Shrimp exports to major markets bounce back

HCM City: 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 for ecast 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./. Source: V ietnam News Agency

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