Vietnam's Shrimp Exports Increased by 71%

tendata blogTrade Trends News

ten data blog05-03-2024

The shrimp export revenue for January reached $242 million, showing a remarkable 71% year-on-year growth. The export revenue for both whiteleg shrimp and black tiger shrimp achieved double-digit growth, while the export revenue for other shrimp species experienced triple-digit growth.

The export revenue growth for fresh/frozen shrimp products was stronger compared to processed shrimp products.

Vietnam's shrimp exports to Mainland China and Hong Kong grew the fastest in January, generating $42 million in export revenue, a surge of 275%, constituting 17.5% of the total shrimp export revenue.

In January of this year, Vietnam's shrimp exports to the United States amounted to $41 million, marking a 77% year-on-year growth. In the U.S. market, Vietnam held a 10% market share for shrimp, while India had 36%, Ecuador 22%, and Indonesia 18%.

In 2023, peeled shrimp is the largest category purchased by the United States, while imports of breaded shrimp and steamed shrimp have decreased.

In January, Vietnam's shrimp exports to Japan and South Korea grew by 30% and 21%, reaching $37 million and $23 million, respectively. Exports to the European Union amounted to $30 million, with a growth rate of 22%.

Some export companies have indicated that, due to ongoing soft market purchasing power, there is no sign of improvement in early orders this year. Challenges such as high inventory, low purchase prices, and difficulty competing with Indian and Ecuadorian shrimp still persist.

Vietnam's shrimp industry continues to compete with Ecuador and India in terms of price and supply. The oversupply situation and the price reduction cycle may persist at least until the first half of 2024.

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