Vietnam’s shrimp exports reached USD 265 million in March, down 33% from the same period last year, leaving the accumulated value in the first three months of USD 600 million, down 37%.
A double-digit decrease was recorded in shrimp exports to major markets, with exports to Japan and Korea declining by 20% and exports to the US, EU, and China down 40%.
Vietnam achieved USD 451 million from exporting white leg shrimp, accounting for 75.2% of the density, down 38% from the same period last year. The export value of black tiger shrimp reached USD 83 million, down 34%; while exports of other shrimp reached USD 65 million, down 34%.
Japan is the biggest market of Vietnamese shrimp, accounting for 17.6%. In the first quarter this year, shrimp exports to this market reached over USD 105 million, down 29% from the same period last year. Demand for shrimp in Japan is expected to be stable this year.
Vietnam’s shrimp exports to the US reached over USD 104 million, down 46% from the same period last year. The record high inflation, poor consumption, and high inventories from 2022 resulted in a lower demand for shrimps in the US. The imports of Vietnamese shrimp into the US mainly depend on the inventories. Demand for imports might recover after quarter II.
The average importing price of Vietnamese shrimps into the US declined 1 USD/kg, from 11.4 USD/kg of the same period last year to 10.4 USD/kg. Shrimps HS 1605211030 and 1605211020 have been the most imported categories into the US in the first two months.
In the first quarter of 2023, shrimp exports to the EU reached USD 89 million, down 44% from the same period last year. Sales of shrimp to this market is not highly evaluated in 2023 due to the on-going tension between Russia and Ukraine.
Shrimp exports to Korea may slow down in the first half of the year due to economic difficulties but will recover. Vietnam saw USD 78 million worth from exporting shrimps to Korea, down 25% from the same period last year.
Shrimp exports of Vietnam will face challenges from inflation and global economic recession in 2023, which have been affecting consumption of major markets. Besides, the sector is competing directly against Ecuador and India in terms of pritôm
VFM
