Thanks to the breakthrough growth in the first half of the year, Vietnam's shrimp exports as of October 2022 still increased by 18% to reach $3.8 billion.
In the structure of Vietnam's shrimp export products, whiteleg shrimp exports increased by 13%, black tiger shrimp increased slightly by 1.2%, marine shrimp increased the most by 106%. Among the exported vannamei and black tiger shrimp products, processed products outperformed live/fresh/frozen products.
In October, some main markets educed shrimp imports from Vietnam such as the US, EU, UK, and South Korea. Shrimp exports to the US and EU dropped sharply by 51% and 35%, respectively. Exports to the UK decreased by 20%, exports to South Korea decreased slightly by 1%. Exports to Japan still increased slightly by 5%. Particularly, exports to China still maintained a growth rate of 49% compared to October 2021.
It is difficult for shrimp exports in the next 2 months to keep the same growth as in previous months
By the end of October, although imports decreased by 18% 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 733 million USD.
Vietnam's shrimp exports to the US have continuously decreased by double digits from June until now. The oversupplied market, record high inflation and the fuel crisis caused people to tighten their spending, so shrimp imports into the US from most sources have decreased.
According to data from the US National Oceanic and Atmospheric Administration (NOAA), in the first 9 months of this year, the volume of shrimp imports into the US from India decreased by 16%, Indonesia (-9%), Vietnam (- 31%), Thailand (-12%), Argentina (-11%), only imports from Ecuador increased 11%.
In 2022, Indian shrimp production faced many difficulties, output decreased, disease outbreaks, input costs increased, shrimp selling prices fell sharply while shrimp farming in Ecuador was more favorable, with high productivity, and few diseases. Ecuador plans to increase whiteleg shrimp production to 2 million tons by 2025.
Besides the US, Vietnam's shrimp exports to the EU in October 2022 decreased by 35% compared to the same period last year. Exports to 4 main markets in the bloc (Germany, Netherlands, Belgium, France) simultaneously decreased at double digits. Uncertainty in the economy, politics and the upward trend in commodity prices, especially energy prices, have negatively impacted import demand from the EU market in recent months. As of October 2022, shrimp exports to the EU reached US$618 million, up 28% over the same period last year.
It is difficult for shrimp exports in the next 2 months to keep the same growth as in previous months because of the declining demand, challenges in raw material and high production costs while enterprises and farmers lack capital to rotate investment in production and processing for export.
Compiled by Thuy Linh
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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