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According to the Vietnam Seafood Exporters and Producers Association (VASEP), Vietnam’s shrimp exports are expected to reach US$4 billion in 2024, up 10-15% year-on-year.
Demand is expected to recover from the last six months of the year as inflationary pressures ease and importers reduce inventories. VASEP said this provided an opportunity for shrimp prices to rise again.
In terms of the market, Vietnam’s shrimp exports to China are likely to see a slight recovery in the first few months of 2024. Compared to its competitors, Vietnam benefits from its geographical location and lower logistics costs. At the same time, the Red Sea conflict has led to higher transportation costs, which could reduce Ecuador’s shrimp exports to China. This could be an opportunity for Vietnamese shrimp to enter the Chinese market.
In 2023, Vietnam’s shrimp exports to the EU amounted to US$421 million, down 39% from 2022. European consumers opt for cheaper food items and smaller shrimp sizes, and importers limit purchases to clear stocks and minimize losses. In addition, the depreciation of the euro has also led to a decline in shrimp consumption in this market.
In the U.S. market, Vietnamese shrimp exports continued to decline in the first few months of 2023 but achieved double-digit growth from July to the end of the year. For the whole of 2023, shrimp exports to the United States will reach $682 million, down 15% year-on-year. However, the association predicts that Vietnamese shrimp is expected to see a slight increase in 2024 as food consumption improves, inflation eases, and retail sales recover in the United States.
For the Japanese market, VASEP said shrimp exports to Japan are gradually recovering after several months of decline. In the last month of 2023, shrimp exports to Japan increased by 6% compared to the same period last year. Japan is seen as having great potential and is expected to recover earlier in 2024 than other major markets such as the US and EU.
(Source: HanoiTimes Image source: freepik)
