In July this year, shrimp exports recorded growth in most major consuming markets such as the US, China, and the EU. In July, markets like Japan and South Korea, which had seen declines or only slight increases in the previous months, recorded double-digit growth rates.
Reduced inventory and increased demand for imports to serve the year-end holidays caused these markets to increase their imports. In addition, the price of raw shrimp from producing countries around the world and Vietnam is also trending upwards, which positively impacts the export shrimp prices.
For the US market, Vietnam's shrimp exports to the US increased by 16% to $89 million in July. Cumulatively in the first 7 months, shrimp exports to this market reached $391 million, up 4% compared to the same period last year.
Inventory levels in the US have decreased, and retailers need to replenish their stocks before the year-end holiday season. Positive news about the US economy, such as a slight increase in retail sales in July compared to the same period last year, as well as growth in consumer spending, business investment and exports, wage increases, and low unemployment rate, indicate that inflation in the US is showing signs of cooling down. Frozen shrimp remains the leading product among the best-selling retail items in the US.
US shrimp import demand is expected to continue growing in the third quarter, and prices are expected to increase slightly from July onwards.
According to data from the National Oceanic and Atmospheric Administration (NOAA) of the US, in the first 6 months of the year, the US imported 351,025 tons of shrimp, valued at $2.7 billion, down 3% in volume and 6% in value compared to the same period in 2023.
For the China & Hong Kong market, Vietnam's shrimp exports to this market have shown a recovery trend in July with double-digit growth compared to the same period last year. Cumulatively in the first 7 months, shrimp exports to this market reached $399 million, up 18% compared to the same period last year.
Vietnam's shrimp exports to China have resumed growth thanks to increased import demand from this market. In addition, Ecuador (Vietnam's main competitor in the Chinese market) has faced strict inspections from China, and some of its shipments were rejected in June due to residues of sodium metabisulfite. This has affected Ecuador's shrimp exports to China.
Export enterprises continue to face challenges such as rising sea freight costs and global conflict risks. Shrimp farming activities in August and September will also be affected by heavy rains, which may lead to a lower supply of commercial shrimp from now until the end of the year. However, enterprises have also developed their own strategies, such as securing contracts for the whole year and increasing raw material inventory. It is expected that in the last months of the year, the global economy and key import markets will show better signals, allowing the shrimp industry to achieve its goals for 2024.
(seafood.vasep.com.vn) China and the US are the two largest whitefish import markets in the world. Vietnam is the second largest supplier for both markets (mainly supplying pangasius). Frozen pangasius fillets are still the main product imported from Vietnam by these two countries.
(seafood.vasep.com.vn) The “Bien Bach Dong Commune Shrimp-Rice Project” in Ca Mau province was granted the second BAP (Best Aquaculture Practices of the Global Aquaculture Alliance) certificate for shrimp products in the shrimp-rice specialized area in Thoi Binh district, Ca Mau province.
(seafood.vasep.com.vn)The red and yellow tilapia prices in An Giang have increased sharply, reaching a new record. Recently, traders in the provinces are purchasing red tilapia and tilapia at 50,000–51,000 VND/kg, the highest price ever. With this price, fish are exported to rafts, and farmers earn a 9,000–10,000 VND/kg profit.
(seafood.vasep.com.vn) In July 2024, Vietnam's tuna exports to the EU showed signs of decline compared to the same period, down 14%. In the first half of August, although Vietnam's tuna exports to the EU increased, exports of canned tuna continued to decrease sharply.
(seafood.vasep.com.vn) In July 2024, pangasius exports to the US continued to grow impressively. According to Vietnam Customs, there were nearly US$31 million pangasius exported to the US in July, up 69% over the same period last year. Cumulative pangasius exports to the US in the first 7 months reached more than US$190 million, up 20%.
(seafood.vasep.com.vn) According to the Department of Agriculture and Rural Development of Tra Vinh province, farmers in coastal areas of Cau Ngang, Tra Cu, Duyen Hai districts and Duyen Hai town have now cultivated over 1,800 hectares of whiteleg shrimp under a high-tech super-intensive model (high density), which is double the same period in 2023.
(seafood.vasep.com.vn) With the signs of recovery in pangasius exports, the increase in farming area and output, An Giang's fisheries sector has been actively supporting farmers and businesses to boost production, processing, and consumption in the last months of the year.
(seafood.vasep.com.vn) In July 2024, Vietnam's tuna exports continued to maintain growth momentum over the same period, increasing by 14% to nearly 87 million USD. However, the export growth rate is slowing down a lot compared to previous months. Cumulatively, in the first 7 months of the year, tuna export turnover reached 558 million USD, an increase of 22%.
(seafood.vasep.com.vn) With the goal of bringing exported seafood products to Vietnamese consumers, Vietfish 2024 organized by VASEP has, for the first time, focused on a dedicated area for showcasing seafood products for the domestic market. This event provides an opportunity for local consumers to access high-quality seafood products that meet international standards at reasonable prices, products that Vietnam is currently exporting to 170 countries.
(vasep.com.vn) According to the Binh Dinh Statistics Office, the total fishery production in July 2024 was estimated at 26,226.7 tons, a 2.2% increase (574 tons) compared to the same period last year. Cumulatively, for the first seven months of 2024, the total fishery production was estimated at 172,723.1 tons, a 2.9% increase (4,786.4 tons) year-on-year.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
Tel: (+84 24) 3.7715055 – (ext.203); email: kimthu@vasep.com.vn
Trụ sở: Số 7 đường Nguyễn Quý Cảnh, Phường An Phú, Quận 2, Tp.Hồ Chí Minh
Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
Tel: (+84 24) 3.7715055 - Fax: (+84 24) 37715084 - Email: vasephn@vasep.com.vn
