The US is always in the top 4 largest export markets for Vietnamese shrimp. In the last 3 years (2020-2022), the US has held the No. 1 position with Vietnamese shrimp import value reaching from 800 million USD – over 1 billion USD, accounting for 23% of the total shrimp export value.
Marking 10 years of exporting
Before Vietnam – the United States established a Comprehensive Partnership in 2013, Vietnamese shrimp exports to the US were only around 500 million USD. After 2013, Vietnamese shrimp exports to the US grew quickly. In 10 years (2013-2022), Vietnamese shrimp export turnover to the US ranged from 638 million USD – over 1 billion USD. During this 10-year period, there were two years when shrimp exports to the US recorded an export turnover of over 1 billion USD, which were in 2014 and 2021.
In 2014, Vietnam’s shrimp exports to the US increased to a record of over 1 billion USD, up 28% over the same period in 2013. In 2014, shrimp prices in the US market remained high, a main factor contributing to growth in export value. A stronger US dollar compared to other currencies along with an improving economy helps boost shrimp imports into this market. From 2016-2018, shrimp exports to the US tended to slow down due to high anti-dumping taxes.
In 2021, Vietnamese shrimp exports to the US will reach nearly the record level of 2014 with over 1.04 billion USD thanks to retail sales in the US maintaining increased during the pandemic and demand for restaurants and food services. in the US recovered quickly thanks to the US Government’s economic stimulus packages and the strategy of opening up and living with Covid.
Vietnam’s shrimp exports to the US in 2022 decreased compared to 2021 due to record inflation in the US, high inventory, weak purchasing power, and decrease in shrimp exported price.
In 2022, shrimp exports to the US decreased compared to 2021 due to record inflation in the US, high inventory while purchasing power decreases, and the price of shrimp exported to the US decreases.
The downward trend of 2022 continues into 2023. As of August 15, 2023, shrimp exports to the US reached 405 million USD, down 30%. Although it has decreased continuously since the beginning of the year, in July, exports to the US recorded the first month of positive growth compared to the same period last year.
US shrimp import demand will more positive in the second half of 2023
According to NOAA, the US imported 69,501 tons of shrimp in July 2023, an increase of 3% compared to July 2022. For the first time after 13 months, US shrimp import volume recorded positive growth compared to the same period last year.
Orders from retailers tend to increase, demand for the year-end holidays is more positive, and the need to import goods for next year’s “Vegetarian Festival” (Lent) is also increasing. It is forecast that in November and December this year, US demand for shrimp imports will also be more positive.
After 10 years of establishing the Comprehensive Partnership (2013-2023), on the occasion of the State visit to Vietnam by US President Joe Biden, Vietnam and the US on September 10, 2023 announced to upgrade their bilateral relations to the highest level “Comprehensive Strategic Partnership”. This important event hopes to open up new opportunities for trade in goods, including seafood, between the two countries to become increasingly developed and sustainable.