Specifically, Vietnamese shrimp exports to the EU market during the reviewed period reached US$134 million, up 1.2% on-year.

Meanwhile, the country grossed US$161 million from exports to Japanese market, posting a slight annual fall of 3%.

Insiders pointed out that export orders from the EU and Japan are anticipated to increase in the second quarter of this year. In fact, there is rising demand in the EU market, especially for certified shrimp products.

Furthermore, although export orders are slower due to the devaluation of the JPY and the Golden Week taking place in Japan, there are also positive signs ahead in the Far East country.

Elsewhere, Vietnamese shrimp exports to China and Hong Kong (China) soared by 31% to US$223 million on-year.

According to experts, shrimp exports to the market in the second quarter are unlikely to record robust growth due to a reduction in Chinese demand for frozen shrimp.

Moreover, the country has to face fierce competition from Ecuador, specifically as China reduced import tax to 0% on Ecuadorian shrimp from May 1 under the bilateral free trade agreement.

In addition, shrimp suppliers to China have also encountered strong competition from growing domestic shrimp production, a factor exerting a great pressure on imported shrimp prices.

Most large processing factories that have exported their products to the China and Hong Kong markets have been forced to adjust raw material prices by between 1% and 3%.

Shrimp export prices remain stable

The average export price of Vietnamese white-leg shrimp to the United States in April inched up by 1% to US$9.8 per kilo against the same period from last year.

The export price of frozen white-leg shrimp to China remained stable at US$6.44 per kilo, marking the lowest level since the beginning of 2023 and being higher than the price seen back in 2021 and 2022.

April alone witnessed the average export price of frozen white-leg shrimp to Japan decrease by 1.2% to US$8.5 per kilo, while the product was sold at US$7.4 per kilo in the Republic of Korea, up 4.1% on-year.

This comes as the export price of Vietnamese black tiger shrimp to China in April stood at US$9.5 per kilo, down 11.2% on-year.

The average export price of the product in the US stood at US$18.8 per kilo to record the highest level in a year.

According to VASEP experts, the Vietnamese shrimp sector continues to encounter numerous challenges, including strong competitive pressure from regional peers, rising transportation costs and input prices, geo-political conflicts and a global economic recession.

Shrimp export businesses are therefore required to map out development strategies aimed at increasing product quality and applying science and technology to both production and farming stages in a bid to increase overall efficiency and reduce production costs.

However, shrimp exports are predicted to maintain growth momentum due to a fall in inventories, positive signs in export prices, and demand in major markets.