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Thursday, July 18, 2024

Shrimp exports plunge in Q1

By N. Tan

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HCMC – Shrimp exports from January to March fell 37% over the same period in 2022 to US$600 million, showed data from the Vietnam Association of Seafood Exporters and Producers (VASEP).

Shrimp exports in March contributed US$265 million to the first-quarter value, 33% lower than the year-ago figure, due to falling consumer demand in major markets. Shrimp shipped to Japan and Korea dropped by 20% in the month, while shipments to the U.S., the European Union and China plummeted by 40%.

Japan was the biggest buyer of Vietnamese shrimp in the first quarter, with US$105 million, decreasing 29% compared to the year-ago period.

Meanwhile, shrimp exports to the U.S. dipped nearly by half versus the first quarter of 2022, at US$104 million, given weak demand and high inventory.

The Russia-Ukraine military conflict hindered shrimp sales to the EU market, leading to revenue falling 44% year-on-year to US$89 million.

Shrimps sales to Korea slid by 25% year-on-year to US$78 million.

Whiteleg shrimp remained the chief export item, with revenue of US$451 million, plunging 38% against the same period last year. Black tiger shrimp sold to foreign markets amounted to US$83 million and other varieties brought in US$65 million, dropping 34% year-on-year.

According to VASEP, shrimp export prospects would remain bleak this year due to inflation  and poor global demand, in addition to price competition with Ecuador and India.

This year, Vietnam’s shrimp industry looks to obtain around US$4.3 billion from exports.

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