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According to data from the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports in the first month of 2024 reached $242 million, an increase of 71% compared to the same period in 2023. This is a positive sign for the seafood industry in general and shrimp in particular.
According to VASEP, in terms of product structure, white leg shrimp and black tiger shrimp saw double-digit growth, while other types of shrimp saw triple-digit growth. Fresh/frozen shrimp products grew stronger than processed shrimp products.
In terms of export markets, the China and Hong Kong market recorded the strongest growth, reaching $42 million, an increase of 275% compared to January 2023, equivalent to more than 3 times the growth rate. Thanks to its strong growth, this became Vietnam’s largest shrimp export market in January with a market share of 17.5%. In 2023, shrimp exports to this market ranked second after the US.
Shrimp exports to the US continued to grow from the last months of 2023, with a 77% increase to $41 million in January. However, the shrimp export situation to the US in 2024 will somewhat be affected by the US’s countervailing duty investigation on shrimp from 4 countries, including Vietnam.
According to VASEP, in the US market, Vietnam accounted for a 10% market share, ranking fourth after India (36%), Ecuador (22%), and Indonesia (18%). In 2023, raw peeled shrimp was the most imported shrimp in the US market, recording a slight increase.
According to statistics from the National Fisheries Institute of the United States, shrimp is the most favored seafood in the menu of consumers in this country. Every year, the average American consumes about 2 kg of shrimp.
Source: VASEP
Shrimp exports to Japan and South Korea in the first month of this year increased by 30% and 21% to reach $37 million and $23 million, respectively. After continuously declining in 2023, shrimp exports to the European market recorded a 22% increase to $30 million in January.
In 2023, Vietnam earned over 3.4 billion USD from shrimp exports. According to the Directorate of Fisheries (Ministry of Agriculture and Rural Development), Vietnam is the second largest shrimp supplier in the world with export value accounting for 13-14% of the total value of shrimp exports worldwide, exporting to 100 countries.
Vietnam has more than 600,000 ha of shrimp farming with two species: tiger shrimp and white shrimp. For tiger shrimp, Vietnam is the world’s leading producer with an annual output of 300,000 tons. This is a traditional species of Vietnam while white shrimp has been raised in many provinces since 2008.
Vietnam has many advantages for developing the shrimp industry. The main farming areas are concentrated in the Mekong Delta provinces, accounting for 95% of shrimp production and also the center of shrimp processing plants.. The 5 provinces with the largest shrimp farming areas are Ca Mau, Bac Lieu, Soc Trang, Ben Tre, and Kien Giang. So far, about 200 shrimp processing plants have been approved by the European Commission with regular on-site inspections in Vietnam.
Experts forecast that Vietnam’s shrimp exports will have the opportunity to recover and grow slightly in 2024, with a growth rate of 10% to 15% due to the recovery of economies with shrimp consumption demand.
