Vietnam’s shrimp exports soared by 13% year-on-year to US$3.2 billion within the first 10 months of 2024.
They reached $394 million in October alone, a 24% improve from a 12 months earlier, in accordance with the Vietnam Affiliation of Seafood Exporters and Producers.
Shipments to main markets noticed double-digit development within the first 10 months, signaling a robust restoration in demand.
Notably, shrimp exports to mainland China and Hong Kong totaled $676 million throughout the interval, a year-on-year development of 31%.
Lobster exports surged by a unprecedented 157% to $298 million in the identical interval as China’s shopper stimulus insurance policies have elevated its imports of this product.
Shrimp exports to the EU rose by 32% to $408 million, a 17% year-on-year improve. Demand from this market has skilled constant development since April.
The U.S. imported $646 million value of shrimp from Vietnam within the first 10 months, up 10% from a 12 months in the past.
A decline in provide from the three largest producing nations, improved market sentiment and diminished inventories have boosted the U.S.’ shrimp imports.
Costs are anticipated to rise with U.S. President-elect Donald Trump’s proposed import tax will increase, so companies there are in a rush to extend imports earlier than the brand new tariffs take impact.
Shrimp exports to Japan and the Republic of Korea additionally confirmed important restoration in October, rising by 18% and 28% year-on-year, respectively, after a interval of instability.
Export shrimp costs, particularly for white-leg shrimp, are on an upward development, considerably bettering revenue margins for companies.
Moreover, processed shrimp merchandise are experiencing sturdy development, highlighting Vietnamese enterprises’ deal with high-value merchandise.
With this development trajectory, shrimp exports are prone to attain $4 billion this 12 months.
