How much is shrimp export expected to earn in 2023?

According to data from the Vietnam Association of Seafood Exporters and Processors (VASEP), in September 2023, shrimp exports will reach 322 million USD, down 8% over the same period last year. Although it has not escaped negative growth, the decline has narrowed month by month. Accumulated in the first 9 months of this year, shrimp exports reached 2.5 billion USD, down 26% over the same period.

Shrimp export Vietnam in September this year saw positive signals from markets such as the US, Australia, Canada, Belgium, Taiwan with a positive growth rate of 1-54%.

The remaining major markets such as the EU, Japan, South Korea still recorded negative growth of 10-26%, but the decrease was lower than in previous months. Particularly in China and Hong Kong (China), after positive growth in 3 months of 6, 7 and 8, shrimp exports to this market continued their downward trend.

Accordingly, in September 2023, Vietnam’s shrimp exports to China and Hong Kong (China) markets will decrease by 13%, reaching 61 million USD over the same period last year. Accumulating 9 months, shrimp exports to this market reached 454 million USD, down 6% over the same period last year.

The reason is that, after a long holiday including Mid-Autumn Festival and National Day in China, the demand for shrimp recorded a sharp decrease. Inventories are high because China previously imported a lot of shrimp from Ecuador.

Companies that hold inventory, do not want to reduce selling prices to free up goods. The discharge of nuclear wastewater from Japan is also said to have affected the demand for seafood in general, including shrimp in the Chinese market. It is expected that in the last quarter of the year, China’s shrimp demand has not been able to recover.

According to VASEP, the US is considered a market with a positive trend in shrimp imports from Vietnam when shrimp exports to this market continued to grow positively in September – marking the 3rd consecutive month of positive growth.

Shrimp exports to the US in September recorded the highest growth compared to the previous 2 months with an increase of 23% over the same period last year. In the first 9 months of the year, shrimp exports to the US reached 520 million USD, down 23%.

Along with the trend of increasing shrimp imports, the US economic growth forecast is also quite positive. With more positive signals from markets such as the US, Canada, Australia, the demand for deep-processed shrimp tends to increase at the end of the year, Vietnam’s shrimp exports in the last months of this year continue to narrow the decline and record positive results more than the first half of the year.

In addition to the advantages, the export situation of enterprises is still difficult. The Import-Export Department (Ministry of Industry and Trade) said, besides internal challenges such as small and spontaneous operations; low success rate, high cost; The quality of shrimp seedlings is not high, also due to objective factors such as the inflation situation affecting the increase in input costs, the depreciation of the Euro, the decrease in world demand, plus the prolonged Russia-Ukraine war situation. has affected exports.

“In the peak export months at the end of the year, world market demand may fluctuate unpredictably due to inflation, price competition with other exporting countries …”, said a representative of the Import-Export Department.

Shrimp exports in the first 9 months of 2023 to the EU market account for more than 11% of Vietnam’s total shrimp export turnover.

Mr. Truong Dinh Hoe – General Secretary of the Vietnam Association of Seafood Exporters and Processors recommended that, in the coming time, enterprises must strengthen strong products such as: organic, sustainable, value-added products; take appropriate sales and payment measures; At the same time, take full advantage of the advantages from the EVFTA Agreement to improve competitiveness to export to this market.

The Chinese market currently accounts for 19% of Vietnam’s total shrimp exports. In order to increase shrimp export turnover to this market, Mr. Truong Dinh Hoe recommended, businesses need to be flexible with the form of export, choose the appropriate payment method. At the same time, update the import policies of the Central and local governments. Promote the export of strong products such as tiger shrimp. Besides, taking advantage of geographical advantages to promote Vietnamese shrimp exports to China.

“In order for the country’s shrimp exports to reach 3.6 billion USD in 2023, in the last months of the year, businesses need to boost the export of advantageous black tiger shrimp. At the same time, increase exports to China, increase the export of value-added shrimp products to the EU market, take advantage of the EVFTA Agreement to increase competitiveness …”, Mr. Truong Dinh Hoe emphasized.

Previously, Mr. Truong Dinh Hoe forecasted that by the end of 2023, shrimp exports stopping at $ 3 billion were successful. This figure is lower than the plan set by the fishery industry for shrimp exports this year of over 4.3 billion USD.

On the side of enterprises, they are also making strong efforts to produce and export to the Chinese market. At the same time, expanding more markets such as the US, Australia, Korea, Japan … However, in order to increase exports in the last months of the year, businesses also proposed to support preferential loans to expand and upgrade machinery and equipment, serving export needs to fastidious markets

(Source: https://congthuong.vn/)