Vietnam shrimp exports expected to reach $4 billion

Published 2024년 11월 26일

Tridge summary

Vietnam's shrimp exports to major markets experienced double-digit growth in October. Exports to China and Hong Kong increased by 44% year-on-year, reaching US$91 million. Exports to the United States also rose by 17%, reaching over US$80 million. Exports to Japan, South Korea, and the EU increased by 18%, 18%, and 28% respectively. The Vietnamese shrimp industry has shifted to value-added products, leading to a significant expansion of processed shrimp exports. However, global challenges such as inflation, geopolitical instability, and increased competition are expected to lead to an oversupply of shrimp in 2023, resulting in low prices. However, consumer demand in major markets is expected to stimulate the global shrimp market in 2024, leading to an increase in import demand and global shrimp prices.

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

Original content

In October, Vietnam's shrimp revenue to major export markets all achieved double-digit growth. In October, exports to mainland China and Hong Kong amounted to US$91 million, up 44% year-on-year, and the cumulative exports in the first 10 months amounted to US$676 million, up 31% year-on-year. Among them, lobster exports performed best, with exports of US$298 million, up 157% year-on-year. In October, exports to the United States exceeded US$80 million, up 17% year-on-year, and the cumulative exports in the first 10 months amounted to US$646 million, up 10% year-on-year. In October, exports to Japan and South Korea Exports to Vietnam and the EU increased by 18% and 28% respectively, and exports to the EU increased by 32%. The Vietnamese shrimp industry has shifted to value-added products, and the export of processed shrimp has expanded significantly. In 2023, global challenges such as inflation, geopolitical instability and increased competition ...

Source: Foodmate