Vietnam: Regaining the momentum of shrimp export growth

Frozen Common Shrimp & Prawn

Seafood

Vietnam

Market & Price Trends

Published Feb 25, 2024

Tridge summary

Vietnam's shrimp export turnover is projected to drop by 21.7% in 2023 to 3.38 billion USD due to reduced global demand and increased competition from Ecuador and India, particularly in the Japanese and Chinese markets. Meanwhile, Canada's seafood revenue is expected to reach 4.79 billion USD with an average annual growth of 4.9%. To increase market share by 2024, Canadian businesses are advised to adapt to changing consumer tastes in China and Korea, which include a preference for fresh/live/chilled lobster, dried/salted/smoked/brine shrimp, processed shrimp, and cooked, processed, and preserved foods.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Processing shrimp for export at Kien Cuong Import-Export Seafood Processing Joint Stock Company (Kien Giang). (Photo TRAN TUAN) In 2023, Vietnam's shrimp export turnover will reach 3.38 billion USD, down 21.7% compared to 2022. The proportion of shrimp in Vietnam's total seafood exports in 2023 will decrease in both quantity and value compared to 2023. with 2022. The reason is that world market demand has decreased sharply under the impact of high inflation and Vietnamese shrimp has to compete fiercely with shrimp supplies from Ecuador and India. Data from the Import-Export Department, Ministry of Industry and Trade shows that in 2023, shrimp is the Japanese product with the strongest decrease in imports from most markets, with a decrease of 9.4% in volume, reaching 212.4 thousand. ton. Japan's shrimp import price in 2023 will average 9.6 USD/kg, down 1.4% compared to 2022. Although Vietnam maintains its position as the third largest seafood supply market for Japan, it is the ...

Source: VNRuralEconomics