Shrimp exports hit record in July

Shrimp exports are expected to increase in the last month of the year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in July 2024, Vietnam's shrimp exports reached US$375 million USD, an increase of 17% compared to July 2023. With this result, shrimp exports in July recorded the highest value since the beginning of the year and this is also the month that Vietnam's shrimp exports recorded the best growth since February this year.

In this July, shrimp exports recorded growth in most major consumer markets such as the US, China, and the EU. Japan and Korea that still recorded a decrease or only a slight increase in previous months, in July, recorded a double-digit growth rate.

Reduced inventories and the need to import goods for year-end holidays have made markets increase their shrimp imports. In addition, the price of raw shrimp from producing countries around the world as well as Vietnam tends to increase, positively impacting the price of exported shrimp.

In particular, for China and Hong Kong markets, Vietnamese shrimp exports to these markets tended to recover in July with double-digit growth compared to the same period last year. During the past seven months, shrimp exports to these markets reached US$399 million, an increase of 18% over the same period last year.

Currently, businesses also have their own strategies such as signing contracts for the whole year and increasing raw material reserves. It is expected that in the last months of the year, the world economy and main import markets will have better signals so that the shrimp industry can achieve the goals set for 2024.