Vietnam’s shrimp exports near $2.8 billion in first nine months

VASEP reports that Vietnam’s shrimp exports to key markets saw positive growth, totaling nearly $2.8 billion in the first nine months of the year.

Of all Vietnam’s seafood exports over the past three quarters, shrimp generated the highest export revenue, estimated at close to $2.8 billion, up 10.5% compared to the same period last year.

According to VASEP, by the end of September 2024, shrimp exports to the U.S. rose by 8%, to Europe by 15%, and to China and Hong Kong (China) by 26%. The average export price of Vietnamese shrimp to the U.S. and Europe has been rising since June.

Prices for raw whiteleg shrimp in sizes 50, 80, and 100 pcs/kg have been steadily increasing from July through September. The average export price of shrimp to the U.S. and Europe has also been on the rise since June, with slight increases reported for exports to China and Japan. The outlook for raw shrimp prices in Q4 2024 remains positive.

VASEP has warned of a possible localized shortage of raw materials as China increases purchases ahead of the Lunar New Year and New Year holidays, which may impact businesses needing materials to meet year-end production demands.

Data from the U.S. National Oceanic and Atmospheric Administration (NOAA) shows that Vietnam’s shrimp exports to the U.S. outpaced competitors like India and Ecuador. Although frozen shrimp exports in 2024 have faced challenges from sluggish price recovery and competition with Ecuador and India, Vietnam’s processed shrimp continues to hold a strong market position.

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