Vietnamese shrimp exported to 103 markets, bringing in 1.3 billion USD

Vietnamese enterprises exported shrimp to 103 markets, bringing in US$1.3 billion, up 7% year-on-year in the first five months of the year. By the end of the second quarter, shrimp exports could continue to maintain growth momentum as inventories decrease and export prices become more favorable.

China has overtaken the United States to become Vietnam's largest shrimp import market, accounting for 20% of the total.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first 5 months of 2024, Vietnamese enterprises exported shrimp to 103 markets, bringing in 1.3 billion USD, up 7% over the same period last year. The slight increase in export turnover compared to the same period is a positive signal, but the shrimp industry continues to face many challenges as the world economy shows no signs of recovery, inflation remains high, and the war has not ended.

Among the export markets, China and Hong Kong (China) are leading with a turnover of 260 million USD, up 21% over the same period. Exports to this market gradually decreased from January to April. In May, there were signs of a sharp decrease. The main reason is that Vietnam's shrimp prices are higher than those of rival suppliers.

In the coming months until the end of the year, Ecuador, India and Indonesia will focus more on the Chinese market due to high US tariffs, so Vietnamese shrimp exported to China will have more difficulty in terms of price, especially whole black tiger shrimp and whole whiteleg shrimp.

The US market ranked second in Vietnam's shrimp export turnover in the first 5 months of this year with a value of 229 million USD, up 1% over the same period. Shrimp exports to the US only increased sharply in January, while February, April and May decreased sharply.

In the first 5 months of this year, Japan was the 3rd largest export market for Vietnamese shrimp, reaching 183 million USD, down 4% compared to the same period last year. Although importers do not have much inventory, because the Yen has depreciated since the beginning of the year and there are no signs of recovery and inflation is high, consumers are spending sparingly.

In the first five months of this year, Vietnam's shrimp exports to the EU reached 165 million USD, up 8% over the same period last year. Shrimp exports to the EU, after decreasing in February and March, recovered and increased again in April and May.

It is forecasted that in the coming months, the EU market's demand for shrimp imports is expected to increase slightly until the end of the year, in which the market's demand for value-added imports will grow better than traditional products because inventories have decreased significantly.

In the first 5 months of this year, Vietnam's shrimp exports to South Korea reached 124 million USD, down 9% compared to the same period last year. Slow consumption demand, high inflation, currency devaluation, and rising interest rates have prevented Vietnam's shrimp exports to South Korea from recovering. Although inventories have decreased, importers do not dare to buy much because inflation is still high, currency devaluation, and they are preparing for the main crop season, fearing that shrimp prices will drop.

Commenting on the shrimp industry in the third quarter of 2024, VASEP said that Vietnam's shrimp exports continue to face many challenges such as falling export prices, strong competitive pressure from rival suppliers, sharp increases in transportation costs and input prices, geopolitical conflicts, and global economic recession.

“Shrimp exporting enterprises have been making efforts to outline strategies for development such as increasing quality and differentiating their products in the market. In addition, they are applying science and technology to both production and farming stages to improve efficiency and reduce product costs,” VASEP said.

Source: https://thoibaonganhang.vn/tom-viet-xuat-khau-sang-103-thi-truong-mang-ve-13-ty-usd-152669.html