Shrimp exports surge in Q1, but challenges loom amid U.S. tariffs and global competition

The growth was driven by rising demand in key markets including China, the U.S., Japan, and CPTPP member countries. However, the sector is bracing for major challenges, particularly from new U.S. trade policies and intensifying global competition.

China and Hong Kong stood out with a combined import value of USD 288 million, more than double that of the same period last year, up 125%. Increased seafood demand ahead of China’s Labor Day holiday fueled the spike, pushing prices for black tiger shrimp in March to USD 9.6/kg, slightly higher than in January. However, whiteleg shrimp prices remained low at USD 6.6/kg, under pressure from aggressive pricing by Ecuador and India.

In the U.S. market, shrimp exports reached USD 134 million in Q1, up 11% year-on-year. The recovery was attributed to improved consumer demand and strong promotional efforts at the 2025 North America Seafood Expo. The U.S. remains the most lucrative market, with average export prices of USD 10.9/kg for whiteleg shrimp and USD 17.7/kg for black tiger shrimp.

Despite these gains, Vietnamese shrimp exporters are facing mounting risks. The declaration of a national emergency and retaliatory tariff threats by President Donald Trump have raised concerns. The industry is also contending with two ongoing trade investigations in the U.S., one for anti-dumping (AD) and another for countervailing duties (CVD).

Meanwhile, shrimp exports to the European Union rose 33% in Q1 to USD 107 million. VASEP noted that participation in major international trade events such as Seafood Expo Global 2025 in Spain is key to expanding market presence, especially amid growing competition from China, India, and Ecuador.

Japan and South Korea also posted positive figures, with Q1 shrimp imports from Vietnam reaching USD 124 million and USD 77 million, respectively. However, average prices have dipped slightly under market pressure. Whiteleg shrimp dropped from USD 9.5/kg to USD 8.4/kg, while black tiger shrimp fell from USD 14.7/kg to USD 13.6/kg.

Looking ahead, VASEP cautions that despite the strong Q1 performance, meeting the 2025 target of USD 4 billion in shrimp exports will be a tall order. The industry faces a dual challenge, navigating tariff threats from the U.S. while defending its market share against increasingly aggressive international rivals. Furthermore, Vietnam has yet to fully capitalize on the trade advantages offered under the CPTPP framework.

VFM