Vietnam's shrimp exports to the EU market grow well

As of July 15, Vietnam's shrimp exports to the EU market reached 241 million USD, up 14% over the same period last year.

The Association of Seafood Exporters and Producers (VASEP) assessed, shrimp export Vietnam's exports to the EU began to record double-digit growth from April and maintained stable growth in May and June. Shrimp exports to the EU are still affected by conflicts, economic and political fluctuations in the world, consumers' frugal spending, and rising prices.

Vietnam's shrimp exports to the EU market grow well (Photo: VNA)

As of July 15, Vietnam's shrimp exports to EU market reached 241 million USD, up 14% over the same period last year. In the EU, Germany, the Netherlands and Belgium are the three largest import markets. In particular, exports to the Netherlands and Belgium recorded double-digit growth, 19% and 21% respectively, while exports to Germany increased by 9%.

Vietnam's shrimp exports to the EU started to grow by double digits from April and remained stable in the following two months, May and June. The International Seafood Expo in Barcelona, Spain in April with the participation of many shrimp businesses may have contributed to improving export activities.

Germany, the Netherlands and Belgium are the three largest import markets in the bloc. Of which, exports to the Netherlands and Belgium grew by double digits of 19% and 21% respectively, while exports to Germany increased by 9% over the same period last year.

However, the shrimp industry is still affected by many factors such as war, global economic and political fluctuations, thrifty consumption trends, and rising prices. In the EU market, Vietnamese shrimp has to compete strongly with Ecuadorian shrimp, which is cheaper, meets ASC standards, and has lower transportation costs. Ecuador is still the largest shrimp supplier to the EU.

The EU market requires farmed shrimp that meets safety standards, with solutions to reduce emissions in farming and processing, detailed traceability, and animal welfare. The EU's shrimp import demand from July to the end of the year is forecast to continue to increase due to the stable EU economy, stable consumer prices, and falling inflation. While traditional Vietnamese shrimp products face competitive pressure from other suppliers, value-added products are expected to grow better thanks to reduced inventories.

In the structure of shrimp exports to the EU in the first two quarters of 2024, white-leg shrimp accounted for the largest proportion at 80.5%, black tiger shrimp accounted for 12.4%, the rest were other types of shrimp. In the group of white-leg shrimp and black tiger shrimp exported to this market, processed black tiger shrimp (HS 16) recorded a decrease, while the remaining white-leg shrimp and black tiger shrimp products all increased.

Major shrimp exporters to the EU include Minh Phu - Hau Giang, Nha Trang Seafoods - F17, and Thong Thuan. In the second quarter of 2024, the average export price of whiteleg shrimp to the EU ranged from 7.2-7.4 USD/kg, while the price of black tiger shrimp ranged from 8.6-10.3 USD/kg. Compared to the first quarter of the year and the same period last year, the average export price of both whiteleg shrimp and black tiger shrimp tended to increase.

Regarding demand in the EU shrimp market, in Northwestern Europe demand for more convenient value-added products is increasing while Southern Europe is quite price-sensitive and therefore has a higher demand for affordable whiteleg shrimp products.

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