Vietnamese shrimp exports accelerate in most markets
Vietnam's shrimp exports to the U.S. increased by 21%, reaching USD 91 million in August. For the first eight months of 2024, shrimp exports to this market reached USD 482 million, a 7% increase year-on-year.
In August 2024, Vietnam’s shrimp exports reached USD 404 million, a 20% increase compared to August 2023. Shrimp exports in August continued to record the highest value since the beginning of the year and the best growth since February. Cumulatively, in the first eight months of this year, shrimp export turnover exceeded USD 2.4 billion, up 10% year-on-year.
Shrimp exports saw double-digit growth in most major consumption markets such as the U.S., China, and the EU in August. Some markets such as Japan and South Korea maintained a slight upward trend.
Decreasing inventory and rising demand for shrimp imports to serve year-end holidays led to an increase in imports. Additionally, global shrimp prices have been on the rise, positively impacting export prices.
Vietnam’s shrimp exports to the U.S. increased by 21%, reaching USD 91 million in August. For the first eight months of 2024, shrimp exports to this market reached USD 482 million, a 7% increase year-on-year.
Inventory levels in the U.S. have declined, prompting retailers to restock in the run up to the holiday season.
For the China & Hong Kong market, Vietnam’s shrimp exports continued their recovery trend in August, with double-digit growth compared to the same period last year. For the first eight months, shrimp exports to this market reached USD 477 million, up 21% year-on-year.
Vietnamese shrimp exports to China rebounded due to increased demand from this market. Additionally, Ecuador (Vietnam’s main competitor in China) faced stringent inspections from China, with some shipments rejected in June due to sodium metabisulfite residue. This has affected Ecuador’s shrimp exports to China.
According to Chinese Customs, in the first seven months of this year, imports of frozen warm-water shrimp into China decreased by 11% in volume and 23% in value year-on-year, to 529,116 tons worth USD 2.5 billion. China’s economic situation remains sluggish, reducing consumer purchasing power. However, the Mid-Autumn Festival and National Day holidays are expected to boost shrimp consumption in the country.
Shrimp prices and export trends
In the second week of September 2024, prices for whole chilled white-leg shrimp rose by approximately 20% compared to the same period in 2023. Compared to early August 2024, prices for 30-count and 40-count shrimp increased by about 40%. Smaller shrimp sizes saw a 13%-19% rise compared to early August levels.
Vietnamese white-leg shrimp export prices to the U.S. have been trending upward since February this year. Export prices to Japan are also expected to rise as value-added and processed shrimp products from Vietnam remain popular, and the yen strengthens.
Despite a positive market outlook in August and favorable shrimp prices, Vietnam’s shrimp industry still faces numerous challenges, particularly in farming, which continues to be affected by diseases like EHP. The shrimp sector requires coordinated efforts from regulatory agencies and the entire supply chain to ensure adequate raw materials for processing and export at the end of the year.
VFM
