Vietnam shrimp exports opening 2024 with an increase of 71%

Published 2024년 3월 13일

Tridge summary

Vietnam has seen a significant increase in shrimp exports in January 2024, with a 275% growth to China and Hong Kong, making them the largest import markets. There was also a 77% increase in exports to the US, reaching 41 million USD, and growth in exports to Japan and Korea by 30% and 21% respectively. However, the US anti-subsidy investigation into shrimp from Vietnam and other countries may impact future exports. Despite the growth, Vietnamese shrimp businesses are facing challenges such as high inventory, low purchasing prices, and competition from India and Ecuador.

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

Original content

Whiteleg shrimp and black tiger shrimp exports recorded double-digit growth, while the export value of other types of shrimp increased by three digits. Fresh or frozen shrimp products grew stronger than processed shrimp products. Among the main import markets, Vietnamese shrimp exports to China and Hong Kong recorded the strongest growth of 275%, reaching 42 million USD in January 2024. Thanks to strong growth, China and Hong Kong were Vietnam's largest shrimp import markets in January 2024, accounting for 17.5%. Shrimp exports from Ecuador (the main competitor of Vietnamese shrimp in the Chinese market) this year are not expected to go smoothly due to insecurity in the shrimp industry and the general difficulties of the global shrimp industry. Along with the great demand from China and the country's import priority policy, this can be considered an opportunity for Vietnamese shrimp exports to China in 2024. In January 2024, shrimp exports to the US continued the growth momentum ...

Source: Vasep