July 25, 2022

 

Vietnam exports of shrimp in June 2022 slightly down

 


The Vietnam Association of Seafood Exporters and Producers (VASEP) said after experiencing double digit growth between January to May 2022, shrimp exports from Vietnam was slightly down 1% in June year-on-year to US$416 million, Fish Information & Services reported.

 

Between January to June 2022, shrimp exports from Vietnam reached US$2.3 billion, 31% higher compared to the same period last year.

 

The lack of shrimp raw materials and slowing demand in important markets like the US and EU were some of the factors that contributed to a decline in Vietnamese shrimp exports in June. The unusually high turnover of shrimp exports in the first few months of this year is also attributed to rising freight expenses, which in turn helped drive up selling prices. At the beginning of this year, COVID-19 forced many shrimp businesses to speed up order repayment and reduce processing, and rising inflation also had a small impact on shrimp consumption prices.

 

In June, Vietnam's shrimp exports to the US fell for the first time since the year's beginning. Between January and April, there was an increase in the exports of shrimp to the US. Exports began to slow down in May and fell noticeably in June. Vietnamese shrimp exports to the US totaled over US$93 million in June, a decrease of 36% from the same month last year. Exports of shrimp to this market totaled nearly US$483 million in the first half of this year, an increase of 10%.

 

As for exports to Japan, the market's import demand remained largely stable. Vietnam's shrimp exports to Japan increased steadily in the first six months of the year, by 6% to 23%. Exports of shrimp to this market over the past six months totaled US$333 million, up 15% from the same time last year.

 

Similar to the Japanese market, the first half of this year saw a fair amount of stability in shrimp exports to the EU. Exports of shrimp to this market increased by 37% to more than US$74 million in June, continuing their steady growth trend. Exports to this market over the past six months have increased by 48% to US$378 million.

 

Exports to China increased by 32% to nearly US$58 million in June, following a strong 3-digit increase of 125–140%from March to May. Exports to this market totaled nearly US$333 million in the first half of this year, an increase of 84%. It is believed that this market will experience strong consumer demand through the end of the year.

 

Exports of shrimp will not be as successful in the final six months of the year as they were at the start. Raw material issues and lingering difficulties from the first half of the year are still being dealt with by businesses. The success in the first half of the year, flexibility on the part of shrimp farmers, and effective market strategies on the part of businesses, however, would lay the groundwork for the industry to accelerate further. Vietnam's shrimp export revenue is therefore anticipated to grow by at least 10% in 2022 to reach about US$4.2 billion.

 

-      Fish Information & Services

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