Business

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Shrimp processing line at the factory of Minh Phu Seafood Corporation (Photo: VNA)
Shrimp processing line at the factory of Minh Phu Seafood Corporation (Photo: VNA)

Hanoi (VNS/VNA) - Vietnam’s shrimp exports in October reached 394 million USD, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

In the first ten months of the year, total shrimp export turnover reached 3.2 billion USD, recording a 13% growth year-on-year.

All major markets achieved double-digit growth in October, signalling a strong recovery in demand.

Notably, shrimp exports to mainland China and China's Hong Kong in October reached 91 million USD, up 44% year-on-year.

Over the ten months, turnover totalled 676 million USD, a growth of 31%.

Lobster exports surged by an extraordinary 157%, reaching 298 million USD. China’s consumer stimulus policies have further driven imports of this product, creating significant opportunities for Vietnamese enterprises.

Similarly, shrimp export turnover to the EU in October rose by 32%, bringing the ten-month total to 408 million USD, a 17% year-on-year increase. Stable demand from the EU has maintained consistent growth since April.

In the US market, shrimp exports in October exceeded 80 million USD, a 17% increase.

Year-to-date exports to the US amounted to 646 million USD, up 10%.

With a decline in supply from the three largest shrimp-producing nations, the US faces a shortage of imported shrimp.

Improved market sentiment, reduced inventories and a gradual imbalance between supply and demand have further driven higher import demand. Prices are expected to rise and with President-elect of the US Donald Trump’s proposed import tax increases, if implemented, prompting US businesses to accelerate imports before the new tariffs take effect.

In the short term, this is expected to boost US shrimp imports demand further.

Shrimp exports to Japan and the Republic of Korea also showed significant recovery in October, growing 18% and 28%, respectively, after a period of instability.

Export shrimp prices, especially for white-leg shrimp, are on an upward trend, significantly improving profit margins for businesses.

Additionally, processed shrimp products are experiencing robust growth, highlighting Vietnamese enterprises' focus on high-value-added products.

Data from the first ten months indicate a positive outlook across major markets. Demand from the US and EU remains stable, while China, with its consumption-supporting policies, continues to be a promising destination for Vietnamese shrimp.

With this growth trajectory, shrimp exports in 2024 are likely to reach 4 billion USD./.

VNA
#VASEP #double-digit growth #market sentiment #shrimp export
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