Shrimp exports fell sharply in the first two months of this year due to sluggish market demand, high inflation, high inventories in the US, tight consumption in the EU due to economic difficulties. In addition, the strong decline can be explained as this time last year, shrimp exports increased too strongly (with $ 558 million, up 48% over the same period in 2021).
In February 2023, shrimp exports to main markets decreased from 12% to 35%, some markets showed signs of growth such as China, Australia and France, increased from 4-7%. Among the top 5 main import markets, shrimp exports to the US and EU decreased dramatically; shrimp exports to Japan and Korea also decreased but slightly; exports to China recovered, up 4%.
In the first 2 months of the year, shrimp exports to the US, EU and Japan increased from 51-58 million USD. Exports to Korea reached $46 million, exports to China&HK reached $34 million. Exports to these markets in the first 2 months of this year decreased by 16%-51% over the same period.
Competition between Vietnamese shrimp with Ecuador and India this year is also more intense when Ecuador's shrimp output in 2023 is expected to reach 1.5 million tons
In terms of shrimp production output, shrimp farming is in a transitional phase towards improving quality, renovating and repairing ponds and lakes, focusing on the quality of seed to limit diseases. Generally, by Feb 2023, whiteleg shrimp production reached 60.2 thousand tons, up 0.5%, black tiger shrimp production reached 31.3 thousand tons, up 0.3%.
In the last months of 2022 and into the beginning of this year, global inflation increased, world economic instability led to a decline in demand. Competition between Vietnamese shrimp with Ecuador and India this year is also more intense when Ecuador's shrimp output in 2023 is expected to reach 1.5 million tons. The price of imported shrimp in the world market has decreased gradually since the end of 2022 and is forecast to continue to decrease further as supply in 2023 is expected to increase.
In the difficult context, businesses must reduce costs, focus on added value products, and improve product quality. Enterprises can redirect exports to specific products such as shrimp-forest, shrimp-rice or black tiger shrimp, taking advantage of the Chinese market. Enterprises need to focus on changing product structure to actively meet the needs of each market segment.
Regardless of challenges, dynamic businesses that adapt early to new conditions will continue to dominate the market.
Vietnam’s shrimp exports situation will be brighter in the coming months when inventories in the US decrease and the world economic situation changes positively. In particular, the North American Seafood Fair taking place on March 12, 2023 is also expected to help increase shrimp export sales to the US market and other markets.
Compied 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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