Shrimp exports to major markets bounce back
Processing shrimp for export in Soc Trang province (Photo: VNA)
Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
According to statistics of the General Department of Vietnam Customs, shrimp exports are estimated at 620 million USD during January-March, up 24% year-on-year. Notably, earnings from shipments to the US and Chinese markets are estimated to increase by 26% and 140%, respectively.
Regarding the Chinese market, Kim Thu from the Vietnam Association of Seafood Exporters and Producers (VASEP) said that China has reduced imports from Ecuador - its largest shrimp supplier, and increased imports from Vietnam. In this market, Vietnam has to compete in price with rival suppliers, however, many buyers in China consider Vietnamese shrimp to be of higher quality than those of Ecuador and India, so they accept higher prices.
For the US, shrimp industry experts say that sales of fresh and frozen seafood in this market are forecast to stabilise in 2024, after facing many difficulties in 2023 due to inflation and people’s tightening spending. Compared to some of the US’s main shrimp suppliers, which are India, Ecuador, and China, Vietnam is considered more promising, especially when diplomatic relations between Vietnam and the US are developing well.
According to a representative of the VASEP, value-added processed shrimp products account for 40% - 45% of the total annual shrimp export value. The processing level of Vietnamese shrimp enterprises is at a high level in the world and this is a competitive advantage of Vietnamese shrimp in the Japanese market.
However, the sector is advised to keep up its efforts, because the competition from other countries remains fierce.
According to former VASEP Chairman Ho Quoc Luc, Vietnamese shrimp products have a good quality, but their prices are at a high level.
Therefore, farmers and exporters are recommended to seek measures to maintain quality and reduce production costs./.
Related News
Latest News
Ample room for Việt Nam-Thailand cooperation in new economic sectors: official
14:50 | 03/05/2024 Headlines
Exports, FDI remain Vietnam’s bright spots: HSBC
17:16 | 02/05/2024 Headlines
Growth engines rev up in first four months
17:12 | 02/05/2024 Headlines
Vietnam fulfills Chairmanship of Asia Pacific Group at UN for April
19:38 | 01/05/2024 Headlines
More News
Startups gradually mature in international markets
08:22 | 01/05/2024 Headlines
Việt Nam to promote local tourism
13:37 | 30/04/2024 Headlines
April 30 Victory – Glorious milestone in national history
13:34 | 30/04/2024 Headlines
Vietnam secures remarkable economic successes since national reunification
13:31 | 30/04/2024 Headlines
Precious significance of Điện Biên Phủ Victory
16:44 | 29/04/2024 Headlines
Tourism sector surges with over six million visitors in four months
16:40 | 29/04/2024 Headlines
Removing the yellow card, seafood businesses commit to "say no to IUU"
07:51 | 29/04/2024 Headlines
Vietnam ranks third in Southeast Asia in startup investment attraction
14:57 | 28/04/2024 Headlines
All-out efforts needed to get IUU yellow card removed: Minister
14:55 | 28/04/2024 Headlines
Your care
Ample room for Việt Nam-Thailand cooperation in new economic sectors: official
14:50 | 03/05/2024 Headlines
Exports, FDI remain Vietnam’s bright spots: HSBC
17:16 | 02/05/2024 Headlines
Growth engines rev up in first four months
17:12 | 02/05/2024 Headlines
Vietnam fulfills Chairmanship of Asia Pacific Group at UN for April
19:38 | 01/05/2024 Headlines
Startups gradually mature in international markets
08:22 | 01/05/2024 Headlines