Vietnam's shrimp exports to China in the first 5 months of 2024 reached 260 million USD, up 21% over the same period in 2023.
At the recent 2024 VASEP Member Conference, Mr. Do Ngoc Tai, Vice President of the Vietnam Association of Seafood Exporters and Producers (VASEP), Chairman of the VASEP Shrimp Committee, said that in the first 5 months of 2024, Vietnamese enterprises exported shrimp to 103 markets, bringing in 1.3 billion USD, up 7% over the same period in 2023. The slight increase in export turnover compared to the same period is a positive signal, but the shrimp industry continues to face many challenges as the world economic situation has not shown signs of recovery.
Chinese market: Vietnam's shrimp exports to China & Hong Kong (China) reached 260 million USD, up 21% over the same period, this is the strongest growth market for Vietnamese shrimp in the past 5 months. However, there have been signs of a sharp decline in May in this billion-people market. The main reason is that Vietnam's shrimp prices are higher than those of other sources from Ecuador, India and Indonesia. These competitors of Vietnam are also focusing more on the Chinese market due to high US tariffs, so Vietnam's shrimp will also have more difficulties.
US market : In the first 5 months of the year, Vietnam's shrimp exports to the US reached 229 million USD, up 1% over the same period. Of which, there was only a sharp increase in January, February until now, on the contrary, it has decreased sharply. The reason for this sharp decrease is that inflation is still high, in addition, Vietnamese shrimp also has to compete strongly on price with Ecuadorian, Indian, and Indonesian shrimp in the US market. The demand for shrimp imports from Vietnam to the US may increase slightly in the third quarter of this year due to the general increase in demand at the end of the year.
EU market : Vietnam's shrimp exports to Europe in the first months of the year reached 165 million USD, up 8% over the same period. After a decrease in the first month of the year, this market has now recovered and increased again in April and May. In the European market, Vietnam's shrimp will have to compete more strongly with rival suppliers in this market such as India and Ecuador because these two suppliers are facing difficulties with high taxes in the US market, so they will reduce prices to increase exports to Europe.
Japanese and Korean markets : in the first 5 months of the year, both recorded a significant decrease. Vietnam's shrimp exports to Japan reached 183 million USD, down 4% over the same period; to Korea reached 124 million USD, down 9%. The reason for the decrease in Vietnam's shrimp exports to these two markets is due to high inflation, leading to consumers being frugal in spending. Signs of recovery may increase slightly from September this year to serve the demand in the last months of the year.
Mr. Do Ngoc Tai - Vice President of VASEP said, "In the first 5 months of 2024, the export turnover of white-leg shrimp was worth nearly 935 million USD, an increase of 21%; black tiger shrimp reached 155 million USD, a slight increase of 1% over the same period in 2023. Notably, lobster exports reached more than 106 million USD, nearly 70 times higher than the same period. Other items such as iron shrimp, crayfish, mantis shrimp, and striped shrimp also tended to increase positively in recent times".
However, in the first 5 months of 2024, the export of processed shrimp products all tended to decrease. Specifically, processed white-leg shrimp (HS code 16) decreased by 31%, processed black tiger shrimp decreased by 72%, dried shrimp decreased by 41% and other processed shrimp decreased by 99%. Meanwhile, the export of live and frozen shrimp products recorded an increase, such as white-leg shrimp increased by 12%, black tiger shrimp increased dramatically by 158 times.
Regarding the shrimp export market, Mr. Do Ngoc Tai informed: The most surprising thing in the first 5 months of 2024 is that China surpassed the United States to become Vietnam's largest shrimp consumption market.
In 2023, the United States was Vietnam's largest shrimp export market, with a turnover of 682 million USD; China was only in second place, with more than 550 million USD. However, in the first 5 months of 2024 compared to the same period in 2023, Vietnam's shrimp exports to China reached 260 million USD, an increase of 21%; while exports to the United States only reached 229 million USD, an increase of 1%.
Commenting on the shrimp industry in the third quarter of 2024, Mr. Do Ngoc Tai said that Vietnam's shrimp exports continue to face many challenges such as falling export prices, strong competitive pressure from rival suppliers, sharp increases in transportation costs and input prices, geopolitical conflicts, and global economic recession. Shrimp exporting enterprises have been making efforts to outline strategies for development such as increasing quality and differentiating their products in the market.
According to VTV
Source: https://doanhnghiepvn.vn/kinh-te/trung-quoc-tro-thanh-thi-truong-tieu-thu-tom-lon-nhat-cua-viet-nam/20240619093920703
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