Vietnam’s whiteleg shrimp exports reached a significant milestone in June 2024, achieving the highest export volume in two years. The export volume of whiteleg shrimp from Vietnam saw a remarkable increase in the first quarter of 2024. This positive trend continued into May and June, with a total export volume of 30,452 tons, marking an 8% rise from the previous month and a 19% increase compared to the same period last year.
June marked the second consecutive month of rising import volumes in major markets, including the United States (+14%), China and Hong Kong (+31%), the EU (+8%), and Japan (+2%). Conversely, South Korea experienced a 6% decrease in import volume from the previous month.
Despite the high sea freight rates, US and EU partners boosted their shipments out of concern that these costs would escalate further during the peak season at the end of the year. Meanwhile, shipments to Japan and South Korea slowed due to the weakening yen and won, which dropped to record lows.
In May, sea freight rates increased by 10-20% compared to the previous month, significantly impacting the signing of new contracts and price negotiations with the EU and US markets. Market demand may have been stimulated by the decline in raw shrimp prices in June. Whiteleg shrimp prices saw the sharpest drop since the beginning of the year as processing plants reduced their purchase prices for main-sized shrimp. Although farm prices slightly recovered in the last week of June, they did not offset the significant decreases in the first half of the month. Overall, farm prices for all types of shrimp, from 30 count per kilogram to 100 count per kilogram, fell by 10% to 14%.
However, the average export price of all whiteleg shrimp products remained stable in June, rising by $0.03 from the previous month to $8.10 per kilogram.
China, the US, and the EU achieved their highest import volumes of whiteleg shrimp for the year. China remained a major market for Vietnamese whiteleg shrimp, second only to the US in June, with sales increasing by over 1,000 tons to 5,921 tons, the highest level in a year. The average export price of all whiteleg shrimp products exported to China also increased by 3.1% to $6.50 per kilogram, returning to the February level after several declines.
Vietnam’s whiteleg shrimp exports to the US increased to 4,976 tons, the highest level since November 2023, with prices gradually increasing by 2% from the previous month to $10.20 per kilogram. Exports to the EU market also reached a high of 4,709 tons, the highest import volume since July 2022. However, export prices continued to decline by 1.4% to $7 per kilogram, falling below pre-COVID-19 levels (2019 and 2020).
Vietnam’s whiteleg shrimp exports to Japan remained strong, with a slight increase to 3,630 tons. Export prices also recorded their first increase of the year, rising by 3.4% to $8.80 per kilogram. Exports to South Korea in June slightly decreased from the previous month, reaching 2,894 tons. Export prices in June decreased by 4.1% to $7.10 per kilogram.
Meanwhile, Vietnam’s black tiger shrimp export volume in June slightly decreased by 4% compared to the previous month but increased by 9% compared to the same period last year, reaching 3,956 tons. Intense price competition from other producing countries such as Ecuador and India, coupled with the slow recovery of domestic demand in China, significantly reduced export volumes to this major market. Meanwhile, exporters to the US and EU continued to face difficulties due to rising freight costs and container shortages. The average export price of black tiger shrimp of all sizes to all markets in June increased by 0.4% from the previous month to $11.06 per kilogram.
VFM
