MEKSEA.COM – Vietnam shrimp exports in QI/2024 increased by 14% to reach $666 million. The positive results were achieved due to breakthroughs in the Chinese market (more than doubled), and growth in exports to the US (+16%) and several other markets: UK up 18%, Australia up 11%, Canada up 42%, Taiwan up 53%… However, exports to some other important markets still experienced negative growth: down 14% to South Korea, over 2% decrease to Japan, and a 9% decrease to the EU.

Exports of vannamei shrimp still dominate 73% of the shrimp export value, reaching over $502 million. The recovery of vannamei shrimp exports by 11% in the first quarter of this year is also a driving force for the shrimp industry. Vannamei shrimp exports to key markets have seen significant increases: more than doubled to China, up 13% to the US, up 6% to Japan, up 32% to Canada, up 18% to the UK… These markets are all increasing demand for peeled tail-on (PTO, PDTO) shrimp from Vietnam.

Meanwhile, exports of black tiger shrimp decreased by 4% to over $80 million, accounting for less than 12% of the shrimp export value. Black tiger shrimp exports to China and Japan decreased by 28% and 14% respectively, while exports to Hong Kong also decreased by 15%. However, there was a significant breakthrough in exports to the US. nearly 1,5 times.

Notably, lobster exports saw a strong breakthrough, nearly 5.5 times higher than the same period last year, reaching $43.7 million, accounting for 6% of the total shrimp export turnover. Primarily, this growth was driven by green lobster with a value of nearly $41 million, increasing by 5.3 times compared to QI last year. Additionally, rock lobster exports also brought in $2.7 million, mainly frozen products since live rock lobsters have been banned from export to China since October 2023.

Other species, including giant river prawn and marine shrimp (cat tiger prawn, greasyback shrimp, mantis shrimp….). accounted for 9% with over $60 million, increasing by 5%

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By Hayati (Meksea Team)

(Reference: VASEP)

(hayati@mekseaconnection.com)

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