The past year saw China’s domestic shrimp supply decrease due to adverse weather conditions, while Ecuador moved to reduce its exports to this market.

Simultaneously, China introduced solutions to increase consumer spending among its people, that supports shrimp imports into China.

Among Vietnamese shrimp products exported to the Chinese market, white-leg shrimp accounted for 36%, while black tiger shrimp made up 12%. Other types of shrimps represented the highest proportion with 52% as China increased its lobster imports from Vietnam.

Meanwhile, shrimp export revenue to the US reached US$756 million, up 11% compared to the same period from last year. According to the VASEP, white leg shrimp was the dominant product exported to the US, accounting for over 84%.

Elsewhere, Japan ranked third with US$517 million, up 1% year on year.

After declining in the first two quarters of 2024, shrimp exports to the Japanese market recovered in the third and fourth quarters, although the growth rate was not high.

Since mid-Q3 in 2024, the Japanese Yen has recovered strongly, leading to improved purchasing power. In addition, India, which is Vietnam's tough competitor in the Japanese market, was embroiled in a scandal over the use of underage labour, therefore, Vietnamese shrimp was increasingly sought after by Japanese importers.

The EU came fourth, with a total turnover of US$484 million, an annual increase of 15%. This was followed by the Republic of Korea with US$334 million, down 3% compared to 2023.

EU becomes Vietnam’s top shrimp importer

Vietnam’s shrimp exports to the EU market reached US$483.6 million in the first eight months of this year, a rise of 30% over the same period last year, making the EU the top market of Vietnamese shrimp, the place which was earlier held by Japan.