The latest report of Ministry of Agriculture and Rural Development in the first 7 months of 2024, export turnover of aquatic products is estimated at 5.29 billion USD. Compared to the same period last year, export of this product group increased by 7.3%, ranking in the top 2 in terms of export turnover in agricultural sector.
Of which, shrimp exports alone earned 2 billion USD, up 7.5% over the same period last year. Shrimp export turnover continues to maintain the No.1 position in the aquatic industry.
Currently, Vietnam is in the top 3 countries exporting the most shrimp in the world, accounting for 13-14% of total global shrimp export value. Vietnamese shrimp has been exported to about 100 countries and territories.
In the first half of this year, countries such as China, the US, Japan, EU... continued to spend large amounts of money to buy Vietnamese shrimp, contributing to maintaining positive growth in export turnover of this product.
Specifically, shrimp exports to Chinese market (including Hong Kong) reached 328 million USD, a sharp increase of 17% over the same period last year. Among the top 5 largest shrimp export markets of Vietnam, China is the market that recorded the highest growth rate.
Notably, in the first half of this year, China - the largest customer of Vietnamese lobster - increased its purchases sharply, contributing to export turnover of this "rich seafood" increasing dramatically by 57 times over the same period last year.
Next is the US market with an export turnover of 303 million USD, a slight increase of 1%; exports to Japan reached 229 million USD, a decrease of 3%; to EU reached 217 million USD, an increase of 13% over the same period in 2023.
Notably, price of whiteleg shrimp (shrimp product with the highest proportion in Vietnam) to some markets is showing an upward trend again.
Specifically, average export price of whiteleg shrimp to China increased by 3.1% compared to the previous month, to 6.5 USD/kg; to the US increased by 2%, at 10.2 USD/kg; to Japan increased by 3.4% to 8.8 USD/kg...
Although shrimp exports have recovered, they still face many challenges. Talking to reporters, Mr. Ho Quoc Luc, Chairman of Board of Directors of Sao Ta Food Joint Stock Company, shared that Vietnamese shrimp is facing a lot of competition from other countries such as Ecuador, India, Indonesia in the US market, such as excess supply of international shrimp from India, Ecuador boosted production causing shrimp prices to continuously fall sharply.
That is not to mention other impacts from regulations of the host country. At the same time, the sluggish consumer demand due to global economic recession has put shrimp export market at a disadvantage.
Mr. Ho Quoc Luc assessed that difficulties and challenges for shrimp export activities will continue to last. Tension in the Red Sea is a difficult problem for global supply chain, directly affecting Vietnam's shrimp export activities to key markets such as the US and Europe.
High transportation costs and risks in ensuring delivery progress force exporting enterprises to seek more complex alternatives, or focus on closer markets.
According to Ms. Phung Thi Kim Thu, shrimp market expert, Vietnam Association of Seafood Exporters and Producers, to increase market share in 2024, enterprises need to pay attention to new consumer tastes.
For example, China is tending to reduce imports of frozen warm-water shrimp, rock lobster, other types of marine shrimp, frozen lobster; while increasing imports of fresh, live, chilled lobster; dried, salted, smoked, brine-soaked shrimp and processed shrimp.
In Korea, demand for cooked, processed and preserved foods is increasing rapidly.
Currently, Vietnamese enterprises are also applying many measures to "overcome the wave" in difficult times, creating a value chain linking raw material areas to firmly supply orders.
Vietnam Association of Seafood Exporters and Producers predicts that shrimp exports to the US, EU markets, etc. will grow well in the last months of this year. Because, according to market rules, importers often increase purchases of large quantities of goods to serve the year-end holiday season.
In addition, inventory problems and transportation difficulties will be reduced, demand will recover and prices will increase again. In this direction, Vietnam's shrimp exports will complete the target of 4 billion USD this year.

Source: Vitic/ congthuong.vn