Shrimp Exports Begin 2024 With A Surge Of 71%

White-leg shrimp and prawn exports recorded double-digit growth, while the value of other shrimp products increased by triple digits. Fresh/frozen shrimp products showed stronger growth than processed shrimp products.

Among the main export markets, Vietnam's shrimp exports to China & Hong Kong recorded the strongest growth at 275%, reaching $42 million in January 2024. Thanks to strong growth, China & Hong Kong are Vietnam's largest shrimp export markets in January 2024, accounting for 17.5% of the total. Ecuador's shrimp exports (Vietnam's main competitor in the Chinese market) this year are expected to face challenges due to security issues in the shrimp industry and the general difficulties of the global shrimp industry. Along with the high demand from China and its priority export policies, this could be seen as an opportunity for Vietnam's shrimp exports to China in 2024.

In January 2024, shrimp exports to the United States continued the growth trend from the end of 2023, increasing by 77% to $41 million. The shrimp exports to the United States in 2024 may be somewhat affected by the US countervailing duty investigation on shrimp from four countries, including Vietnam.

In the US market, Vietnam accounts for 10% market share, ranking fourth after India (36%), Ecuador (22%), and Indonesia (18%). In 2023, the largest shrimp export to the US was peeled raw shrimp, recording slight growth; shrimp in breading and steamed shrimp saw a decrease.

Shrimp exports to Japan and South Korea in the first month of this year increased by 30% and 21% respectively, reaching $37 million and $23 million.

After continuously declining in 2023, shrimp exports to the EU increased by 22% to $30 million in the first month of this year.

After the growth figures in the first month of the year, looking at the overall picture of the market and the shrimp industry in 2024, most businesses see many challenges and difficulties that slow down the production and export recovery.

Some shrimp companies said that the first orders of the year still show no signs of improvement because the market demand is still weak. There are still issues such as high inventory, low purchase prices, and difficulties in competing with Indian and Ecuadorian shrimp.

Some companies see more optimistic signs about orders, but are worried about raw material sources due to the reverse season and low shrimp production due to the epidemic.

Concerns about the risk of countervailing duties are also a barrier to US importers and Vietnamese shrimp export companies. The selling price of Vietnamese shrimp is still relatively high compared to other countries, causing apprehension among importers.

Vietnamese shrimp still have to compete with Ecuador and India in terms of price and supply, and the oversupply and price decline cycle may continue at least in the first half of 2024. Low success rate in shrimp farming, high production costs, and economic and political instability worldwide. Shrimp export companies expect support from the government and ministries on stabilizing input costs for production, such as shrimp feed prices, and strengthening quality control of shrimp seedlings. Actively supported on issues related to the US market such as the CVD investigation, and the South Korean market such as quota issues. So that the shrimp industry can overcome challenges and achieve high export turnover this year.

Cre: vasep.com

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