Vietnam’s Seafood Exports to the U.S.: Opportunities and Challenges in 2024
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports to the U.S. in 2024 are showing promising signs. In October 2024, shrimp export turnover exceeded USD 80 million, an increase of 17% compared to the same period last year. Cumulatively, over the first 10 months of the year, this figure reached USD 646 million, marking a 10% growth.
The U.S. market is witnessing a decline in shrimp imports from its three major suppliers: Ecuador, India, and Indonesia. This has opened opportunities for other exporters, with Vietnam being considered a strong potential partner. Market optimism, reduced inventory levels, and a balanced supply-demand dynamic are creating favorable conditions for increased U.S. import demand in the near future.
In October 2024, Vietnam’s shrimp exports to the U.S. exceeded USD 80 million.
The year 2024 has seen significant fluctuations in shrimp export prices. The price of whiteleg shrimp experienced an upward trend from February to July, followed by a decline in Q3, reaching USD 9.9/kg in September before rebounding to USD 10.3/kg in October. Similarly, black tiger shrimp prices showed notable changes, peaking at USD 18.9/kg in March and falling to USD 15.2/kg in October.
An important factor affecting seafood exports is the potential increase in U.S. import tariffs. A proposal by former President Donald Trump, if approved, may prompt U.S. businesses to stockpile goods. While this could provide short-term opportunities, it also presents challenges for Vietnam’s shrimp industry, including risks related to transportation costs and policy fluctuations.
On November 19, 2024, the U.S. International Trade Commission (USITC) concluded that the domestic shrimp industry in the U.S. suffered harm due to imported shrimp from countries including Vietnam. These products were accused of being sold at dumping prices or receiving government subsidies. This finding may lead to the imposition of anti-dumping duties, placing significant pressure on exporting businesses.
In the first nine months of 2024, U.S. shrimp imports from Vietnam increased by 9%, while imports from other major suppliers declined. Notably, imports of peeled shrimp from Vietnam rose sharply by 27%. However, products such as shell-on shrimp, steamed shrimp, and seasoned shrimp showed a downward trend, reflecting increasing competition.
Despite many challenges, the U.S. remains a bright spot for Vietnam’s shrimp exports. Flexibility and timely strategy adjustments will be key factors in helping businesses overcome difficulties and achieve sustainable growth.
