Vietnamese shrimp proactively reduces dependence on the US market

Published Jul 25, 2024

Tridge summary

In June, Vietnam's shrimp exports grew by 5% year-on-year, reaching 344 million USD, contributing to a 6% increase in the first half of the year, totaling nearly 1.6 billion USD. Exports to China & HK surged by 17%, and to the US by 1%, despite high inflation and rising shipping costs. While exports to Japan and Korea slightly declined, the EU market saw a 31% increase in June. VASEP predicts a slight rise in US and other markets' demand in the third quarter, with better prospects for the shrimp industry in the latter half of the year, potentially improving the outlook for 2024.

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

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in June, Vietnam's shrimp exports recorded positive growth compared to the same period last year and increased higher than the previous month. Shrimp export value this month reached 344 million USD, up 5% over the same period in 2023. Accumulated in the first 6 months of the year, export value reached nearly 1.6 billion USD, up 6%. In the first half of this year, shrimp exports to China & HK reached 328 million USD, up 17% over the same period last year. Shrimp exports to this market, after decreasing in May, increased again in June. Similarly, in the first 6 months of the year, shrimp exports to the US reached 303 million USD, up 1% over the same period last year. After decreasing in May, shrimp exports to the US increased again in June. In this market, inflation is still high. In addition, shipping rates increased dramatically by 40% from May due to the war in the Middle East and China collecting ...

Source: Vietstock