Vietnamese shrimp exports have surged in the first five months of 2024, reaching an estimated USD 1.3 billion, a 7% increase from the same period last year, according to a report of the Vietnam Aquatic Products Producers and Exporters Association (VASEP).

Breakdown of Shrimp Exports:

• White-Leg Shrimp: Dominates with 75% of total exports, worth USD 935 million, a 21% increase from last year.
• Tiger Shrimp: Comprises 12% of exports, totaling USD 155 million, a 10% increase.
• Lobsters and Other Crustaceans: Lobster exports surged, earning over USD 100 million, a 70-fold increase, while other crustaceans also saw significant growth.

Comparative Performance with Other Aquaculture Products:

• Pangasius: Second in ranking, with exports worth USD 757 million, up 4%.
• Tuna: Third, with USD 388 million in exports, a 22% increase.

Key Markets for Vietnamese Shrimp:

• China: Now the largest importer, accounting for 20% of exports.
• United States: Second, with 17.4% of exports, a 4% increase.
• Japan and EU: Exports to Japan fell by 3%, while EU exports increased by 1%. Significant growth was noted in Canada (51%), Britain (15%), and Russia (332%).

Outlook for 2024

Despite global economic challenges, the demand for aquaculture products is expected to rise, with Vietnam’s aquaculture export target set at USD 10 billion, driven by festive season demand.