Vietnam's Seafood Exports Experienced a 20% YoY Decline in Jan-Oct 2023 While Shrimp Exports Drop by 24% YoY

In Oct-23, Vietnam's seafood exports amounted to over USD 863 million, a 5% year-over-year (YoY) decrease. From Jan-23 to Oct-23, the total seafood exports reached USD 7.5 billion, a 20% YoY decline.
Specifically focusing on shrimp exports, the total shrimp export turnover for the first ten months of 2023 reached USD 2.8 billion, accounting for 38% of the total seafood exports from Vietnam. However, this figure reflects a 24% YoY decrease.

In major markets such as the United States (US), European Union (EU), and China, the average shrimp import prices in 2023 have experienced 13.4%, 10%, and 2.7% YoY declines, respectively. Analysts attribute these declines to global inflation and economic challenges due to conflicts and wars, leading to reduced consumer spending and more cautious corporate operations.

The challenging economic conditions have particularly impacted high-end seafood products like tuna, squid, and octopus, making them difficult to sell, leading to decreased sales, primarily due to higher prices. In contrast, mid-range products are compelled to reduce prices to stimulate demand.