Vietnam's Shrimp Exports See Record Growth in August 2024
In August 2024, Vietnam’s shrimp exports reached USD 404 million, a 20% increase compared to August 2023. This marked the highest export value of the year and the strongest growth since February. For the first eight months of 2024, the cumulative shrimp export turnover exceeded USD 2.4 billion, representing a 10% increase year-on-year. Shrimp continues to be one of Vietnam's most crucial export products, particularly in the context of rising global demand.
Key Markets Driving Export Growth
Double-digit growth was seen in major markets, including the U.S., China, and the EU, which fueled Vietnam’s export success in August. The demand in these markets was bolstered by low inventories and increased purchasing in preparation for year-end holidays. In Japan and South Korea, shrimp exports also followed a positive trend, though with slower growth compared to other regions.
Global Shrimp Prices Increase, Impacting Vietnamese Exports
The rise in global shrimp prices has had a favorable effect on Vietnamese export prices. In September 2024, the price for whole chilled white-leg shrimp rose by 20% year-on-year. Particularly, larger shrimp sizes (30-count and 40-count) saw significant price increases of 40% compared to early August, while smaller shrimp sizes experienced a price rise of 13%-19%. Export prices for Vietnamese white-leg shrimp in the U.S. market have been trending upward since February, driven by steady demand and tightening supply.
Outlook for Vietnamese Shrimp in Japan
In Japan, prices are expected to rise as well. The ongoing popularity of value-added and processed shrimp products from Vietnam, combined with the strengthening yen, is expected to drive higher export values. Vietnamese shrimp has established a strong foothold in Japan due to its consistent quality and the variety of processed options available.
Source: Vasep
