Image: Vasep / FIS

Shrimp exports in August 2023: US and Chinese markets continue to increase

VIET NAM
Wednesday, September 20, 2023, 07:00 (GMT + 9)

In August 2023, Vietnam's shrimp exports reached 337 million USD, down 15% over the same period last year. Accumulated in the first 8 months of the year, shrimp exports reached 2.2 billion USD, down 28% over the same period.

The export trend to markets in August is still similar to the trend of July: Exports to the US and China markets continued the positive growth momentum of July, exports to smaller markets such as Australia and Taiwan. , Switzerland recorded positive growth from 3%-51%, exports to markets such as the EU, Japan, and Korea still recorded a decline of 32%-41% compared to the same period last year.

Photo: Stockfile FIS

Regarding the structure of exported shrimp products, white leg shrimp (accounting for 74%) had an export value of 1.6 billion USD, down 29%. The export value of black tiger shrimp (accounting for 14%) reached 315 million USD, down 25%, export value of other types of shrimp (accounting for 12%) reached 257 million USD, down 25% compared to the same period last year.

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After recording positive growth over the same period last year for the first time in July, Vietnamese shrimp exports to the US continued to increase by 11% in August, reaching 76 million USD. In the first 8 months of this year, shrimp exports to the US reached 451 million USD, down 27%.

According to the US National Oceanic and Atmospheric Administration (NOAA), the US imported 69,501 tons of shrimp in July 2023, an increase of 3% compared to July 2022. For the first time after 13 months, US shrimp import volume recorded positive growth compared to the same period last year. However, the value of US shrimp imports in July this year still decreased by 8% compared to July 2022. The average price of imported shrimp reached 8.22 USD/kg, down 10% over the same period last year.

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India, the largest shrimp supplier to the US (accounting for 38% market share), exported 26,641 tons of shrimp to the US in July 2023, up 13% over the same period in 2022. Indian shrimp export value to the US in the month 7 is still down 3% over the same period. Ecuadorian shrimp exports to the US (accounting for 27% market share), in July this year decreased 6% in volume and 13% in value compared to July last year.

Orders from retailers and the need to import goods to serve next year's "Vegetarian Festival" (Lent) are all on the rise. It is forecasted that in November and December this year, US demand for shrimp imports will also be better.

The country's food and beverage (F&B) industry consumption is generally stable in the first half of 2023. As of July 2023, the consumer confidence index (CCI) in the United States has increased by 10% compared to with the beginning of this year. This, along with the year-end holiday season, will be positive signals for the growth prospects of US F&B industry consumption in the second half of this year.

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Shrimp exports to China & HK in August 2023 reached 56 million USD, up 32% over the same period. Accumulated in the first 8 months of this year, shrimp exports to China & HK reached 393 million USD, down 5% over the same period.

According to the General Administration of Customs of China, overall shrimp imports into the Chinese market are still on the rise. Accumulated in the first 7 months of the year reached 591,827 tons, worth 3.33 billion USD, an increase of 38% in output and 19% in value compared to the same period last year.

With more positive signals from the US and Chinese markets, Vietnam's 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.

Author: Kim Thu | Vasep (Traslated from the original in Vietnamese)

editorial@seafood.media
www.seafood.media

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