Shrimp exports "accelerate" in most markets

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in July this year, shrimp exports recorded growth in most major consumption markets.

In the first 7 months of 2024, shrimp exports brought in more than 2 billion USD.

Accordingly, shrimp export in July reached 375 million USD, up 17% over the same period last year. Shrimp exports in July recorded the highest value since the beginning of the year and were also the month when Vietnam's shrimp exports recorded the best growth since February this year. In the first 7 months of this year, shrimp export turnover reached about 2 billion USD.

In terms of markets, in July this year, shrimp exports recorded growth in most major consumption markets such as the US, China, and the EU. Markets such as Japan and South Korea, which had recorded declines or only slight increases in previous months, recorded double-digit growth rates in July.

For the US market, Vietnam's shrimp exports to the US increased by 16%, reaching 89 million USD in July. In the first 7 months of the year, shrimp exports to this US market reached 391 million USD, up 4% over the same period last year.

In the Chinese and Hong Kong (China) markets, Vietnam's shrimp exports tended to recover in July with double-digit growth compared to the same period last year. In the first 7 months of the year, shrimp exports to this market reached 399 million USD, up 18% over the same period in 2023.

Vietnam’s shrimp exports to China have increased again thanks to increased import demand from this market. In addition, Vietnam’s main shrimp competitor in the Chinese market, Ecuador, is facing strict quality control from China, making Ecuador’s shrimp exports to China difficult.

VASEP said that exporting enterprises continue to face difficulties such as increased shipping costs and risks of conflicts in the world . Shrimp farming activities in September will also be affected by heavy rains, leading to the possibility that from now until the end of the year, our commercial shrimp volume will not be much. However, enterprises have also had their own strategies such as taking advantage of signing contracts for the whole year and increasing raw material reserves. It is expected that in the last months of the year, the world economy and major import markets will have better signals so that the shrimp industry can achieve the target set for 2024.

Source