Vietnam's shrimp exports grew in the first half of this year, but the market is facing competition from other countries in the world.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first six months of this year, the shrimp export value reached about 1.6 billion USD, up 6% year on year. In June alone, this value reached 344 million USD, an increase of 5% on year. During the first half, mainland China and Hong Kong, the largest export market of Vietnamese shrimp, showed a recovery in shrimp exports in June, after decreasing in May. In the first half of the year, the shrimp exports to this market reached 328 million USD, 17% higher than the same period last year. By the end of the year, Vietnam's shrimp exports to this market will be under pressure on price, especially for black tiger shrimp and white-leg shrimp. Vietnamese shrimp competition from markets such as Ecuador, India, and Indonesia will be promoting shrimp export to China due to high tariffs imposed by the US.
The second largest market for Vietnamese shrimp was the US. In the first half of the year, shrimp exports to this market grew 1% year-on-year to 303 million USD. After decreasing in May, exports to the US recovered in June. But shipping costs have increased dramatically, up by 40% from May due to conflict in the Middle East. In the US market too, Vietnamese shrimp has strong price competition from shrimp from Ecuador, India, and Indonesia. VASEP expects that the US's demand for Vietnamese shrimp may increase slightly in the third quarter of this year when importers increase purchasing for year-end festivals. Meanwhile, Vietnam saw a slight reduction of 3% and 10% to 229 million USD in Japan and 149 million USD in the Republic of Korea, respectively. In Japan, Vietnam's value-added goods still maintain a better competitive advantage compared to other suppliers such as India and Ecuador. According to VASEP, the import demand of these two markets is expected to increase slightly from September to meet the year-end demand. For the EU market, after a slow first quarter, the shrimp exports to increased solidly in the second quarter. In the first six months, exports to the EU reached 217 million USD, an increase of 13% on year. In June, this value stood at 52 million USD, up by 31%. The EU market's demand for shrimp imports is expected to continue to increase in the second half. However, VASEP said that besides facing price competition with Ecuadorian and Indian shrimp in the US and EU, Vietnamese shrimp face an additional problem: disease outbreaks in farmed shrimp, potentially causing a shortage of raw materials for processing. Companies may be forced to reduce shrimp exports to the US although this market has a large consumption power. Meanwhile, they will focus on nearer markets such as Japan, the Republic of Korea, Australia and China. In the second half of the year, it is expected that the main import markets of Vietnamese shrimp will have better markers, such as lower inventory, easing of transportation difficulties and recovery in demand and prices. If all expectations follow a positive scenario, Vietnam could achieve a shrimp export value of 4 billion USD in 2024, VASEP said./.
(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
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Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
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