April 5, 2024

 

Vietnam's shrimp exports surge in first quarter of 2024

 
 


Vietnam's shrimp industry has undergone a significant transformation in the first quarter of 2024, rebounding from weaknesses identified in 2023 and showing notable increases in exports to key markets, Vietnam News reported.

 

Data from the General Department of Vietnam Customs reveals a substantial rise in shrimp exports, reaching an estimated US$620 million from January to March, marking a 24% increase compared to the same period last year. Particularly noteworthy is the surge in earnings from shipments to the US and Chinese markets, rising by 26% and 140% respectively.

 

In the Chinese market, Vietnam has witnessed a shift as China reduces imports from its largest shrimp supplier, Ecuador, and increases imports from Vietnam. Despite facing price competition with other suppliers, Vietnamese shrimp is preferred by many Chinese buyers for its perceived higher quality.

 

Meanwhile, experts in the shrimp industry anticipate stability in sales of fresh and frozen seafood in the US market for 2024, following challenges in 2023 due to inflation and consumer spending constraints. Vietnam stands out among major shrimp suppliers to the US, such as India, Ecuador, and China, particularly with the positive trajectory of diplomatic relations between Vietnam and the US.

 

Value-added processed shrimp products contribute significantly to the total annual shrimp export value, accounting for 40% - 45%. Vietnamese shrimp enterprises are recognized for their high-level processing capabilities, offering a competitive edge in markets like Japan.

 

Despite these achievements, the sector is urged to remain vigilant as competition from other countries remains intense. Former VASEP Chairman Ho Quoc Luc said it is important to maintain product quality while reducing production costs to sustain competitiveness in the global market.

 

-      Vietnam News

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