Vietnam’s shrimp exports to China and Hong Kong (China) in January 2024 reached 42 million USD. This was a sharp increase of 275% over the same period in 2023.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first month of 2024, Vietnam’s shrimp exports reached 242 million USD, up 71% over the same period in 2023. Along with exports, the prices of raw shrimp in some localities tend to go up at the beginning of the year. This is a positive signal for shrimp exports in 2024.

The export of white-leg shrimp and tiger shrimp recorded double-digit growth. The export value of other types of shrimp increased by three digits. Fresh and frozen shrimp products grew more strongly than processed ones.

Among the main markets, Vietnam’s shrimp exports to China and Hong Kong (China) recorded the strongest growth of 275%, reaching 42 million USD in January 2024. Thanks to strong growth, China and Hong Kong (China) were the largest export markets of Vietnam in January 2024, accounting for 17.5%. It is forecast that in 2024, shrimp exports to China will continue to have many opportunities thanks to the great demand and import priority policies of this country.

Shrimp exports to China increased sharply in the first month of the year.

In January 2024, shrimp exports to the US continued to grow from the last months of 2023, up 77% to reach 41 million USD. In the US market, Vietnam accounts for 10% of the market share, ranking 4th after India (36%), Ecuador (22%), and Indonesia (18%). In 2023, peeled raw shrimp was the most imported into the US, and recorded a slight growth while powdered and steamed shrimp decreased.

Shrimp exports to Japan and South Korea in the first month of this year grew by 30% and 21% respectively, reaching 37 million USD and 23 million USD. Regarding the EU market, after a continuous decline in 2023, shrimp exports to this market increased by 22% to reach 30 million USD in January 2024.

Despite the positive growth in the first month of the year, looking at the big picture of the market and the shrimp industry in 2024, VASEP said that shrimp exports still have many challenges that slow down the recovery of production and export.

Some enterprises said that the first orders of the year have not shown signs of improvement because the purchasing power of the market is still weak. There are issues such as high inventory, low prices, competition with India and Ecuador, etc.

On the other hand, in the US, Vietnam’s shrimp is at risk of being imposed anti-subsidy tax. Along with that, the prices of Vietnam’s shrimp are quite high compared to other countries, causing concern for importers.

In addition, Vietnam’s shrimp has to compete with Ecuador and India on price and supply. The oversupply and price reduction cycle may continue at least by the end of the first half of 2024./.