Shrimp exports to China increased by 26%

Regarding the market, as of September 15, shrimp export turnover to the US reached 516 million USD, up 8% over the same period last year (YoY); exports to the EU reached 337 million USD, up 15% YoY; to China & Hong Kong reached 529 million USD, up 26% YoY.

Among the main markets, shrimp export turnover to Japan decreased by 1% compared to the same period last year, to 342 million USD.

According to VASEP, although in 2024, frozen shrimp exports will still be affected by the price trend that has not clearly recovered, along with competitive selling price pressure with Ecuadorian and Indian shrimp, however, Vietnam's processed shrimp still has a good position in the markets.

By the end of September 2024, the export turnover of processed white-leg shrimp still increased by nearly 10% over the same period; the export turnover of frozen white-leg shrimp also increased by more than 4.5%. This brought the export turnover of white-leg shrimp of Vietnam in the first 9 months of 2024 to nearly 2 billion USD. The export turnover of black tiger shrimp reached 334 million USD.

Along with the recovery of markets, shrimp exporting enterprises also recorded positive revenue results. For example, Sao Ta (FMC), in the first 9 months of 2024, this company earned 186.7 million USD. In September alone, Sao Ta reached 30.1 million USD in revenue (up 48% over the same period last year).

In 2023, Sao Ta will be the largest Vietnamese shrimp exporter to Japan, ranking 5th in the US market and 9th in Korea.

Assessing demand in markets, VASEP cited data from the US National Oceanic and Atmospheric Administration (NOAA). In the US market, in August 2024, Vietnam's shrimp exports recorded more positive results than other competitors such as India and Ecuador when shrimp exports from these sources to the US all decreased.

The average import price of shrimp from Vietnam to the US is recorded to increase from 4.59 USD/pound in July 2024 to 4.95 USD/pound in August 2024.

According to VASEP, Vietnam's raw shrimp prices have been more positive since July this year. Raw white-leg shrimp prices of sizes 50, 80, 100 pieces/kg have increased steadily from July to September.

Raw shrimp prices are expected to remain positive in the fourth quarter of 2024, but there is a possibility of local raw material shortages because this is the period when China will increase purchases for the Lunar New Year and New Year holidays, and businesses need raw materials to boost production for year-end orders.

Regarding the production situation, in the third quarter of 2024, Vietnam's whiteleg shrimp output is estimated at 368,700 tons, up 5.1% over the same period last year; black tiger shrimp reached 88,200 tons, up 2%. According to the General Statistics Office (GSO), Vietnam's shrimp output in the third quarter of 2024 increased compared to the same period last year due to the application of super-intensive and intensive farming models, applying technology to bring high efficiency.

In the first 9 months of 2024, white-leg shrimp output reached 701,400 tons, up 5.3% over the same period last year; black tiger shrimp output reached 210,300 tons, up 2.2%.

Source: Duong Anh (Mekongasean.vn)

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