Vietnam’s shrimp industry is on track for a record-breaking year with exports nearing $2.8 billion as of September 2024. Key markets including the U.S., Europe, and China drive demand as prices continue to rise, boosting the outlook for the year’s final quarter.
By the end of September, Vietnamese shrimp exports have shown impressive growth in major markets. The Vietnam Association of Seafood Exporters and Producers (VASEP) reports a strong upward trend in export values and average prices for Vietnamese shrimp across the globe:
- United States: Exports rose by 8%, aided by consistent price increases since June.
- Europe: Sales up by 15% as demand for Vietnamese shrimp remains strong.
- China and Hong Kong: Leading growth at 26%, with increased buying for the Lunar New Year and year-end holidays.
According to U.S. data from the National Oceanic and Atmospheric Administration (NOAA), Vietnamese shrimp outpaced competitors like India and Ecuador, securing a strong position in a competitive market.
Price Increases and Positive Outlook for Q4
Prices for raw whiteleg shrimp in sizes 50, 80, and 100 pcs/kg have been steadily rising since July. The average export price of shrimp to the U.S. and Europe has also seen a boost, alongside smaller increases in China and Japan.
Despite some challenges, such as sluggish price recovery for frozen shrimp, Vietnamese processed shrimp holds a robust market share due to high consumer demand and quality.
Supply Challenges and Future Preparedness
With a potential raw material shortage looming as China’s imports rise, VASEP has advised businesses to plan carefully to meet year-end production demands. As the shrimp industry heads into Q4, there is optimism about sustaining export values, though close attention to supply and demand will be critical.
Stay connected with VNSEAFOOD for more updates and insights into Vietnam’s thriving seafood export industry.
Source: vasep
