2024 marks an impressive breakthrough of Vietnam’s shrimp export industry when conquering 107 global markets, an increase of 5 markets compared to 2023. Here are 5 “golden” markets that play a key role, accounting for 76% of Vietnam’s total shrimp export value.
1. China & Hong Kong (China)
China and Hong Kong have become the largest markets for Vietnamese shrimp with a remarkable growth rate. In the fourth quarter of 2024, export turnover increased by 69%, reaching 258 million USD, bringing the total annual value to 843 million USD (up 39% compared to 2023). Important factors for growth include:
- Domestic supply declined due to the influence of weather.
- China’s consumption stimulus policy.
Product structure in this market:
- Other shrimp: 51.7% (increase in lobster imports)
- White leg shrimp: 36.1%
- Black tiger shrimp: 12.2%
2. United States
Shrimp exports to the United States reached 756 million USD (up 11% compared to 2023). Stable growth in the last 3 quarters of the year thanks to:
- The demand for high-end food is increasing.
- Outstanding competitiveness thanks to the quality of deep-processed shrimp.
Product Structure:
- White-legged shrimp: 84.3%
- Black tiger shrimp: 9.3%
- Other shrimp: 6.4%
3. Japan
With a turnover of 517 million USD (up 1% compared to 2023), Japan is an important traditional market. The recovery in the third and fourth quarters was thanks to:
- The Japanese yen recovered, increasing purchasing power.
- Diversification of high-end processed shrimp products.
4. European Union (EU)
Despite facing many challenges such as high logistics costs, shrimp exports to the EU remain stable thanks to the efficiency of E-VFTA and the demand for safe and sustainable food.
5. South Korea
Export turnover increased slightly:
- The market is close, convenient for logistics.
- The popularity of Korean food has shrimp ingredients.
Source: congthuong.vn
