W24: Shrimp Update

In W24 in the shrimp landscape, shrimp exports from Vietnam to primary markets decreased by 40% in March 2023, with Japan, South Korea, the US, the EU, and China being the most affected. Overall, Vietnam's shrimp exports in March 2023 amounted to USD 265 million, marking a 33% decrease compared to 2022. The presence of shrimp from Ecuador, India, and Indonesia has surpassed Vietnamese shrimp in the market, causing concern among the shrimp business community regarding the price competitiveness of shrimp farming. Meanwhile, the Vannamei shrimp market in Thailand has been experiencing a decline since April 2023, with prices ranging from USD 3.46/kg for 60-count to USD 3.31/kg for 70-count and USD 3.17/kg for 80-count and there is no indication of improvement soon. India's seafood exports rose 4.31% to USD 8.09 billion in 2022/23 due to a 4% YoY increase in shipments of frozen shrimp, exporting 199,337 mt of shrimp in the first four months.

China and Honduras have signed a protocol on inspection, quarantine, and other requirements for Honduran aquatic products. The GAC has also approved the registration of nine Honduran aquaculture firms in China, allowing them to trade white-leg shrimp. Ecuador's shrimp exports to the US have been negatively affected by earthquakes and heavy rainfall, resulting in a decline in volume. Indian shrimp exports to the US are expected to surpass Ecuador in 2023. Despite initial expectations of price hikes, the current market scenario indicates a decrease in shrimp prices. Exporters maintain an optimistic outlook, anticipating a rebound in prices due to disruptions in Ecuador's shrimp production and supply chain. Australia has completed a review of prawn import conditions to safeguard domestic producers, preserve native crustacean species, and protect aquatic environments from diseases. The implementation of the new import conditions will start in October 2023. Additionally, the department will closely monitor imports to ensure compliance with the regulations.