Lobster and shrimp exports to China, EU see positive growth last month

Lobster and shrimp exports to China, EU see positive growth last month

Lobster exports accounted for nearly half of Việt Nam’s total seafood export turnover to China in January.

Lobsters are particularly sought after by Chinese businesses for the high-end consumer segment. — Photo anninhthudo.vn

Lobster exports to China last month reached US$70 million, accounting for nearly half of Việt Nam’s total seafood export turnover to China, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

It is also nine times higher than the same period last year.

Including the Hong Kong (China) market, Việt Nam’s lobster export turnover to China reached $118 million in January, a 179 per cent increase compared to the same period last year.

The increase in exports is mainly due to rising demand from China for the Lunar New Year holiday. Fresh seafood like lobsters are particularly sought after by Chinese businesses for the high-end consumer segment.

However, exports of common products, like whiteleg shrimp and giant tiger prawns, to China in February may have slowed down due to competition with domestic seafood products, as China’s market share in the US is reduced.

Aside from China, shrimp exports to the EU in the first month of the year also showed positive growth, increasing by 15 per cent to reach over $34 million.

In contrast, shrimp exports to the US in January dropped by 13 per cent, reaching $36 million due to risks associated with anti-subsidy and anti-dumping tariffs.

The US market is currently seen as unpredictable due to the new tariff policies of President Donald Trump.

To mitigate risks from this market, VASEP recommends that export businesses diversify their markets by expanding to the EU, Japan and ASEAN countries. They should also focus on high-end processed shrimp to create added value.

Bizhub