Shrimp processing line for export at the factory of Minh Phú Seafood Corporation. — VNA/VNS Photo

Việt Nam’s shrimp exports in October reached US$394 million, a strong 24 per cent increase year-on-year, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).

In the first ten months of the year, total shrimp export turnover reached $3.2 billion, recording a 13 per cent growth year-on-year.

All major markets achieved double-digit growth in October, signalling a strong recovery in demand.

Notably, shrimp exports to mainland China and China's Hong Kong in October reached $91 million, up 44 per cent year-on-year.

Over the ten months, turnover totalled $676 million, a growth of 31 per cent.

Lobster exports surged by an extraordinary 157 per cent, reaching $298 million. China’s consumer stimulus policies have further driven imports of this product, creating significant opportunities for Vietnamese enterprises.

Similarly, shrimp export turnover to the EU in October rose by 32 per cent, bringing the ten-month total to $408 million, a 17 per cent year-on-year increase. Stable demand from the EU has maintained consistent growth since April.

In the US market, shrimp exports in October exceeded $80 million, a 17 per cent increase.

Year-to-date exports to the US amounted to $646 million, up 10 per cent.

With a decline in supply from the three largest shrimp-producing nations, the US faces a shortage of imported shrimp.

Improved market sentiment, reduced inventories and a gradual imbalance between supply and demand have further driven higher import demand. Prices are expected to rise and with President-elect of the US Donald Trump’s proposed import tax increases, if implemented, prompting US businesses to accelerate imports before the new tariffs take effect.

In the short term, this is expected to boost US shrimp imports demand further.

Shrimp exports to Japan and South Korea also showed significant recovery in October, growing 18 per cent and 28 per cent, respectively, after a period of instability.

Export shrimp prices, especially for white-leg shrimp, are on an upward trend, significantly improving profit margins for businesses.

Additionally, processed shrimp products are experiencing robust growth, highlighting Vietnamese enterprises' focus on high-value-added products.

Data from the first ten months indicate a positive outlook across major markets. Demand from the US and EU remains stable, while China, with its consumption-supporting policies, continues to be a promising destination for Vietnamese shrimp.

With this growth trajectory, shrimp exports in 2024 are likely to reach $4 billion. — VNS