In the first three quarters of 2024, Vietnam's shrimp exports to the US totaled 566 million dollas, up 9% year-over-year. After a 7% decline in Q2, shrimp exports rebounded in Q3, increasing by 19%. In Q3/2024 alone, shrimp exports to the US amounted to 263 million dollas, a 19% rise from Q3/2023.
Lower inventory levels, rising demand for the year-end holiday season, and a more positive economic outlook have contributed to the improvement in Vietnam’s shrimp exports to the U.S.
In the first three quarters of 2024, the product mix of Vietnam's shrimp exports to the US was dominated by whiteleg shrimp (85.5%), followed by black tiger shrimp (8.9%), with other shrimp products making up the remainder. Notably, processed black tiger shrimp saw the highest growth rate of 44%, while among other shrimp categories, fresh/frozen shrimp experienced the strongest growth at 188%.
During the first three quarters of 2024, the average export price of frozen whiteleg shrimp to the US ranged from $9.6 to $10.3 per kg, while black tiger shrimp prices ranged from $14.9 to $19.3 per kg. In Q3/2024, the average export price of frozen whiteleg shrimp to the US increased slightly compared to Q2 but remained lower than the same period in 2023. Conversely, the average export price of black tiger shrimp to the US in Q3 declined slightly compared to Q2, with fluctuating prices observed throughout Q3/2024.
According to the USDA Foreign Agricultural Service (FAS.USDA), the US imported 550,162 tons of shrimp valued at 4.3 billion dollas in the first nine months of this year, down 4% in volume and 10% in value compared to the same period last year.
FAS.USDA data indicates that, during the first nine months of 2024, shrimp imports from Vietnam into the US showed a more positive trend compared to other major suppliers such as India, Ecuador, and Indonesia. India remains the leading shrimp supplier to the US, exporting 213,520 tons worth 1.6 billion dollas during this period, which represents a 1% decrease in volume and a 7% decline in value compared to last year.
On October 22, 2024, the US Department of Commerce (DOC) announced the final results of its anti-dumping (AD) and countervailing duty (CVD) investigations on frozen warm-water shrimp from Ecuador, Indonesia, and the CVD investigations on imports from Ecuador, India, Indonesia, and Vietnam.
The findings revealed that India faces a CVD rate of 5.77%, which is higher than Vietnam’s rate of 2.84%. Ecuador saw positive results in the AD investigation but faces an average CVD rate of 3.78%, while Indonesia experienced the opposite, with favorable CVD results but an average AD rate of 3.90%. Among these countries, Vietnam recorded the most favorable outcomes from the DOC’s latest announcement.
The re-election of Donald Trump as US President will undoubtedly impact the import of goods, including seafood, into the country. The new administration could present both opportunities and challenges for Vietnam's shrimp exports, depending on the tariff rates Trump’s policies might impose. Trump has proposed a 10% tariff on all imported goods into the US, with goods from China facing a hefty 60% tariff. These proposals could potentially drive up consumer prices, while also impacting GDP growth and employment. Additionally, the trade war with China is expected to remain a focal point in global agricultural trade, given China’s status as a top consumer market for numerous products.
(seafood.vasep.com.vn) Vinh Hoan Corporation (HOSE: VHC) continues to solidify its position as the leader in Vietnam's pangasius export industry with impressive business results in 2024 and positive prospects for 2025. Factors supporting growth, such as recovering demand, improved selling prices, and favorable international trade policies, make Vinh Hoan one of the top stocks to watch in investment portfolios for 2025.
Amid global trade uncertainties, Việt Nam is prioritising compliance with international market requirements to maintain and expand its agricultural exports.
On February 26, 2025, VinFast and the Vietnam Association of Seafood Exporters and Producers (VASEP) signed a comprehensive cooperation agreement to strongly promote green transformation goals. The collaboration between the two parties will contribute to the realization of the country’s sustainable development goals and help elevate the Vietnamese brand on the international market.
(seafood.vasep.com.vn) In 2024, the total brackish water shrimp farming area in Ca Mau reached 278,600 hectares, with a shrimp output of 242,000 tons. This output achieved 99.59% of the set target and marked a 4.57% increase compared to the same period last year. The average shrimp yield attained 869 kilograms per hectare per year, representing a 38 kilograms per hectare per year increase compared to 2023. Shrimp export turnover reached USD 1.12 billion, positioning Ca Mau amongst the nation's leading localities in this sector.
(seafood.vasep.com.vn) In 2024, Ben Tre province expanded its high-technology application in aquaculture by an additional 523 hectares, surpassing the planned target of 500 hectares and achieving a fulfillment rate of 104.6%. To date, the province has converted 3,633 hectares to high-tech aquaculture out of the 4,000-hectare goal, representing 90.82% progress towards the 2021-2025 phase plan. This sector yields an average productivity of 60-70 tons per hectare, with a total output reaching 221,282 tons. The average profit margin ranges from VND 700 to 800 million per farming season, delivering substantial economic benefits to the local populace.
(seafood.vasep.com.vn) In 2025 In 2025, Vietnam's brackish water shrimp industry will continue to grow sustainably, enhancing value-added products with strong contributions from local authorities and the business community.
(seafood.vasep.com.vn) In January 2025, the country's total seafood output was estimated at 594,100 tons, a 0.7% increase compared to the same period last year. Specifically, fish production reached 443,400 tons, up 0.7%; shrimp output was 56,300 tons, up 3.1%; and other seafood products totaled 94,400 tons, down 0.9%.
(seafood.vasep.com.vn) The industrial pangasius production in Vinh Long province in 2024 reached 95,100 tons, a 4% decrease compared to 2023. Despite the decline in production, positive trends in the final months of the year offer hope for improving economic efficiency in the near future. Additionally, the increase in the area for industrial pangasius farming and the maintenance of overall aquaculture area demonstrate the province’s efforts to sustain its production activities.
(seafood.vasep.com.vn) In January 2025, Vietnam's total seafood export value reached 774.3 million USD, a 3.3% increase compared to the same period in 2024. This is a positive result compared to January 2023, when the Lunar New Year fell at the end of the month, significantly impacting export outcomes.
(seafood.com.vn) In 2024, Vietnam exported shrimp to 107 markets, up from 102 in 2023. The top 5 major markets for Vietnam’s shrimp exports were China & Hong Kong, the U.S., Japan, the EU, and South Korea, accounting for 76% of the total shrimp export value.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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