VASEP forecasts the Vietnamese shrimp export market in 2024

Published 2024년 1월 24일

Tridge summary

The Vietnam Association of Seafood Exporters and Producers (VASEP) anticipates a slight increase in shrimp exports to the US in 2024 due to improved food demand and economic recovery, although an anti-subsidy investigation by the US could affect this. Exports to Japan are expected to recover faster than other markets in 2024, despite a 2023 decline. The EU market is likely to remain sluggish due to the Russia-Ukraine conflict and economic instability, with a 39% decline in exports in 2023. Exports to China are predicted to slightly recover in 2024. Overall, VASEP forecasts a 5% increase in shrimp export turnover in 2024, reaching approximately 4 billion USD.

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

Original content

Recently, the Vietnam Association of Seafood Exporters and Producers (VASEP) made some comments about Vietnam's major shrimp import markets in 2024. Accordingly, for the US market, in 2023, shrimp exports to the US will reach 682 million USD, down 15% compared to 2022. However, with some positive signals from this market, it is forecasted that shrimp exports Vietnam to the US will increase slightly in 2024 when food demand improves, inflation cools down, and retail sales in the US recover. But there is also bad news that the US has initiated an anti-subsidy investigation into Vietnam's frozen warm water shrimp. It is unclear what the outcome will be, but Vietnamese shrimp exports to the US will be affected. For the Japanese market, shrimp exports to the Japanese market in 2023 will continuously decline due to high inflation in this market and a sharp decline in the yen, affecting the purchasing decisions of Japanese importers. In 2023, shrimp exports to this market will reach 511 ...

Source: Vietstock