Vietnam's shrimp exports fell by more than half

Published Feb 21, 2023

Tridge summary

Vietnam's shrimp exports saw a significant decrease in January due to the Tet holiday, international demand drop, oversupply in the US, and competition from other suppliers. The largest decrease was to the US, followed by the EU and Japan. The Vietnam Association of Seafood Exporters and Producers (VASEP) anticipates challenges for the industry this year due to low global consumption and high inventories. However, the opening of China as a potential market could help achieve an export target of over 10 billion USD, including 4 billion USD from shrimp. Currently, Vietnam is experiencing a scarce raw shrimp situation, leading to a price surge in the north.

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

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports through most of the main markets fell sharply in January. Specifically, the export of this item to the US reached $23 million, down 65%. compared to the same period in 2022 (the strongest decrease among markets). Shrimp exports to the EU decreased by 55% over the same period to only 24 million USD. As Vietnam's largest shrimp import market with 20.3%, shrimp exports to Japan last month only reached $29 million, down 47% over the same period last year. VASEP said the reason for the sudden drop in exports was that January coincided with the Tet holiday, so international market demand dropped sharply. In addition, in the EU, purchasing power is affected by the impact of inflation and uncertainties related to the Russia-Ukraine war. In the US, this country is in oversupply. According to data from the National Oceanic and Atmospheric Administration (NOAA), US shrimp imports in December 2022 ...

Source: VNExpress