High sea freight rates are said to be reducing demand, although some buyers are still increasing their receipts due to concerns about further increases in freight rates. From 30,452 tonnes exported in June, Vietnam's white-leg shrimp exports increased to 32,831 tonnes in July - the highest level since the beginning of this year.
Except for a slight decrease in exports to China, Hong Kong (China) down 4% and the EU down 6%, July recorded increases in major markets such as the US up 23%, Japan up 1%, South Korea up 15% and the UK up 15%.
According to Vietnam Association of Seafood Exporters and Producers (VASEP), since February, price of whiteleg shrimp exported to the US has continuously increased, from 9.6 USD/kg to 10.2 USD/kg. In the US market, Vietnamese whiteleg shrimp is seizing opportunity when shrimp industries of Ecuador and India are facing warnings about labor and food safety issues. In the first 7 months of the year, Vietnam's shrimp exports to the US reached 391 million USD, up 4% over the same period last year.
In Q2/2024, export volume of whiteleg shrimp improved while selling price improved little. However, average export price of all whiteleg shrimp products sold to all markets remained unchanged at USD 8.10/kg.
US shrimp demand is expected to increase slightly in Q3 and prices are expected to increase from July onwards due to increased purchasing power from importers before the year-end holidays. Cooling inflation helps improve consumption. This is an opportunity for Vietnamese shrimp enterprises to continue to promote shrimp exports to the US.
In addition to the US market, export price of whiteleg shrimp to the EU has also increased in recent times, with an increase of 1.4% to USD 7.1/kg. In July, EU imported 4,417 tonnes of whiteleg shrimp from Vietnam. This is the third consecutive month that volume of Vietnamese shrimp imported into the EU has reached a high level compared to the last months of 2023 and the beginning of 2024.
In the first 7 months of 2024, EU is the 4th largest market for Vietnamese shrimp with an export turnover to this market of 265 million USD. Shrimp market in the EU is showing signs of improvement. Mr. Do Ngoc Tai, Chairman of VASEP Shrimp Committee, commented that the EU's demand for shrimp will increase slightly until end of this year.
Export price of white-leg shrimp to Japanese market is also expected to increase because Vietnam's value-added, pre-processed products are still popular, transportation costs are lower and Yen is likely to appreciate.
In Japan, volume remained stable in July at 3,655 tonnes. Price decreased by 3.4%, returning to level from March to May, reaching 8.50 USD/kg.
Meanwhile, in South Korea, prices were stable at $7.10/kg, while volumes increased to 3,336 tonnes - a level not seen since August 2023.
In July 2024, Vietnam's whiteleg shrimp sales to China remained strong, falling only slightly to 5,700 tonnes. However, prices fell 4.6% to $6.20/kg, the lowest level since several volatile months in 2022.

Source: Vitic/ congthuong.vn