According to statistics from the Chinese Customs agency, China's seafood imports in the first three months of 2024 reached 4.4 billion USD, down 2.3% from the same period in 2023. In the first three months of 2024, China reduced seafood imports from Ecuador, Russia, Norway, and Vietnam, while increasing imports from Canada, Indonesia, and Chile.
Ecuador was the largest seafood supply market for China in the first quarter of 2024, reaching 769.8 million USD, down 18.9% from the same period in 2023. Ecuador's seafood market share in China's total imports decreased from 21.1% in the first quarter of 2023 to 17.5% in the first quarter of 2024.
Regarding imports from Vietnam, the Vietnam Association of Seafood Exporters and Producers (VASEP) said that in the first quarter of 2024, while China's imports of catfish and frozen shrimp decreased, imports of rock lobster, fresh or frozen crab, and processed or preserved shrimp all increased sharply. Vietnam’s market share of lobster, crab, and processed shrimp in China's total imports in the first quarter of 2024 increased sharply compared to the same period in 2023.
As for squid and octopus, China and Hong Kong (China) are Vietnam's third largest import market, accounting for 10%. Vietnam's squid and octopus exports to this market in the first quarter of 2024 reached 13 million USD, an increase of 34% over the same period in 2023. Excluding February due to the Lunar New Year, squid and octopus exports of Vietnam to the Chinese and Hong Kong (China) markets increased by 3 digits in January 2024 and by 2 digits in March 2024. China and Hong Kong (China) are considered to have been Vietnam's most “active” squid and octopus import markets in 2023 and in the first quarter of this year.
Regarding imports from Vietnam, the Vietnam Association of Seafood Exporters and Producers (VASEP) said that in the first quarter of 2024, while China's imports of catfish and frozen shrimp decreased, imports of rock lobster, fresh or frozen crab, and processed or preserved shrimp all increased sharply. Vietnam’s market share of lobster, crab, and processed shrimp in China's total imports in the first quarter of 2024 increased sharply compared to the same period in 2023.
Squid products continue to be Vietnam's main export item to China and Hong Kong (China), accounting for 93% of total cephalopod exports to China. In the first quarter of this year, the export value of squid products from Vietnam to China have increased more strongly than the export value of octopus products.
Vietnamese squid and octopus products that saw strong consumption in China in the first quarter of this year included live/fresh/frozen squid, with an impressive increase of 275%, and processed octopus, with an increase of 55%.
China imports mainly from Vietnam products such as dried squid and cuttlefish, frozen cleaned whole cuttlefish, frozen sorted squid, frozen tempura breaded squid, dried squid, frozen cut octopus, and frozen cleaned whole octopus.
In addition, in the second quarter of 2024, pangasius is also expected to increase in turnover in the Chinese market. The reason is partly attributed to tilapia — a popular white fish species in China — the price has increased while the supply is in short supply. VASEP predicts that when the supply of tilapia in China is scarce, pangasius can be a potential replacement product.
As of April 15, 2024, the total export turnover of Vietnamese pangasius to markets reached more than 495 million USD, down 1% from the previous period. Of which, the export value to China and Hong Kong (China) reached 132 million USD, down 20% from the same period in 2023.
