Shrimp exports likely to hit US$3.4 billion this year

November alone witnessed the nation’s shrimp export turnover drop by 5% to US$284 million on-year, marking the lowest decrease since the beginning of the year until now.

During the 11-month period, shrimp export turnover declined by 23% to US$3.1 billion against the same period from last year.

Five local exporters posting the largest export turnover include Stapimex, Minh Phu Seafood Corp, Minh Phu - Hau Giang, Cases, and Fimex VN.

The United States remains the country's largest single shrimp export market with US$51 million in November, representing an increase of 24% on-year. This is also the fifth consecutive month which Vietnamese shrimp has recorded positive export growth in the market this year.

From January to November, Vietnamese shrimp exports to this market endured a decrease of 17% to US$640 million on-year.

VASEP cited statistics from the National Oceanic and Atmospheric Administration (NOAA) that the US’ imports of shrimp from Vietnam recorded the strongest growth in both volume and value with respective rises of 30% and 17%.

The average price of shrimp imports from the country dropped by 10% to US$10.6 per kilo compared to last year’s corresponding period.

In terms of the EU market, with the growing demand during the year-end period and cooling inflation, Vietnamese shrimp exports to the EU in November declined slightly by 3% to US$36 million against the same period from last year.

Due to the unstable demand for shrimp in China and Hong Kong (China), Vietnamese shrimp export turnover to these markets dropped by 8% to US$569 million compared with the same period from last year.

VASEP forecasts that during the final months of this year Vietnamese shrimp exports to this market will continue to fall and are likely to recover slightly ahead in early 2024.