In Jan 2023, Vietnam achieved USD 141 million from exporting shrimps, down 55% from the same period last year. January and Tet Holiday coincided this year, leaving a reduction in demand. As shrimp materials were in short supply, shrimp exports continued the downward trend of late 2022.
Double-digit decrease was recorded in most of the exporting markets. Japan was the biggest market of Vietnamese shrimp in the first month of the year, accounting for 20.3% in density. Shrimp exports to Japan reached USD 29 million, down 47% from the same period last year.
Shrimp exports to Japan are estimated to be stable this year as Vietnamese shrimp products have been in high demand in this country. However, this market requires increasingly higher standards of food safety and sustainability. Besides, the distribution channels in Japan are complicated with different classes and functions.
Shrimp exports to the second biggest market, the EU, reached USD 24 million in Jan, down 55% from the same period last year. Shrimp exports to the EU in 2023 may not be highly evaluated due to the inflation and conflicts related to Russia and Ukraine.
Shrimp exports to the US reached USD 23 million, down 65% from the same period last year. Demand for shrimp fell sharply in the US due to surplus. The shrimp price is going down. According to NOAA, shrimp imports into the US in Dec 2022 reached the lowest level in the last decade.
Demand for Vietnamese shrimp from US consumers may rise after the first quarter of 2023 when inventories reduce and the economy gets better.