Vietnam's clam and oyster exports to China have experienced an extraordinary surge, reaching a total value exceeding US$2.7 million in the first five months of this year. This marks a staggering 119-fold increase from the same period last year.
Data from Chinese customs, as reported by the Agency of Foreign Trade under Vietnam's Ministry of Industry and Trade, reveals that Vietnam's market share for these shellfish in China has significantly expanded, from 0.2% last year to an impressive 19.1% by May.
The export growth is not limited to clams and oysters. There has also been a notable rise in the export of other live, fresh, or chilled mollusks, with values reaching over US$5 million, an increase of almost 82 times compared to the same period last year. Vietnam dedicates over 41,500 hectares to mollusk aquaculture, mainly bivalves, producing about 265,000 tons annually, with clams accounting for 179,000 tons. This sector employs approximately 200,000 workers.
Exports of various mollusks, including clams, oysters, and scallops, to other countries besides China have also seen an uptick, reaching nearly US$36 million in the first five months, up 8.2% from last year, according to the General Department of Vietnam Customs.
The growth is attributed to rising demand for bivalve seafood. This demand is expected to continue increasing, provided there is an adequate supply of raw materials.
Additionally, China's imports of Vietnamese lobsters have seen significant growth in the first five months of the year. Vietnam’s exports of rock lobsters and other sea lobsters to China during this period reached US$79.6 million, 32 times the previous year’s figures. The market share for Vietnamese rock lobsters in China increased from 1% last year to 25.3% of the total import value of this item into China this year. Furthermore, exports of frozen rock lobster rose by 682%, totaling nearly US$3.4 million.
Conversely, imports of other seafood products like frozen catfish fillets, dried fish, and frozen shrimp from Vietnam into China have decreased.
In May, Vietnam ranked as the fourth-largest seafood supplier to China, with exports valued at US$91.1 million, an 18.2% increase from the previous year. For the first five months overall, Vietnam was the seventh-largest seafood supplier to China, with total exports valued at over US$365.5 million, marking a 9.7% increase from the same period last year. The market share for these products rose from 4.1% in the same period last year to 5.1%.
According to the Agency of Foreign Trade, the market share of many Vietnamese seafood products in China’s total imports increased in the first five months of 2024 compared to the same period in 2023, despite a decrease in value for some items. "This demonstrates that Vietnamese seafood maintains strong competitive capabilities in the Chinese market," the agency assessed.
#ITCNewsUpdates #BreakingNews #InternationalTrade #TradeUpdate #MarketGrowth #SeafoodExports #EconomicNews
