed by the EU, Japan, and the Republic of Korea. Notably, the lower figures were seen in ASEAN and China.

In key markets, Vietnam's shrimp products gained an advantage in import tax over other exporting countries like Indonesia, India, Thailand and China, especially with those having signed FTA agreements with Vietnam. This will bring huge benefits to Vietnam's shrimp exports in 2020 and the following years.