In the first 8 months of 2022, in the top 10 main shrimp import markets of Vietnam, shrimp exports to the US and UK decreased, while exports to the remaining markets all grew positively.
Despite recording growth, by August 2022, Vietnam's shrimp exports are facing many problems in terms of raw material supply, transportation costs, high production costs while consumption demand in major markets such as the US and EU slowed down in the context of high inflation and a decline in economic growth in these countries. Vietnam shrimp exports in August 2022 still recorded a growth of more than 40% in comparison to the same period last year, (at that time many processing and exporting enterprises had to stop or reduce their operating capacity due to social distancing to prevent the Covid-19 pandemic)
In the first 8 months of 2022, in the structure of Vietnam's shrimp exports, whiteleg shrimp accounted for 75%, black tiger shrimp accounted for 14%, the rest was marine shrimp. Marine shrimp exports increased by 78% while vannamei and black tiger shrimp exports increased by 21% and 11%, respectively. In the first 8 months of this year, the export value of processed shrimp products recorded a higher growth rate than fresh/frozen shrimp products.
The US is still the largest import market of Vietnam shrimp, accounting for 20%. Vietnam shrimp exports to the US began to slow down in May and decreased continuously from June to August. In August 2022, shrimp exports to the US reached more than $68 million, down 27%. Accumulated in the first 8 months of this year, shrimp exports to the US reached more than 619 million USD, down 9% over the same period.
The US’s shrimp imports tend to decrease after a sharp increase in the first months of this year. According to data from the US National Oceanic and Atmospheric Administration (NOAA), US shrimp imports in July 2022 reached 67,782 tons, decreasing 12% compared to June and 11.3% lower than the same period.
Inventories in the US have reached the maximum level because in the first months of the year many companies increased their imports after 2 years of being heavily affected by the COVID-19 pandemic. Sales in the US are also slowing down, so importers have not yet made many new orders.
Inflation in the US, fluctuating exchange rates, and high selling costs have made it difficult for Vietnam's shrimp exports to the US in recent months. Meanwhile, major competitors in the US market such as Ecuador and India have both advantages in freight rates because of their proximity and cheap shrimp.
Shrimp exports to Japan in August this year recorded a growth of 120% to over $67 million. As of August 2022, shrimp exports to this market reached $463 million, up 21% over the same period last year. Shrimp exports to Japan seem to be better than the US and EU markets due to lower freight rates. Japan prefers deeply processed products from Vietnam, which would be an advantage of Vietnam against other suppliers.
Compiled by Thuy Linh
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