Rising ocean freight rates are said to be dampening demand, although some buyers are still taking on more cargoes due to concerns about higher freight rates. Vietnam’s whiteleg shrimp exports rose to 32,831 tonnes in July from 30,452 tonnes exported in June, the highest level since the beginning of this year.
Except for a slight decrease in exports to China, Hong Kong (China) down 4% and the EU down 6%, July recorded increases in major markets such as the US up 23%, Japan up 1%, South Korea up 15% and the UK up 15%.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), since February, the price of white-leg shrimp exported to the US has continuously increased, from 9.6 USD/kg to 10.2 USD/kg.
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| Shrimp export prices to the US have increased continuously since February this year. Illustrative photo |
In the US market, Vietnamese whiteleg shrimp is seizing the opportunity when the shrimp industries of Ecuador and India are facing warnings about labor and food safety issues. In the first 7 months of the year, Vietnamese shrimp exports to the US reached 391 million USD, up 4% compared to the same period last year.
In Q2/2024, the export volume of whiteleg shrimp improved while the selling price improved little. However, the average export price of all whiteleg shrimp products sold to all markets remained unchanged at USD 8.10/kg.
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| Source: Vietnam Association of Seafood Exporters and Producers (VASEP) |
US shrimp demand is expected to increase slightly in the third quarter and prices are expected to increase from July onwards due to increased purchasing power from importers ahead of the year-end holidays. Cooling inflation helps improve consumption. This is an opportunity for Vietnamese shrimp enterprises to continue to boost shrimp exports to the US.
In addition to the US market, the export price of whiteleg shrimp to the EU has also increased recently, with an increase of 1.4% to 7.1 USD/kg. In July, the EU imported 4,417 tons of whiteleg shrimp from Vietnam. This is the third consecutive month that the amount of Vietnamese shrimp imported into the EU has reached a high level compared to the last months of 2023 and early 2024.
In the first 7 months of 2024, the EU was the 4th largest market for Vietnamese shrimp with an export turnover of 265 million USD to this market. The shrimp market in the EU is showing signs of improvement. Mr. Do Ngoc Tai, Chairman of the VASEP Shrimp Committee, commented that the EU's demand for shrimp will increase slightly until the end of this year.
The export price of white-leg shrimp to the Japanese market is also expected to increase because Vietnam's value-added, processed products are still popular, transportation costs are lower and the Yen is likely to appreciate.
In Japan, volumes remained stable in July at 3,655 tonnes. Prices fell 3.4%, returning to March-May levels at $8.50/kg.
Meanwhile, in South Korea, prices were stable at $7.10 per kilogram, while volumes increased to 3,336 tonnes - a level not seen since August 2023.
Vietnam’s whiteleg shrimp sales to China remained strong in July 2024, falling only slightly to 5,700 tonnes. However, prices fell 4.6% to $6.20/kg, the lowest since several volatile months in 2022.
Source: https://congthuong.vn/gia-xuat-khau-tom-sang-my-tang-lien-tuc-ke-tu-thang-2-nam-nay-343077.html
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