Vietnamese shrimp exports continue to grow, with a surge of 8.3% to reach $1.1 billion between the beginning of the year and mid-May compared to the same period last year. The EU market saw an increase of 1.2% in Vietnamese shrimp exports, reaching $134 million. However, exports to Japan fell slightly by 3%, amounting to $161 million. On the other hand, shrimp exports to China and Hong Kong experienced a significant increase of 31%, reaching $223 million. The average export prices of Vietnamese white-leg shrimp to the United States and China remained stable, while the export price of frozen white-leg shrimp to Japan decreased by 1.2%. The export price of Vietnamese black tiger shrimp to China decreased by 11.2%, while the average export price of the product in the US reached the highest level in a year at $18.8 per kilo. Shrimp export businesses are encouraged to focus on increasing product quality, applying science and technology, and reducing production costs to further enhance overall efficiency [a91bbdc9].
Vietnamese shrimp exports are predicted to maintain their growth momentum due to several factors. The fall in inventories, positive signs in export prices, and demand in major markets all contribute to the positive outlook for the industry. Shrimp export businesses are advised to develop strategies that prioritize product quality and the application of science and technology throughout the production and farming stages to increase efficiency and reduce costs [a91bbdc9].
India also experienced a record-breaking year in seafood exports. In the financial year 2023-24, India exported 1,781,602 metric tons of seafood worth Rs 60,523.89 crore ($7.38 billion). Frozen shrimp remained the leading export item, generating Rs 40,013.54 crore ($4,881.27 million). The United States emerged as the top market for Indian seafood, importing seafood worth about $2,549.15 million, with frozen shrimp accounting for 91.90% of the share. China was the second-largest seafood export destination, importing seafood worth $1,384.89 million. Japan and Vietnam were the third and fourth largest importers of Indian seafood, respectively [661d66d5].