The decrease in shrimp exports will narrow thanks to positive signals in the US and Chinese markets
In August, shrimp exports to the US, China and Hong Kong grew by 11% and 32% respectively over the same period in 2022. With these positive signals, VASEP expects that Vietnam's shrimp exports in the last months of this year will gradually narrow the decline.
According to the Association of Seafood Exporters and Producers (VASEP), in August, Vietnam's shrimp exports reached USD 337 million, a decrease of 15% compared to August 2022. Accumulated in the first eight months of the year, shrimp exports reached USD 2.2 billion, a decrease of 28% compared to the same period in 2022.
The export trend to markets in August is similar to July, in which exports to the US and China continued to gain positive growth, shrimp exports to small markets such as Australia, Taiwan, and Switzerland recorded growth of 3-51%.
In the opposite direction, Vietnam's exports of key seafood products to the EU, Japan, and Korea Republic decreased by 32-41% compared to the same period last year.
Regarding detailed information about the US market, according to VASEP, after recording the first positive growth milestone compared to the same period last year in July, shrimp exports to the US in August continued to increase by 11% compared to August 2022, reaching USD 76 million. However, in the first eight months of this year, shrimp exports to the US only reached USD 451 million, a decrease of 27% over the same period in 2022.
Currently, American retailers are increasing imports to serve next year's "Vegetarian Festival" (Lent). Therefore, VASEP believes that the US market's demand for shrimp imports will increase in November and December.
In addition to the holiday season, another factor that also supports shrimp exports to the US is that US food and beverage (F&B) industry consumption remains stable in the first half of 2023. As of July, the consumer confidence index (CCI) in the US has increased by 10% compared to the beginning of this year. These are positive signs for the growth prospects of US F&B industry consumption in the second half of this year.
As for China and Hong Kong, shrimp exports to this market reached USD 56 million in August, an increase of 32% over the same period in 2022. Accumulated in the first eight months of this year, shrimp exports to China and Hong Kong reached USD 393 million, a decrease of 5%.
Data from the General Administration of Customs of China shows that in the first 7 months of the year, shrimp imports into this market are still on an increasing trend with 591,827 tons, worth USD 3.3 billion, an increase of 38% in volume and an increase of 19% in value compared to the same period last year.
According to VASEP, with positive signals from the US and Chinese markets, Vietnamese shrimp exports in the last months of this year will gradually narrow the decline and record more positive results than the first half of the year.
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