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Friday, August 19, 2022

Shrimp exports decline after five months of growth 

By Trung Chanh

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CAN THO – Having grown for five consecutive months, shrimp exports declined in June, albeit modestly.

The Vietnam Association of Seafood Exporters and Producers (VASEP) reports that compared to the previous month, shrimp exports fell 1% to US$416 million in June.

In the first five months of 2022, shrimp export revenue edged up at double-digit rates. The total in the first half of the year reached US$2.31 billion, soaring 31% over the same period last year.

According to VASEP, the fall in shrimp export revenue in June resulted from a lack of domestic raw materials and a downturn in consumer demand from major markets, including the United States.

Meanwhile, the rise in shrimp export revenue in the preceding months, according to VASEP, was attributed to the higher price of shrimp. In early 2022, many shrimp enterprises stepped up deliveries after supply disruptions due to the impact of the Covid-19 pandemic at the end of 2021, along with inflation, which in part drove up shrimp prices.

As forecast by VASEP, shrimp exports in the second half of the year will still grow but at a slower pace than in the January-June period. However, the outcome of the preceding six months is probably going to lay the groundwork for the shrimp sector to expand, with a growth rate of at least 10% in 2022 to US$4.2 billion.

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