The Vietnam Association of Seafood Exporters and Producers (VASEP) has just released forecasts on shrimp exports and prospects from Vietnam's major shrimp import markets in 2024.
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Shrimp exports in 2023 are expected to reach 3,4 billion USD
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| VASEP forecasts that shrimp export turnover in 2024 will reach about 4 billion USD, an increase of 5% compared to 2023. |
Accordingly, VASEP believes that the recovery momentum for shrimp exports will still face many challenges in 2024, which requires businesses in the Vietnamese shrimp industry to make more efforts to continue overcoming difficulties on the way. recover.
It is forecasted that Vietnam's shrimp export output will recover and increase slightly this year. Demand is forecast to recover in the last 6 months of the year, when inflationary pressures cool down and inventories at importers decrease. This is an opportunity for shrimp prices to increase again.
In the US market, after continuously decreasing in the first months of the year, from July to the end of 7, shrimp exports to the US have recorded double-digit growth. As a result, in 2023, shrimp exports to the US will reach 2 million USD, down 2023% compared to 682.
Among the major markets importing Vietnamese shrimp, the biggest decrease is the EU with a decrease of 39% in 2023 and reaching 421 million USD. Vietnam's competitors in the EU market include Ecuador and India. In this market, Vietnamese shrimp still maintains its advantage in the high-end segment.
However, the competitiveness of competitors is also gradually strengthening. But what the seafood industry is worried about is that there are still economic and political uncertainties, so the EU market will not be able to recover for most of 2024. It is expected that demand will remain stable.
Until the last month of 2023, shrimp exports to the Japanese market recorded a 6% increase compared to the same period in 2022. Last year's shrimp exports to this market reached 511 million USD, down 24% compared to the same period in 2022. XNUMX.
But according to VASEP, this market is considered to have a lot of potential and will recover sooner than other large markets such as the US and EU in 2024. Because in the US and EU, simply processed shrimp from India, Ecuador with cheap prices has an advantage over Vietnam.
Japanese consumers require products to be delicious, nutritious, beautiful, meticulously processed, and suitable for Vietnam's processing level and capacity. Popular shrimp products from Vietnam exported to Japan include breaded shrimp, stretched shrimp, fried shrimp, sushi shrimp... Vietnamese shrimp still maintains a good competitive advantage in this market. In addition, the Japanese market is geographically closer to the US and EU and the payment method is also safer.
Shrimp exports to China are also in the general downward trend, however this market has the lowest decline among the main import markets. In 2023, Vietnamese shrimp exports to China will reach 607 million USD, down 8% compared to 2022.
According to VASEP, China's demand for shrimp imports is still increasing strongly, but because there is too much supply in this market, it is very difficult for Vietnamese shrimp to compete on price.
VASEP forecasts that shrimp export turnover in 2024 will reach about 4 billion USD, an increase of 5% compared to 2023.
