Shrimp exports to reach 3.4 billion USD in 2023: VASEP

Vietnam’s shrimp exports in the first 11 months of 2023 are estimated at 3.15 billion USD, a decrease of 22% year on year, the Vietnam Association of Seafood Exporters and Producers (VASEP) has reported.

The turnover of country’s export of the product topped 310 million USD in November, an increase of 3.5% year on year.

VASEAP has forecasted that shrimp exports in 2023 will be 3.4 billion USD, 21% lower than 2022’s figure.

Shrimp exports are still influenced by price competition in the context of excessive supply and low selling prices in the world. Exports to most of major markets were lower than the same period last year, except for some small markets.

The US remained Vietnam’s largest importer, followed by Japan, the UE, and the Republic of Korea (RoK).

According to VASEP, shrimp prices will see upward trends in the remaining time of the year in the EU, Southeast Asia and the Far East as major festivals are coming.

The Centre for Digital Transformation and Agricultural Statistics under the Ministry of Agriculture and Rural Development said that in the first 11 months of 2023, the aquaculture output is estimated to reach over 4.9 million tonnes, up 4.2% over the same period in 2022.

The centre revealed that raw shrimp prices in the Mekong Delta provinces increased in November 2023, especially for large-sized shrimp, but the supply was not much due to a decrease in prices./.

(Source: https://en.vietnamplus.vn/)