Photo: VASEP/FIS

Vietnam's Shrimp Exports Reach Impressive U$D 2.8 Billion

VIET NAM
Tuesday, October 15, 2024, 07:00 (GMT + 9)

In the first nine months of this year, shrimp emerged as Vietnam's top seafood export product, generating nearly USD 2.8 billion in export turnover, a 10.5% increase compared to the same period in 2023, reports Ms. Kim Thu, Shrimp Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).

Vietnam's shrimp exports have shown positive results in several major markets. Traditionally, exports accelerate in the third quarter, and as of September 15, 2024, shrimp exports to the U.S. reached USD 516 million, an 8% increase. Exports to the EU amounted to USD 337 million, up 15%. Exports to China and Hong Kong reached USD 529 million, marking a 26% increase, while exports to Japan recorded USD 342 million, down 1%, though this decline was less than earlier in the year.

According to data from the U.S. National Oceanic and Atmospheric Administration (NOAA), Vietnam's shrimp exports performed better in August 2024 compared to competitors like India and Ecuador, which saw declines in their shrimp exports to the U.S.

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The average price of shrimp imported from Vietnam to the U.S. rose from USD 4.59 per pound in July 2024 to USD 4.95 per pound in August 2024. This price also reflected a slight increase compared to the previous year, where the average price was USD 4.93 per pound in August 2023. Notably, August recorded the highest U.S. shrimp imports since the start of the year, despite a decrease compared to the same month in 2023.

Looking ahead, frozen shrimp exports in 2024 are expected to face challenges due to unclear price recovery trends and competitive pricing pressures from Ecuadorian and Indian shrimp. Nonetheless, Vietnam's processed shrimp maintains a strong position in various markets. By the end of September, exports of processed white-leg shrimp increased nearly 10%, while frozen white-leg shrimp exports grew by 4.5%. In total, white-leg shrimp exports reached nearly USD 2 billion, while black tiger shrimp exports hit USD 334 million.

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Since July, the prices of raw shrimp have shown positive trends, with consistent increases for raw white-leg shrimp sizes of 50, 80, and 100 pieces per kilogram from July to September. Average export prices for Vietnamese shrimp to the U.S. and EU have also risen since June, with slight increases noted for exports to China and Japan.

Looking ahead to the fourth quarter, raw shrimp prices are expected to remain favorable. However, there may be local raw material shortages as China ramps up purchases in preparation for the Lunar New Year and holiday season, prompting businesses to secure raw materials for increased production to meet year-end demand.

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