In the first 5 months of 2023, Vietnamese enterprises have exported shrimp to 84 markets, bringing sales of 1.2 billion USD, down 34% compared to the same period in 2022.
The US market: In the first 5 months of 2023, Vietnam's shrimp exports to the US reached 227 million USD, down 42% compared to the same period last year. The US shrimp imports continued to decrease by 18%.
The reason for the decrease in shrimp exports to the US is that the price of Vietnamese shrimp is higher than other competitors such as Ecuador, India, and Indonesia. High inflation caused consumers to save money and switched to more affordable food.
In this context, US importers are more cautious and tend to decrease orders. Inventory is high, product quality is decreasing, storage costs are high, producing countries are in the harvest season, supply will increase, shrimp prices will continue to fall. High inventory, declining product quality, high storage costs, increased supply will together cause the shrimp prices to fall.
Furthermore, rising US interest rates have led to increased lending rates, surpassing those in Vietnam and adversely impacting the demand for shrimp imports in this market. However, the demand for US shrimp imports may increase slightly from August onwards to serve the demand for year-end festivals, driven by the year-end festival season. Shrimp prices also increased slightly because of large inventories, inflation and abundant supply from Ecuador and India.
The EU market:
In the first five months of 2023, consumption demand remained sluggish, resulting in a decline of 49% in Vietnam's shrimp exports to the EU, reaching US$153 million, down 49% over the same period. The slowdown can be attributed to various factors, including the Russian-Ukrainian war, prices increase, petrol increases, the euro depreciates.
In this market, Vietnamese shrimp also have to compete strongly with Ecuadorian and Indian shrimp. Recently, Ecuador and India began to increase exports of processed goods to the EU but could not meet the requirements of this demanding market. Therefore, there is still ample opportunity for Vietnamese processed shrimp to establish a stronger foothold in the EU market.
From July, when the shrimp harvest from other countries decreased, EU importers started to slightly increase their purchasing power from Vietnam to prepare for the year-end.
Mr. Do Ngoc Tai - Vice Chairman of VASEP, Director of Tai Kim Anh Seafood JSC
Japanese market:
In the first 5 months of 2023, Vietnam's shrimp exports to Japan reached $192 million, down 27% over the same period. Vietnam mainly exports value-added shrimp to this market. Traditional goods such as HOSO shrimp from Vietnam to Japan must compete strongly with Ecuador and India because of the high price of Vietnamese shrimp. In the last 2 years, Japan has increased its purchase of Indian shrimp.
Vietnam's shrimp exports to almost all main markets decreased due to higher price than other suppliers
Vietnam's shrimp exports to Japan are relatively more favorable than other markets because shrimp from Ecuador and India have not been able to meet the needs of Vietnamese products in terms of value-added goods. It is expected that in the last quarter of this year, import demand from Japan will increase slightly.
China & HK market:
In the first 5 months of this year, shrimp exports to this market amounted to $214 million, experiencing a 22% decline. In the first 4 months, China significantly increased shrimp imports from Ecuador and India due to the higher price of Vietnamese shrimp. From August onwards, the demand for shrimp imports from Vietnam to China is expected to increase slightly to serve the Mid-Autumn Festival, National Day and year-end festivals.
Korean market: Vietnam's shrimp exports to South Korea reached US$136 million, down 29% over the same period. High inflation, currency devaluation, rising interest rates causing consumers to tighten spendings, and high inventories were the reasons why shrimp exports to this market decreased. From now to the end of the year, it is expected that demand will not fluctuate much and increase slightly to serve the year-end occasion.
Compiled by Thuy Linh
(seafood.vasep.com.vn) On April 23, 2024, the 30th Global Seafood Exhibition opened at the Fira Gran Via Exhibition Center in Barcelona, Spain. Many seafood processing and exporting units from Vietnam participated in the exhibition. At this year's exhibition, deep-processed seafood products continued to attract significant attention and preference from a large number of participants.
(vasep.com.vn) Through the first quarter of the year, in a context where the shrimp industry still faced many risks, shrimp exporting enterprises still showed efforts and determination in production and business.
(seafood.vasep.com.vn) In the first quarter of this year, Vietnam's shrimp exports reached over 686 million USD, an increase of 14% over the same period in 2023.
Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices.
(seafood.vasep.com.vn) After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.
(seafood.vasep.com.vn) Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.
Economic and social development activities, overexploitation, pollution, diseases, and climate change have adversely affected the ecological environment, leading to a severe decline or the extinction of many precious indigenous aquatic species.
(seafood.vasep.com.vn) The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.
(seafood.vasep.com.vn) In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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