In April 2023, exports of Vietnamese shrimp continued to decline after reduction in previous months, reaching USD 287 million, down 35% from the same period last year. The accumulated value of the first four months reached USD 887 million, down 36% as compared to the same period last year.
Vietnamese shrimp were exported to 92 markets in the first four months. Among the top destinations of Vietnamese shrimp, a sharp decrease was recorded in the US and EU, over 45%. Exports to Japan, Korea, and Korea declined by 30%.
In April alone, among the top single markets of Vietnamese shrimp, the UK and Hongkong saw a growth of 2% and 16% respectively as compared to the same period last year.
The US has been the biggest single market of Vietnamese shrimp, accounting for 18% of the density. Exports to this market reached USD 159 million by April this year, down 45%. In April alone, exports to this market reached USD 55 million, down 42% from the same period last year. Exports to the US are estimated to grow this August.
Japan is the second biggest importer of Vietnamese shrimp, accounting for 16% of the density. In April 2023, Vietnam achieved USD 41 million from exporting shrimps to Japan, down 26% from the same period last year, leaving the accumulated value of the first four months of USD 146 million, down 28% from the same period last year.
Exports of Vietnamese shrimp to China and Hongkong reached USD 136 million in the first four months, down 27%, while exports to Korea reached USD 105 million, down 30%.
The price of Vietnamese shrimp material dropped in mid April, leaving pressure on both shrimp farmers and businesses. The price of shrimp material in some powerhouses such as Thailand, Ecuador, and India were also in a downward trend. High inventories and abundant supply from India and Ecuador amidst poor consumption mainly resulted in the drop of shrimp material price and importing price worldwide.
Businesses and farmers are looking forward to the credit package of 10,000 billion dong which the Prime Minister requested from the State Bank of Vietnam to study in May.
The low interest rate loan will enable businesses to purchase shrimp materials from farmers. Accordingly, businesses will be embraced for the recovery of the market in the next few months.