In April this year, shrimp exports to the EU were quite vibrant. Export value to the main single markets in the bloc all grew by double digits.

According to the Association of Seafood Exporters and Producers (VASEP), Vietnam's shrimp exports to the EU market, after 2 months of deep decline, recovered and gained growth in April. The EU is the main import market recording the best growth in April this year.

Shrimp exports to the EU reached USD 38 million in April this year, an increase of 28% over the same period. Accumulated in the first four months of this year, export value reached USD 119 million, almost equivalent to the same period last year.

In April this year, shrimp exports to the EU were quite vibrant. Export value to the main single markets in the bloc all gained double-digit growth. Exports to Germany, the Netherlands and Belgium increased by 29%, 37% and 39% respectively, and exports to Denmark increased sharply by 88%.

In 2023, Vietnam's shrimp exports to the EU decreased significantly compared to 2022. Russia-Ukraine tensions, tightening consumer spending, rising prices, rising gasoline prices, devaluation of the EUR, etc. are the reasons for slow demand in this market.

In the EU market, Vietnamese shrimp has to compete strongly with Ecuadorian shrimp. Ecuador has the advantage of cheap shrimp, meeting the EU consumer trend of ASC-certified shrimp and lower shipping costs. Ecuador is still the largest shrimp supplier to the EU market.

The EU market requires farmed shrimp to meet strict requirements on safety standards, traceability, and animal welfare, etc. VASEP believes that businesses exporting shrimp to this market need to have a more systematic market access strategy and further promote marketing efforts to promote their products.

Markets in Northwest Europe (including markets such as Germany, the Netherlands, Belgium, etc.) are tending to switch to more convenient forms of shrimp products, value-added shrimp products.

While in Southern Europe including the markets of Spain, Portugal, Italy, France, etc., prices play an important role in determining market dynamics. Therefore, affordable white leg shrimp products will be more popular.

According to VASEP, "with an expected compound annual growth rate (CAGR) of about 7% in the coming years, the EU is also a shrimp consumption market that offers many opportunities. It is important to adapt to changing market dynamics and innovate products to maintain competitiveness in this market."

Kylie Nguyen