News

Vietnam’s shrimp exports in the first 10 months of 2023 amounted to US$2.8 billion

Published Dec 5, 2023

Tridge summary

In October 2023, Vietnam's shrimp exports were valued at US$318 million, a 12% drop compared to the previous year. Various negative factors such as low market demand, inflation, high inventories, and conflicts in Eastern Europe and the Middle East have contributed to the decline in Vietnam's shrimp exports. However, there has been a slight increase in domestic raw shrimp prices in the third quarter, which is good news for farmers, although it does not fully reflect the true state of the consumer market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

News from SeafoodMedia on November 27 that as of October 2023, Vietnam’s shrimp exports were US$2.8 billion, a year-on-year decrease of 24%. The monthly export volume in October was US$318 million, a year-on-year decrease of 12%. ​ Low market demand, inflation, high inventories, people tightening their spending, and conflicts in Eastern Europe and the Middle East are negative factors for Vietnam's shrimp exports and global shrimp exports this year. Both raw material prices and export prices have declined, and farmers and processing companies are facing challenges All are increasing. ​ Starting from the end of the third quarter of this year, domestic raw shrimp prices have shown signs of rising, which is good news for farmers. However, the price rise is mainly affected by domestic supply and demand and does not reflect the true situation of the consumer market. ​ In October this year, Vietnamese shrimp exports to markets such as the United States, Canada, Belgium, Taiwan, ...
Source: Foodmate
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