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Vietnam's main shrimp export markets in 5 months of 2024 and forecast 

 Wednesday, June 19,2024

AsemconnectVietnam - The United States, EU, Japan, China and Hong Kong (China) and South Korea were Vietnam's main shrimp export markets in the first 5 months of this year.

Vietnam's shrimp exports to the US, EU, and Japan markets are expected to recover slightly while the exports to China are forecast to face difficulties.
It is forecast that in the first 6 months of this year, Vietnam's seafood exports will reach a turnover of 4.4 billion USD.
Vietnam's shrimp exports to China and Hong Kong (China)
Among the export markets, China and Hong Kong (China) markets were leading with a turnover of 260 million USD, up by 21% over the same period last year.
However, the exports to this market recorded a gradual decrease in growth from January to April, and in May they showed signs of significant decrease.
The main reason was that Vietnam's shrimp prices were higher than those of rival suppliers.
In the following months until the end of the year, Ecuador, India and Indonesia will focus more on the Chinese market due to high tariffs imposed by the US, so Vietnamese shrimp exported to China will have more difficulty in terms of price, especially black tiger shrimp.
On the other hand, according to Ecuador's National Chamber of Aquaculture (CNA), China has lifted bans on nine Ecuadorian shrimp exporters due to the discovery of too high sulfite residues. These nine businesses can now continue their export activities as long as they provide laboratory analysis ensuring compliance along with the usual HC certificates in each batch. China's ban caused Ecuador's shrimp export market share in the Chinese market to decrease from 64% in the first quarter of 2023 to 50% in the first quarter of 2024. China's removal of the ban will also impact Vietnam's shrimp exports to this market.
The US market will increase purchasing to serve the needs of year-end festivals
The US was Vietnam's second largest shrimp export market
The US market ranked second in Vietnam's shrimp export turnover in the first 5 months of this year with a value of 229 million USD, up by 1% over the same period last year.
Shrimp exports to the US only increased sharply in January. From February to May, our country's shrimp exports to the US recorded a sharp decrease.
The main reason was because US inflation was still high, housing and gas costs were high also. In addition, shipping rates increased dramatically by 40% from May due to tensions in the Middle East, the Euro depreciated against the USD, shipping rates increased by 60% due to detours, as well as China consolidated empty containers to export to the US before the new tax deadline also affected Vietnam's shrimp exports.
In addition, Vietnamese shrimp also has to compete strongly in price with Ecuadorian, Indian, and Indonesian shrimp in the US market.
The demand for importing Vietnamese shrimp from the US is expected to increase slightly in the third quarter of this year when importers increase purchases to serve the needs of year-end festivals.
Shrimp exports to the EU market increased slightly
In the first 5 months of this year, Vietnamese shrimp exports to the EU market reached 165 million USD, an increase of 8% over the same period last year. After recording a decline in February and March, Vietnam's shrimp exports to the EU increased again in April and May.
Shrimp consumption in the EU market in the first quarter of the year was very slow because this market was greatly affected by the prolonged Russia-Ukraine war.
In addition, Vietnamese shrimp will have to compete more strongly with rival sources in this market such as India and Ecuador because these two sources have difficulty with high tariffs in the US market, so the prices will be reduced to increase the volume of exports to the EU.
From now until the end of the year, the EU market's demand for shrimp imports is expected to increase slightly. In particular, this market's demand for imported value-added goods will grow better than traditional products because inventories have decreased significantly.
Shrimp exports to the Japanese market will recover slightly
In the first 5 months of this year, Vietnamese shrimp exports to the Japanese market reached 183 million USD, down by 4% over the same period.
Although importers' inventories are not much, due to the devaluation of the Yen since the beginning of the year, there has been no sign of recovery and high inflation, so consumers are spending sparingly.
Shrimp exports to Japan decreased continuously from February to May, but the rate of decrease was not as strong as other markets. Japan is still considered a market with relatively more stable import demand than other markets.
Vietnam's value-added goods in the Japanese market still retain a better competitive advantage compared to other supply sources such as India and Ecuador.
The import demand of the Japanese market is expected to increase slightly from September to serve year-end demand.
Vietnam's shrimp exports to South Korea decreased slightly
In the first 5 months of this year, Vietnamese shrimp exports to South Korea reached 124 million USD, down by 9% over the same period last year. Slow consumption demand, high inflation, devaluation of money, and increased interest rates make it impossible for Vietnamese shrimp exports to South Korea to recover.
Although inventories have decreased, importers do not dare to buy much because inflation is still high, the currency is still devalued and when preparing for the main season, they are afraid that shrimp prices will decrease. It is forecasted that in the last months of the year, the import demand of the South Korean market will remain stable.
CK
Source: VITIC/congthuong.vn

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