China to increase increase imports of Vietnamese seafood products

According to Vietnam Association of Seafood Exporters and Producers (VASEP), China has aimed to increase the import of seafood from Vietnam, with value rising by up to 114% after enduring a decline throughout January and February.

The VASEP have revealed that the country's total seafood exports during February suffered a decline of 17% to over US$410 million in comparison to the same period from last year due to the Lunar New Year, known locally as Tet, according to VOV.

Despite this, aquatic exports have started to enjoy a recovery due to the export value to various markets increasing sharply.

The leading 10 markets with the highest seafood import turnover from the nation in February include the United States, Japan, the Republic of Korea, China, Canada, Thailand, the UK, Russia, and the Netherlands, making up 75.4% of total Vietnamese seafood exports.

Exports to the US market have also maintained the momentum with a rise of 25% in January followed by growth of nearly 10% in February, with exports to Canada also surging by 31% in February.

Furthermore, Canada became the country’s fourth largest export market, making up 4.6% of Vietnamese seafood exports, second only to the US with 21%, Japan with 7.8%, the Republic of Korea with 9.2%, and China with 8.3%.

Most notably, China has strongly increased imports from the nation in February, with value reaching up to 114% after experiencing a drop of 10% in January, opening up bright prospects ahead for local seafood exports over the coming months.

Moreover, seafood exports to the UK and other major markets also enjoyed a sharp increase in February due to the positive impacts of both the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), according to the VASEP.

Vietnam’s exports and imports of seafood in the first month of 2021

According to the preliminary statistics figures of the General Department of Customs, Vietnam's seafood exports in January of 2021 decreased compared to the previous month but increased compared to the same period of 2020.

Meanwhile, Vietnam's seafood imports in January of 2021 increased sharply in comparison with the previous month and the same period of 2020.

The seafood export turnover of Vietnam in January of 2021 reached 611.16 million USD, down by 16.4 percent compared to December of 2020 but up by 24.3 percent compared to January of 2020.

Japan ranked first in seafood consumption of Vietnam, accounting for 18.4 percent of the total export turnover of this commodity group of the country, with 112.25 million USD, down by 13.5 percent compared to December of 2020 and increased by 26.5 percent compared to January of 2020, according to VITIC.

It was followed by the US market with 109.83 million USD, accounting for 18 percent of the total, down by 13.5 percent compared to December of 2020 but up by 26.5 percent compared to January of 2020.

The exports of seafood to the EU reached 82.37 million USD, down by 21.7 percent over the previous month but up by 18.6 percent compared with the same month of 2020, accounted for 13.5 per cent of the total.

The exports to South Korea decreased by 13.9 percent compared to December of 2020 but increased by 20.2 percent compared to January of 2020, reaching 60.61 million USD, accounting for 9.9 percent.

Meanwhile, the seafood exports to Southeast Asian countries accounted for 9.2 percent of the country's total seafood export turnover, reaching 56.13 million USD, up by 18.2 percent compared to December of 2020 and up by 24.7 percent compared to January of 2020.

According to the preliminary statistics figures of the General Department of Customs, Vietnam’s seafood import value in the first month of 2021 reached nearly 183.85 million USD, an increase of 5.8 percent compared to December of 2020 and a sharp increase of 56.1 percent compared to January of 2020.

India was still the leading market supplying seafood to Vietnam, with the turnover of 28.25 million USD, accounting for 15.4 percent of the total import value of this commodity group of the country, a very strong increase of 107.9 percent compared with December of 2020 and increase of 37.7 percent compared to January of 2020.

Southeast Asia market ranked second in import value, reaching 21.15 million USD, accounting for 11.5 percent, a slight decrease of 0.8 percent compared to December of 2020 but up by 37 percent compared to January of 2020.

Norwegian market followed and accounted for 11.3 percent of the total value, reaching 20.8 million USD, up by 3.4 percent over December of 2020 and 41.4 percent over January of 2020.

The imports of seafood from China in January of 2021, although down by 14 percent compared to the last month of 2020, but still increased strongly by 87.2 percent compared to the first month of 2020, reaching 20.12 million USD, accounting for 11 percent of the total seafood import value of the country.

Seafood imports from the Korean market also paid special attention with a sharp increase of 78 percent compared to December of 2020 and an increase of 369 percent compared to January of 2020, reaching 14.29 million USD, accounting for 7.8 percent of the total value.

Seafood export forecast for 2021

With the positive factors from the market and the advantages that Vietnam will gain through free trade agreements (FTAs), VASEP forecasts seafood exports in 2021 will reach over 9.4 billion USD, up by 10 percent compared to 2020. Vietnam shrimp exports are continuing to be favorable as world demand is still increasing while many producing countries are still facing difficulties because of COVID-19. According to experts, shrimp prices on the world market are forecast to increase in the first half of 2021.