In April 2024, Vietnam's shrimp exports reached 287 million USD, up 0.2% over the same period last year. Cumulatively in the first 4 months of this year, export turnover reached 974 million USD, up 10% over the same period.

Exports to the US, EU, and Korea reversed compared to March

In April this year, Vietnam's shrimp exports had a change in import trends of main markets. If in previous months, the two markets, the US and China & HK, recorded strong growth rates, in April this year, exports to the US decreased and to China & HK only increased slightly.

Exports to the Korean market increased slightly again after decreasing in the previous 2 months. Exports to the EU market, after 2 months of deep decline, recovered growth in April. The EU is the main market recording the best growth in April this year.

Shrimp exports to the US in April 2024 decreased by 15% after still growing slightly in March. In the first 4 months of this year, Vietnamese shrimp exports to the US reached 168 million USD, up 5% over the same period.

Shrimp imports into the US from supply sources in the first quarter of this year recorded an increase in volume and a slight decrease in value. In March this year, the US again skyrocketed shrimp imports from Ecuador with an increase of 25% and 24% in volume and value respectively. This may cause the US to reduce imports from other sources.

Vietnam's shrimp industry is in the "suspense" stage due to information related to anti-subsidy taxes. Currently, the US is considering recognizing Vietnam as a market economy; Hopefully, achieving positive results will help remove anti-subsidy tax barriers, relieving the burden on businesses exporting Vietnamese shrimp to the US.

Vietnamese shrimp exports to China & HK markets increased by 1.7% to 64 million USD in April this year. Accumulated in the first 4 months of the year, shrimp export turnover to this market reached 192 million USD, an increase of 41%. Shrimp exports to Korea also recorded a slight increase of 4% in April this year and the turnover in the first 4 months of this year to this market reached 95 million USD, down 10%.

EU is the bright spot market in April

Shrimp exports to the EU reached 38 million USD in April this year, up 28% over the same period. Accumulated in 4 months, export value reached 119 million USD, almost equivalent to the same period last year.

In April, shrimp exports to the EU were quite exciting. Export value to the main single markets in the bloc all grew by double digits. Exports to Germany, the Netherlands and Belgium increased by 29%, 37% and 39% respectively, exports to Denmark increased sharply by 88%.

Global Seafood Exhibition 2024 takes place in Spain in April with the participation of many Vietnamese shrimp exporters. Here, fresh value-added shrimp products from Vietnam were promoted to European consumers and imports. Instant shrimp products are processed by businesses into many rich and diverse dishes and invited to enjoy right at the booths.

Vietnam's shrimp exports in the first 4 months of the year recorded an increase of 10% over the same period, a sign that inventories in markets have reduced. However, actual consumer demand has not yet shown a clear recovery. In the context of still facing many challenges, Vietnam's shrimp industry should promote the production of value-added products; Focus more on the farming stage to increase productivity, reduce costs, and improve competitiveness to increase export turnover this year.

Source: VASEP