Overtaking the US, China becomes the market that buys the most of Vietnamese shrimp

Published 2022년 10월 21일

Tridge summary

In September 2022, Vietnam saw a significant increase in shrimp exports to Asian markets, including Japan, China, and Korea, by 13% compared to the same period in 2021, reaching a value of 349 million USD. The first nine months of the year saw a 23% increase in total shrimp export value, amounting to 3.4 billion USD. However, there was a decline in shrimp exports to the US and EU markets, with a 42% decrease and 0.5% increase, respectively. The decrease in US imports is attributed to inflation, high inventories, and transportation issues caused by COVID-19. In contrast, China has become Vietnam's largest shrimp import market, with over 100% increase in September, due to a decline in domestic production and increased demand. Experts predict that shrimp exports to the US and EU may further decrease, while exports to Asian markets are expected to remain strong, with a slight increase or approximately the same as last year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), in September 2022, Vietnam's shrimp exports reached 349 million USD, up 13% over the same period in 2021. Accumulated in the first 9 months of the year, shrimp export value reached 3.4 billion, up 23% over the same period last year. Notably, in September 2022, Vietnam's shrimp exports tended to increase in Asian markets such as Japan, China, and Korea while quiet in Western markets such as the US and EU. Specifically, Vietnam's shrimp exports to the US in September 2022 reached 57 million USD, down 42% over the same period. Accumulating 9 months, shrimp exports to this market reached 675 million USD, down 13% over the same period last year. Inflation increased, inventories remained high while purchasing power decreased, transportation and cold storage problems due to the impact of the Covid-19 epidemic are believed to be the reasons for the US to reduce shrimp imports. By the end of ...

Source: Danviet