Vietnam saw a consecutive decline in shrimp exports to the US and EU. Due to surplus, the 40 year-high inflation, and fuel crisis following the tension between Russia and Ukraine, consumers have cut their expenses, resulting in a slump in shrimp exports to these two markets.
According to the General Department of Vietnam Customs, in October, shrimp exports fell from the same period last year, down 16%, reaching USD 360 million. This is the third month since earlier this year, shrimp exports have declined from the same period last year. Before that in June and July, shrimp exports reduced by 1% and 13% respectively.
With a breakthrough in the first half of the year, Vietnam’s shrimp exports still climbed by 18% with USD 3.8 billion worth by October.
In the structure of exported shrimp products of Vietnam, exports of white leg shrimp increased by 13% and exports of black tiger shrimp slightly inched up by 1.2% while exports of marine shrimp jumped by 106%. Exports of processed white leg shrimp and black tiger shrimp grew better than live/fresh/frozen ones.
The main destinations of Vietnamese shrimp were the US, EU, UK and Korea in October, with exports in the US and EU declining by 51% and 35% respectively. Exports to the UK reduced by 20% and to Korea slightly decreased by 1%.
Meanwhile, exports to Japan slightly increased by 5%. However, exports to China have kept growing by 49% from October 2021.
Despite the 18% decrease in the accumulated value of the first ten months, the US accounted for the largest density, nearly 20% of Vietnam’s shrimp exports of nearly USD 733 million.
Vietnam has constantly seen a two-digit decline in exportation of shrimps to the US since June. Due to surplus, the 40 year-high inflation, and fuel crisis following the tension between Russia and Ukraine, consumers have cut their expenses, resulting in a slump in shrimp exports to this market.
Besides the US, Vietnamese shrimp exports to the EU declined by 35% in October as compared to the same period last year. Exports to the four main markets in the bloc (Germany, the Netherlands, Belgium, and France) experienced a double-digit decrease.
Unstable economy and politics, and the increasing prices, especially the energy price, have badly affected the importation into the EU market recently. By October, shrimp exports to the EU reached USD 618 million, up 28% from the same period last year.
VASEP anticipated that despite the year end season, shrimp sales in the next two months might not keep growing as well as in previous months.