W8 Shrimp Update: Vietnamese Shrimp Exports Boom in China, Peruvian Seafood Exports Flourish with Exception of Shrimp

Published 2024년 3월 1일

In W8 in the shrimp landscape, Vietnamese seafood exports surged by 64% YoY in Jan-24, reaching nearly USD 750 million, with notable growth in shrimp and pangasius exports to China. Despite this positive trend, Vietnamese shrimp exporters face challenges in raw material sourcing due to off-season constraints and disease outbreaks, potentially impacting future production. Concerns linger regarding the potential imposition of anti-subsidy tariffs by the US and the competitiveness of Vietnamese shrimp prices. Meanwhile, Peru experienced mixed performance in seafood exports from Jan-23 to Nov-23, with squid leading growth while farmed shrimp exports declined slightly. China remained the primary destination for Peruvian seafood products, underlining its importance in the global seafood market.

Vietnamese Shrimp Exports to China See Strong Growth in Jan-24, Facing Raw Material Challenges

Data from the Vietnam Association of Seafood Exporters and Producers (VASEP) reveals a significant rise in Vietnam's seafood exports during Jan-24. Despite anticipated challenges, the sector experienced positive growth across key markets. Vietnamese seafood exports achieved a robust 64% year-over-year (YoY) increase in Jan-24, reaching nearly USD 750 million. Shrimp and pangasius exports to China specifically witnessed a remarkable surge, with both experiencing a four-fold YoY increase. Shrimp exports to China reached nearly USD 73 million, while pangasius exports reached nearly USD 50 million. Other key export markets for Vietnamese seafood also experienced notable growth in Jan-24. Exports to the United States (US), Japan, and the European Union (EU) grew by 63%, 43%, and 34% YoY, respectively.

Despite positive signs in terms of orders, Vietnamese shrimp exporters face challenges related to raw material sourcing due to the off-season and disease outbreaks, leading to lower shrimp production. The potential imposition of anti-subsidy tariffs by the US on Vietnamese shrimp exports remains a concern for both importers and Vietnamese companies. The current high selling price of Vietnamese shrimp compared to competitors raises concerns about future market competitiveness.

Peruvian Seafood Exports Show Growth in 2023, Despite Shrimp Decline

Peru's Ministry of Production revealed notable trends for Peruvian seafood exports categorized for direct consumption from Jan-23 to Dec-23. While the overall export value reached USD 1.616 billion, reflecting a 15.4% YoY increase, shrimp exports exhibited a contrasting performance.

Squid emerged as the leading export product, accounting for 50.6% of the total value with USD 819 million, representing a significant 57.7% YoY growth. While overall seafood exports experienced growth, farmed shrimp exports declined 3.4% YoY, reaching USD 228 million. Frozen whole shrimp led Peruvian shrimp exports with USD 108 million, followed by shelled shrimp (USD 28 million), shell-less frozen shrimp tails (USD 24 million), and other shrimp products (USD 65 million).

China remained the primary destination for Peruvian non-traditional fishery and aquaculture products, importing USD 428 million worth of seafood. South Korea, the US, Spain, and Japan followed as key export markets.