Vietnam's $4 billion shrimp export target for 2024 within reach

Published 2024년 11월 27일

Tridge summary

Vietnam's shrimp exports have seen substantial growth in October 2024, with increases in major markets including China and Hong Kong (44%), the US (17%), Japan, South Korea (18% and 28% respectively), and the EU (32%). The surge in lobster exports to China has been particularly notable. Despite global economic volatility and high inflation in 2023, the Vietnam's shrimp export sector has experienced positive trends in 2024 due to consumer stimulus policies, rebounding import demand, and stable production levels. Additionally, increased export prices and favorable raw shrimp prices have improved profit margins for exporters, and a shift towards value-added processed shrimp products.

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

Original content

Vietnam's shrimp exports to China and Hong Kong in October amounted to $91 million, up 44%. Accumulated by October 2024, shrimp exports to this market reached $676 million, up 31% year-on-year. Shrimp exports to this market are more promising, especially with lobster exports surging 157% to $298 million in the first ten months of this year. China's consumer stimulus policies have also contributed to boosting imports into this market. Vietnam's shrimp exports to the US in October exceeded $80 million, up 17%. In the first ten months, shrimp exports to this market reached $646 million, up 10% year-on-year. Shrimp imports into the US from the top three suppliers have all decreased, raising concerns about supply shortages. Improved market sentiment and an optimistics economic outlook, coupled with declining inventories and a balanced supply-demand situation, have led to expectations of higher US imports and improved shrimp prices in this market. Proposals to increase import tariffs on ...

Source: Vasep