In September 2022, Vietnam’s shrimp exports reached 349 million USD, up 13% over the same period in 2021. Accumulated in the first 9 months of the year, shrimp export value reached 3.4 billion, up 23% over the same period last year. In September this year, Vietnam’s shrimp exports tended to increase in Asian markets such as Japan, China, and Korea while being “quiet” in Western markets such as the US and EU.
In September, although shrimp exports still increased by 13% over the same period last year, this is not an optimistic trend because at the same time last year, many processing and exporting enterprises had to stop or reduce their activities due to the Covid-19 pandemic. Notably, the export value in September this year recorded a decrease compared to the previous months, specifically 12% decrease compared to August.
Inflation in the US and EU is increasing day by day. The devaluation of EUR, Pound, and Yen reduce purchasing power. Although the USD value is increasing, Vietnamese shrimp has to compete strongly with cheap shrimp from Ecuador and India in the US market. Therefore, shrimp exports to the US decreased sharply, and exports to the EU slowed down. Enterprises take advantage of the close geographical distance from Asian markets, so exports to these markets are more active.
The domestic shrimp farming is not favorable, making the price of commercial shrimp quite high, adding disadvantages to processing enterprises. Shrimp exports from September to the end of the year is forecasted to continue the decline. Shrimp export turnover this year is expected to approximate or increase slightly compared to last year.
Vietnam’s shrimp exports to the US in September 2022 reached 57 million USD, down 42% over the same period. Accumulating 9 months, shrimp exports to this market reached 675 million USD, down 13% compared to the same period last year. Among the main import markets, the US is the market that recorded the biggest drop in export value.
According to US shrimp import data, this country’s shrimp imports in August this year reached 71,666 tons, worth $665 million, down 20% in volume and 19% in value compared to August last year. Shrimp imports into the US from India, Indonesia, and Thailand also decreased, imports from Vietnam decreased the most. Only imports from Ecuador recorded a slight increase.
Rising inflation, high inventories, decrease in purchasing power, transportation and cold storage problems due to the impact of the Covid-19 pandemic were reasons why the US reduced shrimp imports. By the end of the year, if inventories are reduced, the demand for shrimp in the US may increase slightly to serve the year-end festival.
Vietnam’s shrimp exports to the EU in September 2022 also decreased by 0.5% to $ 49 million. Exports to the Netherlands only increased slightly by 1% while exports to Belgium decreased by 13%. Accumulating 9 months, shrimp exports to this market increased by 40% to over 570 million USD.
Contrary to the downward trend to the US and EU markets, Vietnam’s shrimp exports to Japan and South Korea increased by 61% and 20% respectively. Accumulating 9 months, the export value to these two markets reached USD 515 million and USD 365 million, up 24% and 40% respectively over the same period last year.
Notably, in September 2022, Vietnam’s shrimp exports to China increased by more than 100%, reaching $70 million. This increase makes China surpass the US, becoming Vietnam’s largest shrimp import market in September. Accumulating 9 months, shrimp exports to China reached US$483 million, up 62% over the same period.
China’s domestic shrimp production declined due to adverse weather and shrimp diseases in some major shrimp production areas. The demand for shrimp imports increased to serve the Mid-Autumn Festival and National Day, leading to the increase in shrimp imports.
According to China Customs, in August 2022, China’s shrimp imports reached $680 million, up 97% compared to August 2021. This is the second consecutive month that China’s shrimp imports reached a record high. Accumulated in the first 8 months of the year, China’s shrimp imports reached US$3.8 billion, up 66% over the same period in 2021.
In August 2022, China’s shrimp imports from main sources all increased compared to the same period in 2021. Notably, China sharply increased shrimp imports from Ecuador, Canada, Indonesia and Argentina.
Shrimp imports into China increased continuously to a record level in July and August this year, showing that the demand for domestic consumption and export processing of this market is at a high level. It is expected that China’s shrimp imports in the last months of 2022 will continue to increase dramatically.
Compiled by Thuy Linh