2020 China is still a potential export market for Vietnamese aquatic products
As of now, China can be said to be the fastest-growing export market for Vietnamese aquatic products in major markets in 2019, and it is still a potential market in 2020.
According to statistics from the General Administration of Customs of Vietnam, Vietnam’s total aquatic product exports to China reached the US $ 1.1 billion in the first 11 months of 2019, a year-on-year increase of 19.7%. This is the second time Vietnam has exported aquatic products to China in more than one billion US dollars in one year (the first time in 2017). This also makes China continue to be Vietnam’s fourth-largest exporter of aquatic products, after the United States, Japan, and the European Union.
It is worth mentioning that Vietnam’s aquatic products exports to China are close to Vietnam’s exports to the European Union ($ 1.15 billion in November). Therefore, relying on the rapid growth trend, in the near future, China can completely surpass the EU to become Vietnam’s three largest exporters of aquatic products.
According to evaluation, the growth rate of Vietnam’s aquatic products exports to China in 2020 is still at a relatively high level, due to the increasing demand of the country. For example, China imported 5.2 million tons of aquatic products from Vietnam in 2018, an increase of 7% over 2017. In the first half of this year, the total amount of aquatic products imported by China increased by 32% year-on-year to US $ 7.03 billion.
In 2020, the two types of products with huge potential for Vietnam’s exports to China will still be fish and shrimp. In 2019, Vietnam’s total fish export to China reached more than 552 million US dollars, an increase of 19.3%. With the rapid growth trend in the second half of 2019, as it has adapted to the new regulations, China will continue to be a potential export market for Vietnamese fish in 2020.