According to VASEP, in the context of economic difficulties in the US, it is expected that until August this year, shrimp imports of this market can be active again.

According to Vietnam Association of Seafood Exporters and Producers (VASEP), in April 2023, Vietnam's shrimp exports continued the downward trend of previous months, reaching USD 287 million, a decrease of 35% compared to the same period last year.

Accumulated over the first four months of the year, shrimp export turnover reached USD 887 million, a decrease of 36% compared to the same period last year. Vietnam has exported shrimp to 92 markets, of which exports to the US and EU recorded the strongest decrease of more than 45% compared to the same period in 2022. Shrimp exports to markets such as Japan, Korea Republic and China recorded a decrease of around 30%.

The US is still Vietnam's largest single shrimp export market, accounting for 18% of the share with USD 159 million in the first four months of the year, a decrease of 45% over the same period in 2022. Particularly, in April 2023, shrimp exports to this market reached USD 55 million, a decrease of 42% compared to the same period last year.

In April 2023, Vietnam's shrimp export turnover to Japan reached USD 41 million, a decrease of 26% over the same period last year. Accumulated over the first four months of 2023, shrimp exports to this market reached USD 146 million, a decrease of 28% compared to the same period in 2022. Japan is currently the second largest shrimp export market of Vietnam with 16% share.

Vietnam's shrimp exports to China & Hong Kong in the first four months of 2023 reached USD 136 million, a decrease of 27%; exports to Korea Republic reached USD 105 million, a decrease of  30%.

Consumers in the US and EU tightened their wallets due to the impact of rising global inflation, the risk of recession in many major economies, geopolitical tensions, etc. Meanwhile, Japan's consumer spending also recorded a decline in March 2023 at the fastest rate in a year.

In China, imports of this country's goods in April 2023 fell more sharply than the previous month. This situation causes many challenges for Vietnam's shrimp exports.

In that context, the price of raw shrimp in Vietnam has decreased since mid-April, putting a lot of pressure on both farmers and businesses.

Kylie Nguyen