Shrimp exports rise to $3.3B in 8 months

Vietnamese shrimp exports surged to $3.3 billion within the first eight months of the year, according to customs data reported by the Vietnam Association of Seafood Exporters and Producers. White-leg shrimp led the charge, with shipments surpassing $2 billion, marking a 7.6% increase. Black tiger shrimp followed closely, jumping 7.4% to nearly $318 million. Other shrimp products showed a substantial 25% growth, totaling $936.6 million.

Mainland China and Hong Kong emerged as the primary markets for Vietnamese shrimp, absorbing nearly $1.12 billion worth of shipments, a 35.9% rise compared to the same period last year. This accounted for 34.1% of total exports. China's share alone surged by 38.2%, reaching over $1.07 billion, making it the key growth catalyst despite challenges faced by exports to other major markets.

In contrast, exports to the United States declined by 11.7% year-on-year to $436.1 million, while shipments to the European Union fell by 3.6% to $355.3 million. Shipments to Japan grew by 6.1% to $388.5 million, and to Australia and Canada increased by 18.2% and 6.5%, respectively. Over the Pacific, exports to Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member countries reached about $901 million, up 11%.

August alone contributed $478.5 million to these exports, an increase of 4.2% compared to the previous year. However, the U.S. and EU markets saw a significant downturn, with exports to these regions dropping by 12.6% and 23.5% year-on-year, respectively. The association highlighted the stark disparity in demand across export markets, with Asia continuing to demonstrate robust demand while the U.S. and EU grappled with competition and trade-related challenges.