Vietnam's shrimp export industry continues to thrive, with significant growth recorded in multiple markets. According to recent reports, Vietnam’s shrimp exports reached USD 404 million in August 2024 alone, a remarkable 20% increase compared to the same period last year. This marks the highest monthly export value since the start of the year and the strongest growth rate since February. Cumulatively, Vietnam’s shrimp exports exceeded USD 2.4 billion in the first eight months of 2024, reflecting a 10% rise year-on-year.
Shrimp Exports to the U.S. Show Robust Growth
One of the standout markets for Vietnam's shrimp industry in 2024 has been the United States. In August, shrimp exports to the U.S. surged by 21%, reaching USD 91 million. This brings the total value of shrimp exports to the U.S. for the first eight months of 2024 to USD 482 million, marking a 7% increase compared to the same period in 2023. This robust growth in the U.S. market can be attributed to a combination of factors, including decreasing inventory levels and increased demand for shrimp ahead of the holiday season.
U.S. retailers have been actively restocking to meet the anticipated rise in consumer demand during the year-end holiday period. With inventory levels dwindling and the need to prepare for key holiday events such as Thanksgiving and Christmas, the U.S. market has become a focal point for Vietnamese shrimp exporters. This restocking effort has helped fuel the notable increase in exports to the U.S., as retailers aim to ensure they are fully stocked with high-quality shrimp products in time for the peak sales period.
Moreover, global shrimp prices have been on an upward trajectory in recent months, further bolstering export values. This trend has positively impacted not only the U.S. market but also other major shrimp-consuming markets around the world.
Strong Performance Across Major Global Markets
While the U.S. has been a key driver of Vietnam’s shrimp export growth in 2024, other major markets have also contributed significantly to the overall positive performance of the industry. In August 2024, Vietnam’s shrimp exports experienced double-digit growth in most major consumption markets, including China and the European Union (EU).
China
China, one of the largest importers of Vietnamese shrimp, has shown strong demand throughout 2024. The country’s growing middle class and increasing appetite for premium seafood products have continued to drive demand for high-quality Vietnamese shrimp. Vietnam’s strategic proximity to China also provides a logistical advantage, allowing for quick and efficient export processes. The recent easing of COVID-19 restrictions in China has further facilitated trade flows, contributing to the sustained growth of shrimp exports to this market.
European Union (EU)
The EU, another important market for Vietnamese shrimp, has also recorded impressive growth in 2024. Vietnam’s shrimp exports to the EU have benefited from the EU-Vietnam Free Trade Agreement (EVFTA), which provides preferential tariffs for Vietnamese seafood products. This has enhanced the competitiveness of Vietnamese shrimp in the EU market, where consumers are increasingly seeking sustainable and high-quality seafood. The rise in shrimp demand in key EU countries such as Germany, the Netherlands, and Belgium has been a notable factor in the strong performance of Vietnam’s shrimp exports to this region.
Japan and South Korea
In addition to the U.S., China, and the EU, Japan and South Korea have also shown positive trends, albeit at a slower pace. Both countries have maintained a steady upward trend in shrimp imports from Vietnam. Japanese consumers are known for their preference for high-quality, fresh seafood, and Vietnamese shrimp products have been able to meet this demand. Similarly, South Korea’s seafood market has remained stable, with shrimp imports from Vietnam playing an important role in meeting consumer needs.
Factors Driving Vietnam’s Shrimp Export Growth
Several key factors have contributed to the overall growth of Vietnam’s shrimp exports in 2024. These include:
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Decreasing Global Inventory: Inventory levels of shrimp in major markets, particularly the U.S., have been on the decline. This has prompted importers and retailers to replenish their stock in preparation for the upcoming holiday season. The decreasing inventory levels have created opportunities for Vietnamese shrimp exporters to increase their shipments to key markets.
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Rising Global Demand: As the global economy continues to recover from the impacts of the COVID-19 pandemic, consumer demand for seafood, particularly shrimp, has been on the rise. Shrimp is a popular choice for both home-cooked meals and restaurant dishes, making it a high-demand product in many countries. The anticipated increase in consumer spending during the holiday season is expected to further boost demand for shrimp in the coming months.
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Higher Shrimp Prices: Global shrimp prices have been trending upward, driven by a combination of increased demand and supply chain challenges. This price increase has had a positive effect on Vietnam’s shrimp export values, allowing exporters to benefit from higher prices while maintaining strong demand in key markets.
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Vietnam’s Reputation for Quality: Vietnamese shrimp is renowned for its quality, which has helped the country maintain a strong position in the global seafood market. Vietnam’s shrimp producers adhere to strict quality control standards, ensuring that their products meet the expectations of international buyers. This focus on quality has enabled Vietnam to build long-term relationships with importers in major markets, further strengthening the country’s shrimp export industry.
Looking Ahead: Prospects for Vietnam’s Shrimp Exports
The outlook for Vietnam’s shrimp exports in the remaining months of 2024 remains positive. With the holiday season approaching, demand for shrimp is expected to increase further, particularly in key markets such as the U.S. and the EU. Vietnamese shrimp exporters are well-positioned to capitalize on this demand, thanks to their reputation for quality and their ability to respond quickly to changes in the global market.
Moreover, the continued rise in global shrimp prices is likely to provide further support for export values. As supply chain disruptions and logistics challenges persist, Vietnam’s ability to maintain a steady supply of high-quality shrimp will be a key advantage.
In conclusion, Vietnam’s shrimp export industry has demonstrated impressive growth in 2024, with strong performances in the U.S., China, the EU, and other major markets. The combination of decreasing inventory levels, rising global demand, and higher shrimp prices has created favorable conditions for Vietnamese shrimp exporters. As the holiday season approaches, the industry is expected to continue its upward trajectory, contributing to the overall growth of Vietnam’s seafood export sector.
Source: Vasep
