According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's shrimp exports in 2023 will reach about 3.4 billion USD, 21% lower than in 2022.
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| In November, Vietnam's shrimp exports reached 284 million USD, down 5% compared to the same period in 2022. |
According to the Center for Digital Transformation and Agricultural Statistics (Ministry of Agriculture and Rural Development), in the first 11 months of 2023, shrimp farming output reached 1,100,400 tons, up 5.9%, of which black tiger shrimp reached 252,600 tons, up 1.5%; white-leg shrimp reached 779,700 tons, up 7.3%.
Raw shrimp prices in the Mekong Delta provinces tend to increase in November 2023, especially for large-sized shrimp, but supply is not much due to the previous decrease in shrimp prices and small shrimp stocks.
According to VASEP, in November, Vietnam's shrimp exports reached 284 million USD, down 5% compared to the same period in 2022. In the first 11 months of 2023, shrimp exports reached 3.1 billion USD, down 23% compared to the same period last year. VASEP believes that Vietnam's shrimp exports in 2023 will reach about 3.4 billion USD, 21% lower than in 2022.
The US is the largest single import market, with shrimp exports to this market increasing by 24% in November to reach 51 million USD, marking the fifth consecutive month of positive growth. In the first 11 months, shrimp exports to the US reached 640 million USD, down 17% compared to the same period last year.
For the EU market, the decline in exports to this market was milder, down 3% in November to 36 million USD. Exports to China and Hong Kong (China) continued to decline in November. Demand in this market was unstable, growing positively in the 3 months from June to August, then returning to a downward trend in September, October and November. However, the decline was not as strong as in the first months of the year.
According to VASEP, the demand for Vietnamese shrimp imports in China and Hong Kong (China) not only depends on economic growth and inventory in these countries, but also depends heavily on cheap supplies from Ecuador. China's demand for shrimp imports is still increasing strongly, but because there are too many sources of supply entering this market at low prices, Vietnamese shrimp is finding it difficult to compete on price.
China is the target market of many shrimp exporting countries such as Ecuador and India with cheap raw shrimp supply, so Vietnamese shrimp is under pressure to compete on price. In addition, businesses also have to face competition from shrimp processors in the domestic Chinese market.
VASEP recommends that B2B trade activities should be further strengthened, with more attention paid to local trade in China. In addition, there should be exchanges and sharing of information on market demand and regulations, especially when there are changes in import-export policies.
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