Vietnam: Take advantage of shrimp export opportunities right from early year months

Frozen Common Shrimp & Prawn

Seafood

Vietnam

Market & Price Trends

Published Mar 28, 2024

Tridge summary

Vietnamese shrimp exports to Australia have surged by 48% at the start of 2024, reaching over 23 million USD by mid-February, despite a 14% decrease in exports to the country in 2023. This growth is part of a longer-term upward trend from 2019 to 2022, with Australia being the fifth largest market for Vietnam's shrimp, particularly processed products. Vietnamese shrimp processing enterprises are focusing on deep processing and modern technology to expand their market share, despite challenges like high logistics costs and strict Australian import standards. Meanwhile, the overall shrimp export market faces challenges due to lower demand and higher domestic prices, with Vietnamese shrimp being over 1 USD/kg more expensive than the global market. However, there is optimism for a 10% to 15% increase in exports in 2024, driven by a recovery in global demand and a shift towards seafood. The US and China are expected to remain the largest markets, with efforts also being made to attract Japanese consumers at the FOODEX fair with high-quality, traditionally designed products. Vietnam and Australia's participation in three significant free trade agreements further enhances trade opportunities.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

As the main export product of Vietnamese seafood, shrimp processing enterprises are taking advantage of export acceleration since the beginning of the year. Many opportunities offered from the Australian market According to the Vietnam Association of Seafood Exporters and Producers (VASEP), as of February 15, 2024, Vietnamese shrimp exports to Australia reached more than 23 million USD, an increase of 48% over the same period in 2023. Australia is the fifth largest single market for Vietnam's shrimp imports, accounting for 7.5% of the total value of Vietnam's shrimp exports to markets. In 2023, Vietnamese shrimp exports to Australia recorded 233 million USD, down 14% year on year. The 14% decrease in shrimp exports to Australia was still lower than other main markets such as Japan, EU, Korea, and Canada. In 5 years (2019-2022), Vietnamese shrimp exports to Australia witnessed the constant growth from 127 million USD in 2019 to 272 million USD in 2022 with the proportion of ...

Source: WTOCenter