Vietnam’s shrimp exports soared by 13% year-on-year to US$3.2 billion in the first 10 months of 2024.
They reached $394 million in October alone, a 24% increase from a year earlier, according to the Vietnam Association of Seafood Exporters and Producers.
Shipments to major markets saw double-digit growth in the first 10 months, signaling a strong recovery in demand.
Notably, shrimp exports to mainland China and Hong Kong totaled $676 million during the period, a year-on-year growth of 31%.
Lobster exports surged by an extraordinary 157% to $298 million in the same period as China’s consumer stimulus policies have increased its imports of this product.
Shrimp exports to the EU rose by 32% to $408 million, a 17% year-on-year increase. Demand from this market has experienced consistent growth since April.
The U.S. imported $646 million worth of shrimp from Vietnam in the first 10 months, up 10% from a year ago.
A decline in supply from the three largest producing nations, improved market sentiment and reduced inventories have boosted the U.S.’ shrimp imports.
Prices are expected to rise with U.S. President-elect Donald Trump’s proposed import tax increases, so businesses there are in a rush to increase imports before the new tariffs take effect.
Shrimp exports to Japan and the Republic of Korea also showed significant recovery in October, growing by 18% and 28% year-on-year, respectively, after a period of instability.
Export shrimp prices, especially for white-leg shrimp, are on an upward trend, significantly improving profit margins for businesses.
Additionally, processed shrimp products are experiencing robust growth, highlighting Vietnamese enterprises’ focus on high-value products.
With this growth trajectory, shrimp exports are likely to reach $4 billion this year.
