Vietnam’s shrimp export industry has demonstrated remarkable resilience and growth, with October figures reaching 394 million USD, marking a 24% increase from the previous year. This robust performance is part of a broader trend, as the first ten months of the year saw total shrimp export turnover climb to 3.2 billion USD, reflecting a 13% year-on-year growth.

A closer examination reveals that all major markets have contributed to this success, each achieving double-digit growth in October. This signals a strong recovery in global demand for Vietnamese shrimp, with particularly notable performances in key regions.

China’s Growing Appetite

Exports to mainland China and Hong Kong have been a standout, reaching 91 million USD in October, a striking 44% increase year-on-year. Over the ten-month period, turnover totalled 676 million USD, representing a 31% growth.

This surge is partly driven by China’s consumer stimulus policies, which have significantly boosted imports of high-value seafood products. Notably, lobster exports have seen an extraordinary 157% increase, reaching 298 million USD, underscoring the lucrative opportunities for Vietnamese enterprises in this market.

EU’s Steady Demand

The European Union has also played a crucial role in sustaining Vietnam’s export momentum. Shrimp export turnover to the EU in October rose by 32%, bringing the ten-month total to 408 million USD, a 17% year-on-year increase.

Since April, the EU has maintained stable demand, providing a reliable market for Vietnamese shrimp producers. This consistency is a testament to the quality and competitiveness of Vietnam’s seafood offerings in a region known for its stringent standards.

US Market Dynamics

In the United States, shrimp exports exceeded 80 million USD in October, marking a 17% increase, with year-to-date exports reaching 646 million USD, up 10%. The US market is currently grappling with a shortage of imported shrimp due to declining supplies from the world’s three largest shrimp-producing nations.

This supply crunch, coupled with improved market sentiment and reduced inventories, has created a gradual imbalance between supply and demand, driving up import demand. Additionally, the prospect of higher import taxes under President-elect Donald Trump’s proposed policies has prompted US businesses to accelerate imports, potentially boosting shrimp demand further in the short term.

Outlook for 2024

Exports to Japan and the Republic of Korea have also rebounded strongly, with October growth rates of 18% and 28%, respectively, following a period of instability. This recovery is complemented by rising export prices, particularly for white-leg shrimp, which are enhancing profit margins for Vietnamese businesses.

The data from the first ten months paints a positive picture for Vietnam’s shrimp export sector. With stable demand from the US and EU, and China’s consumption-supporting policies continuing to drive imports, shrimp exports are poised to reach 4 billion USD in 2024, marking a significant milestone for the industry.