Remarks on major import markets of Vietnam’s shrimp in 2024

Published 2024년 1월 31일

Tridge summary

Vietnam's shrimp exports to the US, Japan, EU, and China saw a decline in 2023 due to factors like inflation, geopolitical risks, and economic uncertainties. However, the US market showed significant growth in the latter half of the year, with a slight increase expected in 2024. The Japanese market is also predicted to recover in 2024, while the EU market is expected to remain steady. Despite a general downtrend, China had the least decline among the main import markets. The end of the pandemic has seen a recovery in China's shrimp demand, which could benefit Vietnamese shrimp exports due to favourable logistics costs. Despite challenges in 2023, Vietnamese shrimp exports are expected to increase by 5% in 2024, reaching about 4 billion USD. However, the US's anti-subsidy investigation into Vietnam's frozen warmwater shrimp and increased sea freight rates due to the Red Sea conflict could pose challenges.

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

Original content

The US In 2023, after a continuous decline in the first months of the year, Vietnam's shrimp exports to the US grew by 2 digit growhts from July until the end of the year. In this year, shrimp exports to the US reached 682 million USD, down 15% compared to 2022. Additionally, US shrimp import data in November 2023 recorded the 5th consecutive month of growth. Declining inventories, better indicators of the US economy, higher demand for the end of the year. Inflation in the US fell sharply in 2023. By November 2023, inflation dropped to 3.1%, from a peak of 9.1% in June 2022. The US Federal Reserve (FED) has issued messages to stop raising interest rates and consider lowering these rates in 2024. Vietnam's shrimp exports to the US will increase slightly in 2024 as food demand improves, inflation cools down, and retail sales in the US recover. Despite the positive indicators, the U.S. remains wary of geopolitical risks, including the conflict in Ukraine, which could potentially ...

Source: Vasep