Shrimp exports "accelerate" in most markets

In August this year, shrimp exports continued to record double-digit growth in most major consumer markets, such as the US, China, and the EU. Markets such as Japan and South Korea recorded a slight increase.

Reduced inventories and the need to import goods for the holiday season have caused markets to increase imports. In addition, raw shrimp prices from producing countries around the world as well as Vietnam tend to increase, positively affecting shrimp export prices.

For the US market, Vietnam's shrimp exports to the US increased by 21% to 91 million USD in August. In the first 8 months, shrimp exports to this market reached 482 million USD, up 7% over the same period last year.

Inventory levels in the US have decreased; retailers need to replenish inventory before the year-end holiday season. Positive information about the US economy has also helped Vietnam's shrimp exports to the US to be more positive.

For the Chinese and Hong Kong markets, Vietnam's shrimp exports to this market continued to recover in August with double-digit growth compared to the same period last year. In the first 8 months, shrimp exports to this market reached 477 million USD, up 21% compared to the same period last year.

Vietnam’s shrimp exports to China have increased again 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 shipments were rejected in June due to sodium metabisulfite residues. This has affected Ecuador’s shrimp exports to China.

According to China Customs, in the first seven months of this year, the volume of frozen warm-water shrimp imported into China decreased by 11% and 23% compared to the same period last year to 529,116 tons, equivalent to 2.5 billion USD. The economic situation in China is not very positive, reducing consumer purchasing power. However, the Mid-Autumn Festival and National Day holidays in China are expected to boost shrimp consumption here.

Raw shrimp prices and export prices both tend to increase

In the second week of September 2024, the price of whole chilled whiteleg shrimp increased by about 20% compared to the same period in 2023. Compared to the beginning of August 2024, the price of 30-count and 40-count shrimp increased by about 40%. Smaller shrimp increased by 13%–19% compared to the beginning of August.

The export price of Vietnamese white-leg shrimp to the US has been on an upward trend since February this year. The export price of white-leg shrimp to the Japanese market is also expected to increase due to the popularity of Vietnamese value-added and processed products and the appreciation of the yen.

Although in August, market demand was more positive and shrimp prices also tended to be positive, the Vietnamese shrimp industry still faced many challenges, especially in the farming stage when facing diseases in shrimp farming such as EHP. The shrimp industry needs the cooperation of management agencies and the entire chain to ensure the source of raw materials at the end of the year for processing and export.