Tridge summary
Vietnam's shrimp exports saw a notable increase in the first two months of the year, reaching $415 million USD, marking a 24% rise from the previous year. This growth was particularly strong in exports to China and the US, which surged by 143% and 26%, respectively. Despite a dip in February 2024 due to the Lunar New Year, the overall trend remained positive. The rise in shrimp prices in Vietnam, coupled with high demand from China and a preference for Vietnamese shrimp over Ecuadorian ones due to quality perceptions, contributed to this growth. The US market is also expected to stabilize in seafood sales in 2024. However, challenges such as disease in shrimp farms and weak demand in the EU, Japan, and Korea persist. The industry is focusing on improving farming practices and developing value-added products to enhance competitiveness and sustain growth.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Vietnam shrimp exports soar Vietnam’s shrimp exports in the first 2 months of this year reached 415 million USD, up 24% over the same period last year. Exports to China and the US markets recorded growth of 143% and 26%, respectively, over the same period. Shrimp exports in February 2024 decreased by 11% to 173 million USD due to the Lunar New Year. However, thanks to strong growth in January, cumulative export turnover in the first 2 months of the year still recorded an increase. The price of raw white leg shrimp and black tiger prawn in Vietnam since January this year tended to gradually increase, although it has not yet recovered to the price level of the same period last year. In the first month of this year, the average price of Vietnamese shrimp exports to the US, UK, and Korea recorded an increase, while the export price to China, the EU, and Japan recorded a decrease. In February 2024, Vietnamese shrimp exports to the China and Hong Kong markets increased by 76% to 39 ...
Source: Fish Focus
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