China is a major export market for whiteleg shrimp from Vietnam.

According to VASEP, the export volume of whiteleg shrimp from Vietnam increased significantly in the first quarter of 2024. In the two months (May and June), this continued to improve, with a total export volume of 30,452 tons, up 8% compared to the previous month and 19% compared to the same period last year.

June was the second consecutive month of increased import volumes in most major markets, including the United States (up 14%), China and Hong Kong (China) (up 31%), the EU (up 8%) and Japan (up 2%). South Korea saw imports fall 6% month-on-month.

For the US and EU markets, despite being affected by high ocean freight rates, partners are increasing their receipts due to concerns that freight rates will continue to increase sharply during the peak season at the end of the year.

Vietnam's whiteleg shrimp exports hit two-year high

Meanwhile, shipments to Japan and South Korea slowed somewhat due in part to the impact of a weakening yen and won (which fell to record lows).

Ocean freight rates in May, which increased by 10-20% compared to the previous month, have significantly affected the progress of signing new contracts and negotiating export prices to the EU and US markets.

Market demand may also have been stimulated by the decline in raw shrimp prices in June. In June, whiteleg shrimp prices fell the most since the beginning of the year as factories reduced their purchase prices for main-size shrimp. In the last week of June, farmgate prices recovered slightly, but still could not make up for the sharp decline in the first half of the month.

Overall, farmgate prices for all shrimp grades, from 30 count/kg to 100 count/kg, have fallen by 10% to 14%.

However, the average export price of all whiteleg shrimp products sold to the market remained stable in June, increasing by 0.03 USD compared to the previous month to 8.10 USD/kg.

China remained Vietnam's largest whiteleg shrimp market, second only to the United States, in June, with sales rising by more than 1,000 tonnes to 5,921 tonnes. That was the highest level in a year.

The average export price of all whiteleg shrimp products exported to China also increased by 3.1% to 6.50 USD/kg, returning to the February level after several decreases in recent times.

Vietnam's whiteleg shrimp exports to the US increased to 4,976 tonnes - the highest level since November 2023 and prices are also gradually increasing, up 2% compared to the previous month at $10.20/kg.

Exports to the EU market also reached a high of 4,709 tonnes, the highest import level since July 2022. However, export prices continued to decrease by 1.4% to USD 7/kg. Export prices to the EU market have fallen below pre-Covid-19 levels (2019 and 2020).

Vietnam’s whiteleg shrimp exports to Japan remained at a good level, increasing slightly to 3,630 tonnes. Export prices also recorded their first increase this year, up 3.4% to $8.80/kg.

Exports to South Korea in June decreased slightly compared to the previous month, reaching 2,894 tons. Export prices in June decreased by 4.1% to 7.10 USD/kg. Meanwhile, the export volume of Vietnamese black tiger shrimp in June decreased slightly by 4% compared to the previous month but increased by 9% compared to the same period last year to 3,956 tons.

Fierce price competition from other producers such as Ecuador and India, coupled with a slow recovery in domestic demand in China, has contributed to a significant decline in exports to this major market. Meanwhile, exporters to the US and EU continue to face difficulties due to rising freight rates and container shortages.

The average export price of black tiger shrimp of all sizes to all markets in June increased by 0.4% compared to the previous month, at 11.06 USD/kg.

Source: https://congthuong.vn/trung-quoc-la-thi-truong-xuat-khau-tom-chan-trang-lon-cua-viet-nam-335707.html