Shrimp exports to the EU recover after two months of plunge

Shrimp exports to the EU reached $38 million in April, up 28% y-o-y, resulting in the cumulative value of $119 million, nearly matching the same period in 2023.

Shrimp exports to the EU were quite active in April. Export value to the main individual markets within the bloc all grew by double digits. Exports to Germany, the Netherlands, and Belgium rose by 29%, 37%, and 39%, respectively, while exports to Denmark surged by 88%.

In 2023, Vietnamese shrimp exports to the EU decreased significantly compared to 2022. Soft demand in this bloc was attributed to the Russia-Ukraine conflict, consumer spending cuts, rising prices, fuel costs, and the depreciation of the EUR.

In the EU market, Vietnamese shrimp faces strong competition from Ecuadorian shrimp. Ecuador’s shrimp has advantages of cheaper prices, ASC certification, and lower transportation costs. Ecuador remains the largest shrimp supplier to the EU market.

The EU market requires farmed shrimp to meet safety standards (ASC), suppliers must have emission reduction solutions (farming, processing), and full traceability (shrimp feed ingredients, broodstock, etc.), and ensure animal welfare (artificial reproduction without eyestalk ablation, moderate stocking density, etc.). VASEP believes that shrimp exporters to this market need more effective market access strategies and should further enhance marketing and branding activities.

“With a projected compound annual growth rate (CAGR) of about 7% in the coming years, the EU also represents a potential shrimp destination. The key is to adapt to changing market dynamics and innovate products to maintain competitiveness in this market,” VASEP noted.

(Source: https://vietfishmagazine.com/)