Tridge summary
Vietnamese shrimp exports to the US have seen a price increase due to increased demand and purchasing power, with the first 8 months of 2024 reaching over $450 million, a 5% increase from the same period last year. The US market has seen a 60% increase in purchases of Vietnamese shrimp, particularly white-leg shrimp, due to year-end festival consumption demand. There is concern over potential increases in shipping costs as global shrimp output is predicted to decrease by 5% in 2024. However, Vietnamese shrimp exports are also being boosted to other potential markets such as Europe, Japan, Korea, China to reduce dependence on the US market. Overall, Vietnam's seafood exports, including shrimp, lobster, and other products, have seen a recovery with a growth rate of 20% in August 2024, reaching nearly $953 million.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Vietnamese white-leg shrimp is popular with Americans - Photo: QUANG DINH According to the Vietnam Association of Seafood Exporters and Producers (VASEP), since February, the price of white-leg shrimp exported to the US has continuously increased, from 9.6 USD/kg to more than 10.2 USD/kg; the price of black tiger shrimp fluctuates from 14.9-19.3 USD/kg. In the first 8 months of this year, Vietnamese shrimp exports to the US reached more than 450 million USD, up 5% over the same period last year. The increase in Vietnamese shrimp export prices is primarily due to increased purchasing power in the US market. According to Ms. Kim Thu - shrimp market expert, Vietnam Association of Seafood Exporters and Producers, Americans buy more shrimp for traditional reasons. Before July, the US market usually only bought about 40% of Vietnamese shrimp, especially white-leg shrimp. After July, purchases increased by about 60% due to year-end festival consumption demand, increasing the purchasing ...
Source: VNRuralEconomics
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