Opinion
W15: Shrimp Update
Published Apr 22, 2023
In W15 in the shrimp landscape, the Vietnam Association of Seafood Exporters and Producers (VASEP) claims that the global market is still significantly impacted by inflation and the recession, which lowers the demand for seafood consumption and affects export volume and pricing. In Q1 of 2023, Vietnam's seafood production decreased, including prawn exports, which fell by 39% YoY. Following Japan, Australia is Vietnam's second-largest market for prawn imports under the CPTPP. VASEP reports that in February 2023, Vietnam's exports of prawns to Australia were USD 19M, an increase of 7% MoM from January 2023. The decline in January exports to this market was caused by the Lunar New Year. White leg prawns make up the majority of the Vietnamese seafood items exported to Australia after 4 years. The export of this commodity to Australia totaled USD 259.5M in 2022, up 171% from USD 112M in 2018.