Vietnamese shrimp exports skyrocketed

Published 2024년 2월 28일

Tridge summary

Vietnam has seen a significant increase in shrimp exports in the first month of the year, with exports to China nearly tripling to $42 million and those to the US increasing by 77% to $41 million, according to the Vietnam Association of Seafood Exporters (VASEP). There was also growth in exports to Japan and Korea by 30% and 21% respectively. The surge is attributed to increased demand during the Lunar New Year and consumers spending more after a period of austerity. However, challenges such as slow orders, low purchasing prices, and competition with Indian and Ecuadorian shrimp persist.

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

Original content

This is data recently announced by the Vietnam Association of Seafood Exporters (VASEP) based on statistics from customs. According to VASEP, shrimp exports increased sharply in the first month of the year, which is a positive sign for business activities this year. Among the main export markets, Vietnamese shrimp to China grew nearly 3 times to reach 42 million USD in the first month of the year, accounting for 17.5%. In this market, Vietnamese shrimp is competing with Ecuadorian products, but this competitor is facing many disadvantages due to insecurity in the shrimp industry and difficult supply. Therefore, this will be an opportunity for Vietnamese shrimp in the Chinese market. Also experiencing breakthrough growth, shrimp exports to the US continued to grow from the last months of 2023, increasing by 77% to reach 41 million USD in January. In the US market, Vietnam accounts for 10% of the market share, ranking 4th after India (36%), Ecuador (22%), and Indonesia (18%). In ...

Source: VNExpress