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.
(seafood.vasep.com.vn) The purchase price of raw pangasius in the first 11 months of 2024 remained at 26,000-27,000 VND/kg. However, farmers faced challenges in earning profits due to rising costs of fish feed, fuel, and labor during the year.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX) recently announced its production and business results for November 2024, showing a 5% year-over-year increase in revenue but a 21% decline compared to the previous month.
(seafood.vasep.com.vn) Soc Trang province underscores the critical role of the fisheries sector in driving its socio-economic development. Located along Vietnam's coastline, the province features 72 km of shoreline, three major estuaries—Dinh An, Tran De, and My Thanh—and a dense river network encompassing diverse ecosystems, including saltwater, brackish, and freshwater. These natural resources provide ideal conditions for the growth of aquaculture, making the fisheries sector a cornerstone of Soc Trang’s economic strategy.
(seafood.vasep.com.vn) In 2024, the pangasius industry in Dong Thap is projected to achieve a production value of VND 8.802 billion, marking a 2.86% increase compared to 2023 and accounting for over 17% of the province's total agricultural, forestry, and fishery production value.
(seafood.vasep.com.vn) Vietnam's tuna exports to Japan have seen robust growth over the past two months. Data from Vietnam Customs shows that in October 2024 alone, tuna exports to Japan surged by 31% year-on-year, reaching nearly USD 3.5 million. This growth has offset the decline experienced in the first half of the year, raising the total export value for the first ten months of 2024 to nearly USD 28 million, a 5% increase compared to the same period last year.
A business forum was held by the Dutch Embassy in Vietnam in collaboration with the Ministry of Agriculture and Rural Development (MARD) in the Mekong Delta city of Can Tho on November 27, seeking ways for sustainable aquaculture in the region.
(seafood.vasep.com.vn) On November 18, Ms. Truong Ha Phuong Anh, Director of the Center for Investment Promotion and Business Support (iPEC), stated that during the Ca Mau Province Agricultural and Aquatic Products Trade Promotion Conference 2024, held on November 15, there were 209 direct trade interactions between 42 seafood processing and exporting enterprises, OCOP producers in the province, and five leading domestic retail companies: Central Retail, Saigon Co.op, Kingfood Mart, Bach Hoa Xanh, and Satra Supermarket.
In 2024, the Binh Dinh Agricultural Extension Center successfully implemented a semi-intensive and intensive two-stage whiteleg shrimp farming model using Semi-Biofloc technology.
(seafood.vasep.com.vn) Recently, the area dedicated to super-intensive, high-density whiteleg shrimp farming in Trà Vinh Province has been rapidly expanding due to its high productivity and economic efficiency.
(seafood.vasep.com.vn) In collaboration with provincial authorities, specialized agencies, and local coastal governments, seafood processing and export enterprises in Binh Dinh Province are actively working to address issues related to illegal, unreported, and unregulated (IUU) fishing. The shared goal is to have the European Union's "yellow card" removed this year.
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