Vietnam's Shrimp Exports Reach New Heights

Vietnam's shrimp exports have surged by 13% in the first 10 months of the year, reaching a staggering $394 million in October alone, a 24% increase from the previous year, according to the Vietnam Association of Seafood Exporters and Producers.

The growth in shipments to major markets indicates a strong recovery in demand, with notable increases in exports to mainland China and Hong Kong, which totaled $676 million, a year-on-year growth of 31%. Additionally, lobster exports surged by an extraordinary 157% to $298 million, driven by China's consumer stimulus policies.

Shrimp exports to the EU rose by 32% to $408 million, while the U.S. imported $646 million worth of shrimp from Vietnam, up 10% from the previous year. Prices are expected to rise further with proposed import tax increases under the new U.S. administration, prompting businesses to increase imports before the new tariffs take effect.

Japan and the Republic of Korea also saw significant recovery in shrimp imports, growing by 18% and 28% year-on-year, respectively. With this growth trajectory, shrimp exports are likely to reach $4 billion this year.