Tridge summary
Vietnam has seen a significant decrease in shrimp exports to the European Union (EU) in October, with a 35% drop compared to the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). This downturn is part of a larger trend of declining shrimp exports, primarily due to economic and political uncertainties and increasing commodity prices, especially energy prices. As a result, the value of Vietnam's shrimp exports in October was $360 million, down 16% year-over-year. This trend is affecting not only Vietnam but also other Asian shrimp exporting countries. Furthermore, the second half of 2022 is expected to see low shrimp prices due to a global recession and oversupply, with a modest increase in Asian shrimp production predicted for 2023. Despite these challenges, overall shrimp exports have grown by 18% to $3.8 billion by the end of October.
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 to the EU are on a strong downward trend. Specifically, in October, shrimp exports to the EU decreased by 35% compared to the same period last year. In which, exports to four main markets in the EU, Germany, the Netherlands, Belgium and France, all decreased at double digits. In the context that shrimp exports to most of the main markets have decreased, exports to the EU have dropped sharply, which has had a significant impact on shrimp exports in general. In October, Vietnam's shrimp export value only reached 360 million USD, down 16% compared to the same period last year. Shrimp exports to the EU are on a strong downward trend due to economic and political uncertainties and the trend of increasing commodity prices, especially energy prices, which has negatively impacted import demand from this market. in recent months. This situation is negatively affecting not only Vietnam's shrimp ...
Source: Agriculture
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