Vietnam’s shrimp exports are expected to reach US$3.4 billion in 2023

Fresh Common Shrimp & Prawn

Vietnam

Market & Price Trends

Published Dec 11, 2023

Tridge summary

Vietnam's shrimp exports in November 2022 exceeded US$310 million, an increase of 3.5% from the previous year, but it is expected to decrease by 22% in November 2023. Overall, shrimp exports are predicted to reach approximately US$3.4 billion in 2023, a 21% decrease from 2022 due to the world's shrimp supply glut and low selling prices. Despite weak demand in major markets, shrimp demand in Southeast Asia and the Far East is expected to improve at the end of the year.

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

According to statistics from the Vietnam Association of Aquatic Products Export and Processing (VASEP), Vietnam's shrimp exports exceeded US$310 million in November this year, an increase of 3.5% compared with the same period last year. In November 2023, shrimp exports are expected to reach US$3.15 billion. , a decrease of 22% compared with the same period last year. VASEP predicts that shrimp exports are expected to reach approximately US$3.4 billion in 2023, a 21% decrease from 2022. With the world's shrimp supply glut and low selling prices, shrimp exports are still affected by price competition. Except for a few small markets, exports to most major markets are below the level of the same period last year. The United States is the largest market for Vietnamese shrimp exports, followed by China, Japan, the European Union, South Korea and other markets. According to VASEP's assessment, inflation is declining in major European countries, but demand remains weak. ...

Source: Foodmate