Shrimp exports to many markets showed positive growth

A positive growth has been recorded for the first time in China and Hongkong since earlier this year.

According to VASEP, shrimp exports reached USD 320 million in June, down 21% year on year. This level was less than the slump in previous months (down 28 – 35%)

Shrimp exports to the main markets such as the US, Japan, the EU, and Korea continued to show a double-digit decrease in June 2023. A positive growth has been recorded in China and Hongkong for the first time since earlier this year.

According to the General Department of Vietnam Customs, June was the first month of the year that witnessed an increase in shrimp exports to China, up 19%, reaching USD 59 million. Shrimp exports brought in USD 239 million in the first half of the year, down 19% year on year. The slump has slowed down since March 2023.

In June, positive growth was also recorded in small markets such as Australia (+9%), the UK (+23%), Taiwan (+20%), and Switzerland (+86%) as compared to the same period last year.

However, over 40% decrease was recorded in shrimp exports to the EU from March to June, down 41% – 56%. A total USD 193 million worth of shrimp exports was achieved from the EU market, down 49% year on year.

According to Doctor Hồ Quốc Lực, Chairman of Sao Ta Foods JSC, in the EU market, Vietnamese shrimps have to compete fiercely against Ecuador due to Ecuador’s abundant supply and cheaper prices. Ecuador gains the low-end and midrange market shares in the EU while Vietnam acquires the high-end.

Likewise, shrimp exports to Japan reached USD 236 million in the first six months of the year, down 29% year on year. A 35% decrease was recorded in shrimp sales to this market in June 2023, the biggest drop since March this year.

In Japan, Vietnamese shrimp have to compete fiercely against shrimp from India and Ecuador. Besides, Vietnam’s shrimp exports to Japan faced difficulties due to the depreciation of the Japanese yen.

According to analysis by companies, Vietnam’s shrimp exports grew month on month in both the US and China and the drop was smaller month on month. These two markets may bring a ray of hope for shrimp exports in the second half of the year.

Vietnam’s shrimp exports to the US reached USD 299 million in the first six months of the year, down 38%. In June alone, a 23% decrease was recorded, the lowest level since earlier this year. The total export value of Vietnamese shrimp to the US reached over USD 71 million, the highest level since earlier this year.

(Source: https://vietfishmagazine.com/)

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