Vietnam’s shrimp exports reach $2.8 billion in the first three quarters

Vietnamese shrimp exports to several major markets have achieved positive results. As per the annual trend, exports typically accelerate in the third quarter. As of September 15, 2024, shrimp exports to the US reached $516 million, up 8%. Exports to the EU totaled $337 million, up 15%. Exports to China and Hong Kong amounted to $529 million, up 26%, while exports to Japan recorded $342 million, down 1% (a lower decrease compared to the beginning of the year).

According to data from the US National Oceanic and Atmospheric Administration (NOAA), in the US market during August 2024, Vietnamese shrimp exports outperformed competitors such as India and Ecuador, whose shrimp exports to the U.S. declined.

The average import price of shrimp from Vietnam to the US increased from $4.59 per pound in July 2024 to $4.95 per pound in August 2024. The price per pound also slightly increased compared to the same period last year, as the average price was $4.93 per pound in August 2023. August also marked the highest monthly shrimp import volume into the U.S. since the beginning of the year, although figures still indicated a year-on-year decrease.

In 2024, frozen shrimp exports have been impacted by a price trend that has yet to recover clearly, combined with competitive pricing pressure from Ecuador and India. However, Vietnam’s processed shrimp still holds a strong position in the market. As a result, by the end of September, exports of processed whiteleg shrimp increased by nearly 10%, while exports of frozen whiteleg shrimp increased slightly by 4.5%. Accumulated in the first nine months of the year, whiteleg shrimp exports reached nearly $2 billion, and black tiger shrimp exports totaled $334 million.

The price of Vietnamese raw shrimp has been more positive since July. Prices for raw whiteleg shrimp of sizes 50, 80, and 100 pieces per kilogram have risen steadily from July to September. The average export price of Vietnamese shrimp to the US and EU has also increased since June. Export prices to China and Japan have also slightly increased.

The price of raw shrimp is expected to remain favorable in the fourth quarter. However, there may be a localized shortage of raw materials as China is anticipated to ramp up purchases for the Lunar New Year and New Year holidays, and businesses will need raw materials to boost production for year-end orders.