MEKSEA.COM – The European Union (EU), a market known for its high-quality standards, is an attractive destination for shrimp exporters worldwide, including Vietnam. Meeting the stringent EU standards not only enhances the value of Vietnamese shrimp products but also solidifies the country’s position in the international shrimp industry.

Currently, the EU is the fourth-largest importer of Vietnamese shrimp, accounting for 13% of the total shrimp export value. In this competitive market, Vietnamese shrimp must contend with formidable rivals from other continents, demonstrating the growing recognition of Vietnamese shrimp for meeting the EU’s high-quality demands.

In the first nine months of this year, Vietnam’s shrimp exports to the EU reached over USD 360 million, an increase of 15% compared to the same period last year. During this period, exports only declined in February and March, with the remaining months recording double-digit growth.

The average export price of Vietnamese shrimp to the EU, particularly vannamei shrimp, has also shown continuous growth since June of this year. This reflects the sustained demand for Vietnamese shrimp in the EU, especially whiteleg shrimp.

The EU, with its stringent quality and food safety standards, serves as a key benchmark for Vietnam’s shrimp industry. From minimizing environmental impact during farming to ensuring clear traceability and animal welfare, every exported shrimp must meet the highest standards.

In the first nine months of 2024, shrimp led all Vietnamese seafood exports, bringing in USD 2.8 billion, an 11% increase compared to the same period in 2023. Vietnamese shrimp exports to major markets, including the U.S., EU, and China, all reported positive growth.

During this period, shrimp exports to the U.S. reached USD 566 million, up 9% year-on-year. The U.S. Federal Reserve lowered interest rates in its September meeting, with expectations of two additional rate cuts in November and December. These cuts are anticipated to boost consumer spending by reducing borrowing costs, especially as job numbers increase, benefiting goods exports to the U.S.

According to the National Oceanic and Atmospheric Administration (NOAA), Vietnam’s shrimp exports to the U.S. in August 2024 outpaced competitors like India and Ecuador, whose shrimp exports to the U.S. declined.

The average import price of shrimp from Vietnam into the U.S. increased from USD 4.59 per pound in July 2024 to USD 4.95 per pound in August 2024.

Meksea sends you the list of our best-selling products this week

Kindly please visit Meksea website to explore our shrimp products: https://mekseaconnection.com/product-category/shrimp/

Meksea always pays particular attention to product quality to secure each consumer’s family member’s health and set their mind at rest by bringing in true quality seafood products.

Are you looking for shrimp products for your sales plan for 2024? Contact Meksea right now for the best offers.

By Hayati (Meksea Team)

(Reference: VASEP)

(hayati@mekseaconnection.com)

If you found this topic interesting, please click the Like button below, so we may continue to expand this topic. Leave a comment with your thoughts for the author team to discuss