MEKSEA.COM – In October 2024, Vietnam’s shrimp exports reached $394 million, a 24% increase. Accumulated over the first ten months of the year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major consumption markets saw double-digit growth in October 2024.

Vietnam’s Shrimp Exports by Market in October 2024

Shrimp exports to China & Hong Kong:

Vietnam’s shrimp exports to China & Hong Kong reached $91 million in October 2024, an increase of 44%. Cumulatively, by October 2024, exports to this market reached $676 million, up 31% year-on-year. The market showed promising results, particularly with lobster exports skyrocketing by 157%, totaling $298 million in the first ten months. China’s consumption-boosting policies also contributed to increased imports.

Shrimp exports to the  United States

Vietnam’s shrimp exports to the U.S. in October 2024 exceeded $80 million, up 17%. Over the first ten months, exports to the U.S. totaled $646 million, an increase of 10% year-on-year.
Shrimp imports to the U.S. from the top three suppliers decreased, raising concerns about supply shortages. With improved market sentiment, economic optimism, reduced inventories, and a balanced supply-demand situation, U.S. import demand is expected to grow. Additionally, proposed tariff increases by former President Trump following his re-election have prompted U.S. businesses to accelerate imports for stockpiling. This is likely to boost short-term demand for Vietnamese shrimp.

Shrimp exports to Japan and South Korea:

Vietnam’s shrimp exports to Japan and South Korea in October 2024 recorded positive growth of 18% and 28%, respectively, following fluctuating performance in previous months.

Shrimp exports to the European Union (EU):

Shrimp exports to the EU increased by 32% in October. Over the first ten months, exports to the EU reached $408 million, a 17% year-on-year increase. The EU market has shown stable demand for Vietnamese shrimp throughout 2024, with continuous positive growth since April.

The export data for the first ten months reflects promising signs across individual markets. Exports to the U.S. and EU showed stable growth, while China’s consumption-boosting policies are expected to drive shrimp import demand further.

Pricing and Raw Material Trends of Shrimp Export

Export shrimp prices, especially for whiteleg shrimp, have shown an upward trend, improving profit margins for businesses. Shrimp raw material prices are also at favorable levels, supporting production and exports.
Processed shrimp is experiencing strong growth, a positive signal indicating that businesses are shifting toward value-added products.

In 2023, global economic and geopolitical instability, high inflation, and tightened consumer spending led to a drop in shrimp import demand from major markets. Simultaneously, global shrimp production increased.

In 2024, these unfavorable factors have improved significantly: inflation has eased, import demand from major markets has risen, global shrimp production has stabilized, and shrimp prices have shown an upward trend. Despite facing both internal and external challenges, Vietnam’s shrimp exports have achieved encouraging results. The target export revenue of $4 billion for 2024 is entirely within reach.

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By Hayati (Meksea Team)

(Reference: nguoinuoitom)

(hayati@mekseaconnection.com)

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