SHRIMP EXPORTS SURGE IN Q1

Workers process shrimp at a local facility - PHOTO: VNA

HCMC – Shrimp exports from January to March totaled US$939 million, up 37% year-on-year, according to data from the Vietnam Association of Seafood Exporters and Producers (VASEP).

China was the largest buyer of Vietnamese shrimp during the first three months of this year, with its total import value of US$288 million, up by 125% against the same period last year.

Demand for seafood in China, particularly lobster, rose sharply.

The export price of black tiger shrimp to China stayed at around US$9.6 per kilogram, slightly higher than earlier this year, while the price of whiteleg shrimp averaged US$6.6 per kilogram.

The United States came second with US$134 million, up 11% versus the year-ago period. Shrimp prices in the U.S. remained high, with whiteleg shrimp averaging US$10.9 per kilogram and black tiger shrimp US$17.7 per kilogram.

Vietnam’s shrimp exports to the EU also grew 33% year-on-year to US$107 million. Japan and South Korea showed positive signs of recovery, with US$124 million and US$77 million, respectively.

However, shrimp exports are facing challenges due to the new U.S. tariff policy.

Should the 46% reciprocal tariff on imports from Vietnam be officially implemented in July 2025, Vietnamese shrimp prices in the U.S. market could rise sharply, reducing its competitiveness against rivals, such as Ecuador, India, and Thailand.

Vietnamese shrimp exporters are also facing two trade remedy cases in the U.S., including anti-dumping and countervailing investigations. The industry is further challenged by increasing competition from other suppliers such as Ecuador, India, and Indonesia.

Moreover, demand in major markets such as China and the European Union has been slowing. Importers are cautious about placing large orders.

In the U.S., the availability of low-priced inventory is also making buyers hesitant to purchase shrimp at higher prices, putting Vietnamese exporters at risk in the second quarter of this year.

Source: The Saigon Times