W12 Shrimp Update: Vietnam's Shrimp Exports Rebound in Key Markets, Honduras Boosts Economy Through Cooked Shrimp Trade with Mexico

Published 2024년 4월 1일

In W12 in the shrimp landscape, Vietnam's shrimp export sector is on an upward trajectory in 2024, showcasing resilience and growth after a challenging 2023. With shrimp exports reaching USD 425 million in the first two months of 2024, key markets like the US and China are driving this positive trend. Notably, China saw a remarkable surge of 143% YoY in shrimp imports from Vietnam during this period. VASEP attributed this success to competitive pricing and perceived higher quality compared to competitors. Despite a 20% decline in overall shrimp export turnover in 2023, Vietnam's shrimp industry is poised for recovery, with experts forecasting a potential USD 4 billion export value in 2024. Meanwhile, Honduran cooked shrimp exports to Mexico's Sinaloa state signify a significant economic boost for Honduras, involving substantial investments and generating thousands of jobs. Government incentives and trade agreements further support this thriving sector in Honduras.

Vietnamese Shrimp Exports Rebound in Early 2024, Driven by Strong Demand from China and US

Vietnam's shrimp export sector is experiencing a positive trend in 2024, particularly in key markets, despite facing an overall decline in 2023. Vietnam's shrimp exports reached USD 425 million in Jan-24 and Feb-24, compared to the same period in 2023. Demand for Vietnamese shrimp has rebounded in the United States (US) and China, the two largest consumer markets. US shrimp exports grew by 26% year-on-year (YoY), reaching USD 72 million, while China witnessed a surge of 143% YoY, reaching USD 81 million in the same period. Notably, China was the only major shrimp import market to record positive growth in Feb-24.

The Vietnam Association of Seafood Exporters and Producers (VASEP) attributes Vietnam's success in these markets to its competitive pricing and the perception of higher quality compared to rivals like Ecuador and India. For instance, the export price of Vietnamese shrimp to China stands at approximately USD 8.8 per kilogram (kg) to USD 9.5/kg. Vietnam maintained its position as one of the world's leading shrimp producers, with a brackish water shrimp farming area exceeding 737 thousand hectares (ha) and a production volume surpassing 1.1 million metric tons (mmt) in 2023. However, overall shrimp export turnover in 2023 declined by 20% YoY compared to 2022, reaching USD 3.45 billion.

The positive performance in key markets during the first two months of 2024 suggests a potential recovery for Vietnam's shrimp export industry. Industry experts forecast a rise in total shrimp export value to USD 4 billion in 2024, representing a 10 to 15% YoY increase.

Honduran Shrimp Exports to Mexico: Boosting Economy Through Cooked Shrimp Trade

The recent surge in Honduran cooked shrimp exports to the Mexican state of Sinaloa highlights a growing economic driver for Honduras. Data from the National Aquaculture Association of Honduras (ANDAH) reveals that Honduras exported approximately 645 metric tons (mt) of cooked shrimp to Sinaloa in 2023. This export activity is estimated to involve over 400 farms and directly generate around 10 thousand jobs, solidifying its position as a key economic driver for Honduras. Shrimp farming and processing necessitate substantial investments. According to Honduran officials, shrimp processing plants require an estimated investment of USD 110 million, with additional land resources needed for shrimp seedling laboratories and planting facilities.

The Honduran government has implemented tax programs like the Temporary Import Regime (RIT) to incentivize investment, offering tax breaks and exemptions specifically designed to promote exports. Honduran authorities emphasize strict sanitary measures throughout the production chain, from shrimp larvae development to processing. The National Agricultural Food Sanitation and Safety Agency (SENASA) plays a crucial role in ensuring hygiene standards are consistently met. Honduras benefits significantly from existing trade agreements with Mexico, particularly the free trade agreement that has been in effect since 2013. This agreement offers tariff concessions, streamlining the entry of Honduran products into the Mexican market.