Vietnam: Lobster exports increased dramatically, with China buying the most

Published 2024년 6월 11일

Tridge summary

In the first five months of 2024, Vietnam's shrimp exports experienced a notable increase, with the total revenue reaching 1.3 billion USD, a 7% rise from the previous year. The country saw a significant shift in its export market, with China surpassing the US to become the top importer of Vietnamese shrimp, accounting for 20% of the market share. This growth is primarily driven by a substantial increase in blue lobster and whiteleg shrimp imports by China. However, Vietnamese shrimp exports to China may not further increase due to competition from other countries like Ecuador, India, and Indonesia, who are also targeting the Chinese market. Meanwhile, the US market saw a 4% increase in export value, despite low prices for Vietnamese shrimp. Other markets, including Canada, England, and Russia, showed significant growth in import values from Vietnam. Despite a slight decrease in exports to Japan and the EU in the first five months, growth is expected in the latter half of 2024.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Chinese market has overtaken the US position, becoming Vietnam's No. 1 shrimp import market in the first 5 months of 2024. On June 10, at a conference discussing difficulties, challenges and solutions for Vietnam's seafood exports to reach the target of 10 billion USD this year, the Vietnam Association of Seafood Exporters and Producers (VASEP) said: in the first 5 months of 2024, shrimp exports will reach 1.3 billion USD, up 7% over the same period in 2023. Whiteleg shrimp is the item that brings the highest value with 935 million USD, an increase of 21% over the same period last year, accounting for 72% of the total export market share of all types of shrimp. Next is black tiger shrimp, accounting for 12%, reaching 155 million USD, a slight increase of 1% over the same period. In addition, lobster is also a product that accounts for a significant proportion of exports, accounting for more than 8% with an export value of over 106 million USD, an increase of nearly 70 times ...

Source: 24h newspaper