Vietnam's shrimp exports to many main markets fell sharply

Updated Nov 16, 2022
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 downward trend of the import market as well as the inadequacies of shrimp enterprises in particular and the whole seafood industry in general.
Accordingly, in October, shrimp exports only earned 313 million USD, the lowest level since the beginning of this year (except in February with the Lunar New Year holiday). Accumulated to the end of October 2022, the shrimp export industry recorded sales of over $3.7 billion, up 16% over the same period last year. Vietnam is the fourth largest shrimp supplier in the US market, accounting for 9% in volume and 11% in value. The average price of Vietnamese shrimp imports into the US was 9% higher than the same period last year, from 10.59 USD to 11.54 USD/kg. Besides the US, shrimp exports to Italy by the end of October also decreased by 18%, to the UK by 6%. Economic and political instability and the upward trend in commodity prices, especially energy prices, have hit the Italian and British markets heavily this year, causing imports of almost all types of goods to decrease. However, shrimp exports to other markets by the end of October still maintained a positive growth, of which ...
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