Vietnam: Shrimp exports to major markets bounce back

Published 2024년 5월 3일

Tridge summary

Vietnam's shrimp exports have seen a significant increase of 24% in the first quarter of this year, generating an estimated revenue of 620 million USD. The exports to the US and China have particularly surged by 26% and 140% respectively. This increase in the Chinese market is attributed to China's decision to reduce imports from its traditional supplier, Ecuador. Despite the price competition, Vietnamese shrimp is preferred for its quality. The US market is expected to stabilize after facing challenges in 2023. Value-added processed shrimp products contribute to 40%-45% of the total export value, reflecting the sector's competitive advantage. However, the industry faces stiff competition and is advised to continue reducing production costs while maintaining quality.

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

Original content

According to statistics of the General Department of Vietnam Customs, shrimp exports are estimated at 620 million USD during January-March, up 24% year-on-year. Notably, earnings from shipments to the US and Chinese markets are estimated to increase by 26% and 140%, respectively. Regarding the Chinese market, Kim Thu from the Vietnam Association of Seafood Exporters and Producers (VASEP) said that China has reduced imports from Ecuador - its largest shrimp supplier, and increased imports from Vietnam. In this market, Vietnam has to compete in price with rival suppliers, however, many buyers in China consider Vietnamese shrimp to be of higher quality than those of Ecuador and India, so they accept higher prices. For the US, shrimp industry experts say that sales of fresh and frozen seafood in this market are forecast to stabilise in 2024, after facing many difficulties in 2023 due to inflation and people’s tightening spending. Compared to some of the US’s main shrimp suppliers, ...

Source: Vasep