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Tuesday, June 25, 2024

Vietnam shrimp exports seen recovering this year

The Saigon Times

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HCMC – Vietnam’s shrimp export sector have seen a modest recovery early this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

VASEP’s data showed a 22% decline in shrimp export value to US$3.4 billion last year. Exports to China fell at the smallest rate, at 8%, compared to a reduction of 15% to the U.S., 24% to Japan, and 39% to the European Union.

While China’s demand for shrimp remains strong, Vietnam’s pricing competitiveness has been affected by heightened competition from other suppliers, notably India and Ecuador. However, VASEP pointed out that Vietnam’s geographical proximity to China provides a cost advantage in terms of transportation.

In addition to China, the U.S. and Japan are viewed as promising markets for shrimp exporters. U.S.-bound shipments are expected to improve owing to increased demand, reduced inflation, and retail recovery.

However, VASEP highlights a recent petition by the American Shrimp Processors’ Association for imposing countervailing duty on Vietnamese shrimp, potentially impacting the industry in the first half of this year.

Japan, known for its preference for high-quality and intricately processed shrimp, remains a lucrative market for Vietnam, given its geographical proximity.

On the other hand, shrimp shipments to the European market, which is still facing economic and political uncertainties, are not expected to recover strongly this year. VASEP predicted stable shrimp demand in the region but acknowledged the industry will continue facing difficulties in this market.

Shrimp exports in 2024 are projected to amount to US$4 billion.

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