EU is a bright spot in Vietnam's shrimp export market

According to the Vietnam Association of Seafood Exporters and Producers, in April 2024, Vietnam's shrimp exports reached 287 million USD, up 0.2% over the same period last year. In the first 4 months of this year, the cumulative export turnover reached 974 million USD, up 10% over the same period.

EU bright spot of shrimp export market in April

In April this year, Vietnam's shrimp exports saw a change in import trends of major markets. While in previous months, the two markets of the US, China and Hong Kong (China) recorded strong growth, in April this year, exports to the US decreased and to China and Hong Kong (China) only increased slightly.

Exports to the Korean market increased slightly again after falling in the previous 2 months. Exports to the EU market, after 2 months of sharp decline, recovered growth in April. The EU was the main market that recorded the best growth in April this year.

Specifically, shrimp exports to the US in April 2024 decreased by 15% after still growing slightly in March. Overall, in the first 4 months of this year, Vietnam's shrimp exports to the US reached 168 million USD, up 5% over the same period.

Vietnam's shrimp exports to China and Hong Kong (China) increased by 1.7% to reach 64 million USD in April this year. In the first 4 months of the year, the cumulative shrimp export turnover to this market reached 192 million USD, up 41%. Shrimp exports to South Korea also recorded a slight increase of 4% in April this year and the turnover in the first 4 months of this year to this market reached 95 million USD, down 10%.

Shrimp exports to the EU market reached 38 million USD in April this year, up 28% over the same period. In the first 4 months, the export value reached 119 million USD, almost equal to the same period last year.

In April, shrimp exports to the EU were quite active. Export values ​​to major single markets in the bloc all grew by double digits. Exports to Germany, the Netherlands and Belgium increased by 29%, 37% and 39% respectively, while exports to Denmark increased sharply by 88%.

The Global Seafood Expo 2024 took place in Spain in April with the participation of many Vietnamese shrimp exporting enterprises. Here, fresh, value-added shrimp products from Vietnam were promoted to European consumers and importers. Instant shrimp products were processed by enterprises into many rich and diverse dishes and invited guests to enjoy them right at the booths.

Vietnam's shrimp exports in the first four months of the year increased by 10% compared to the same period last year, indicating that inventories in markets have decreased. However, actual consumer demand has yet to show a clear recovery. In the context of facing many challenges, the Vietnamese shrimp industry should promote the production of value-added products, focus more on farming to increase productivity, reduce costs, and enhance competitiveness to increase export turnover this year.

Source: https://congthuong.vn/eu-la-diem-sang-cua-thi-truong-xuat-khau-tom-viet-nam-321566.html