According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in August 2024, Vietnam's shrimp exports reached 404 million USD, up 20% compared to August 2023. Shrimp exports in August continued to record the highest value since the beginning of the year and recorded the best growth since February this year. In the first 8 months of this year, shrimp export turnover reached more than 2.4 billion USD, up 10% over the same period last year.
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| Shrimp harvest output as of June 2024 reached 372,000 tons, up 3.8% over the same period in 2023. (Photo: Vir) |
In August this year, shrimp exports continued to record double-digit growth in most major consumption markets such as the US, China, and the EU. Markets such as Japan and South Korea recorded a slight increase.
Reduced inventories and the need to import goods for the year-end holidays have led to increased imports in markets. In addition, raw shrimp prices from producing countries around the world as well as Vietnam have tended to increase, positively impacting shrimp export prices.
For the US market, Vietnam's shrimp exports to the US increased by 21% to 91 million USD in August. In the first 8 months, shrimp exports to this market reached 482 million USD, up 7% over the same period last year.
Inventories in the US have decreased, retailers need to replenish stocks before the year-end holiday season. Positive news about the US economy has also helped Vietnam's shrimp exports to the US to be more positive.
For the Chinese and Hong Kong (China) markets, Vietnam's shrimp exports to these markets continued to recover in August with double-digit growth compared to the same period last year. In the first 8 months, shrimp exports to these markets reached 477 million USD, up 21% compared to the same period last year.
Vietnam’s shrimp exports to China have increased again thanks to increased import demand from this market. In addition, Ecuador (Vietnam’s main competitor in the Chinese market) has faced strict inspections from China and some shipments were rejected in June due to sodium metabisulfite residue. This has affected Ecuador’s shrimp exports to China.
Also according to VASEP, in the second week of September 2024, the price of whole chilled whiteleg shrimp increased by about 20% compared to the same period in 2023. Compared to the beginning of August 2024, the price of 30-count and 40-count shrimp increased by about 40%. Smaller shrimp increased by 13-19% compared to the beginning of August.
The export price of Vietnamese whiteleg shrimp to the US has been on an upward trend since February this year. The export price of whiteleg shrimp to the Japanese market is also expected to increase due to the popularity of Vietnamese value-added, processed products and the appreciation of the yen.
Although in August, market demand was more positive and shrimp prices also tended to be positive, the Vietnamese shrimp industry still faced many challenges, especially in the farming stage when facing diseases in shrimp farming such as EHP. The shrimp industry needs the cooperation of management agencies and the entire chain to ensure the source of raw materials at the end of the year for processing and export.
Source: https://congthuong.vn/gia-tom-nguyen-lieu-va-xuat-khau-deu-co-xu-huong-tang-347224.html
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