Inflation and the Ukrainian crisis were the main reasons for the fall in exports of shrimp from Vietnam to the EU

Published 2023년 3월 2일

Tridge summary

Vietnamese shrimp exports experienced a decline in January 2023, with a 55% decrease to $24 million for the EU, making it the second-largest market after Japan. This downturn is attributed to inflation, the Ukrainian crisis, and strong competition from other suppliers like Ecuador and China. The EU market is shifting, requiring innovation and diversification among exporters. Japan remained a steady market, with a 20.3% share in shipments, despite a 47% decrease to $29 million. The US saw a 65% drop in Vietnamese shrimp exports to $23 million due to oversupply, but VASEP anticipates a recovery in demand around May as stocks decrease and economic conditions improve.

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Original content

Shrimp exports to the EU, Vietnam's second largest market, were $24 million in January, down 55% from the same period in 2022. The impact of inflation and the uncertainty associated with the Ukrainian crisis is largely behind these figures. According to the Association of Seafood Exporters and Producers (VASEP), “In the face of increasingly strong competition from other suppliers such as Ecuador and China in the EU market and greater market diversification, companies must innovate and diversify both products and supply chains. and also focus on market research to increase exports. ". Japan was the main market for Vietnamese shrimp in the first month of the year, accounting for 20.3% of shipments. Shrimp exports to Japan reached $29 million in January this year, down 47% from the same period in 2022. Vasep predicts that sales to Japan will remain stable in 2023 “as processed shrimp from Vietnam continues to enjoy good demand in this market.” For its part, Vietnamese shrimp exports ...

Source: Fishretail