Vietnam's shrimp exports to many main markets fell sharply

Published 2022년 11월 15일

Tridge summary

In October 2022, Vietnam's shrimp exports saw a significant decline to major markets, with the US experiencing a 56% decrease. Despite this, the US still remained the largest market for Vietnamese shrimp. The overall shrimp export revenue for the first ten months of 2022 reached over $3.7 billion, marking a 16% increase from the previous year. However, the industry faces challenges such as economic and political instability in the UK and Italy, and high energy prices impacting import markets. While growth in shrimp exports to other markets like China, Australia, and Canada persisted, VASEP remains cautious about the potential for growth in the next two months due to decreasing market demand and high production costs.

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), in October 2022, shrimp exports to major markets all suffered a sharp decline. Accordingly, shrimp exports to the US decreased by 56% to over US$52 million, to Japan decreased by 19%, to Korea decreased by 26%, to the UK and EU countries decreased deeply by 55% - 88% over the same period. Particularly, exports to China and Hong Kong still maintained growth of 18% and 14% respectively compared to October 2021. By the end of October, although it decreased by 19% over the same period, the US market still accounted for the largest proportion, accounting for nearly 20% of Vietnam's shrimp exports with a turnover of 727 million USD, equivalent to about 63 thousand tons of shrimp. In the third quarter of 2022, the country's shrimp exports reached 1.13 billion USD, a slight increase of 9% compared to the same period last year. In October, with a deep decrease of 26%, shrimp exports clearly revealed the ...

Source: Haiquanonline