Selling all kinds of fish and shrimp to the US, China, EU, and Vietnam is expected to earn 10 billion USD in 2024

Published 2024년 7월 1일

Tridge summary

The article provides an overview of the Performing Poorly: Shrimp Products Drive a Decline in Seafood Exports, as detailed by the Vietnam Association of Seafood Exporters and Processors (VASEP), revealing a mixed picture for Vietnam's seafood export market in the first five months of 2024. It highlights a decrease in exports of shrimp and fish cakes due to price pressures, with the United States being the notable exception for whiteleg shrimp. The average prices for these exports to the European Union, China, and the United Kingdom have fallen, while the market remains stable in Japan and Korea, and prices in the United States have risen. The report also addresses concerns about future raw material availability, attributed to decreasing prices and new regulations, which could negatively impact tuna exports. Despite these challenges, VASEP remains optimistic about reaching a total export value of 10 billion USD for the year, driven by recovering markets and stable domestic production.

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

Original content

Shrimp products are most affected Assessing the seafood export market in the first 5 months of 2024, Ms. Le Hang - Communications Director of VASEP said that in the most recent month, May, shrimp was the product most clearly affected by price reduction, so Exports decreased by 2.3%, of which whiteleg shrimp decreased by 7% and black tiger shrimp decreased by 6%. Other products such as fish cakes and surimi are also under competitive price pressure, so they decreased deeply by 25% in May and cumulatively in the first 5 months of the year decreased by 15%. Ms. Hang cited that by the end of May, the average price of Vietnamese whiteleg shrimp exported to the EU decreased by 4% compared to the previous month, down to 7.1 USD/kg. Export prices to China decreased by 2%, to 6.3 USD/kg. Export price to the UK decreased by 8%, to 8 USD/kg. Meanwhile, export prices to Japan and Korea were stable at 8.5 USD and 7.4 USD/kg. Only the US market has white shrimp import prices tending to increase ...

Source: Danviet