AsemconnectVietnam - 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 2023.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in August of 2023, Vietnam's shrimp exports reached 337 million USD, down by 15% over the same period last year. Totally in the first 8 months of the year, shrimp exports reached 2.2 billion USD, down by 28% over the same period last year.
The export trend in August was still similar to the trend of July: The exports to the US and China markets continued the positive growth momentum of July, while the exports to smaller markets such as Australia, Taiwan, and Switzerland recorded positive growth from 3%-51%, the exports to markets such as the EU, Japan, and South Korea still recorded a decline of 32%-41% compared to the same period last year.
Regarding the structure of exported shrimp products, white leg shrimp (accounting for 74%) had an export value of 1.6 billion USD, down by 29%. The export value of black tiger shrimp (accounting for 14%) reached 315 million USD, down by 25%, and the export value of other types of shrimp (accounting for 12%) reached 257 million USD, down by 25% compared to the same period last year.
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 by 27%.
According to the US National Oceanic and Atmospheric Administration (NOAA), the US imported 69,501 tonnes of shrimp in July of 2023, an increase of 3% compared to July of 2022. For the first time in 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 of 2022. The average price of imported shrimp reached 8.22 USD/kg, down by 10% over the same period last year.
India, the largest shrimp supplier to the US (accounting for 38% market share), exported 26,641 tonnes of shrimp to the US in July of 2023, up by 13% over the same period of 2022. Indian shrimp export value to the US in the month 7 was still down by 3% over the same period last year. 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 of last year.
The number of orders from retailers and the need to import goods to serve next year's "Vegetarian Festival" are all on the rise. It is forecasted that in November and December of this year, US shrimp import demand will also be better.
The country's food and beverage 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 the same period last year 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.
In addition to the US market, shrimp exports to China and Hong Kong in August of 2023 reached 56 million USD, up by 32% over the same period last year. Totally in the first 8 months of this year, shrimp exports to China and Hong Kong reached 393 million USD, down by 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. Totally in the first 7 months of the year the figure reached 591,827 tonnes, worth of 3.33 billion USD, an increase of 38% in volume and 19% in value compared to the same period last year.
According to Mr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Foods Joint Stock Company, after a period of decline throughout the first half of this year, Sao Ta Foods' export activities have improved significantly in the past few months. Specifically, the finished shrimp consumption volume in July of 2023 of this enterprise reached more than 1,900 tonnes with sales of 21.3 million USD, an increase of 19% in consumption volume and equivalent in sales compared to same period of 2022.
This trend continued to improve in August of 2023 when Sao Ta Foods recorded sales of up to 22.4 million USD - the highest level in the past 19 months and the company became the 3rd highest revenue month in history.
According to Mr. Ho Quoc Luc, this positive trend will continue to be maintained in the coming months. Based on the number of existing contracts (until early September 2023), the business leadership expects the sales in the last months of this year will only decrease by 10% compared to the same period of 2022; Meanwhile, the general level of the entire Vietnamese shrimp export industry may decrease by up to 15%. Sao Ta Foods' largest shrimp export markets are currently the United States, Europe, and Japan. These are also the most important markets for Vietnam's seafood industry.
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 next year.
CK
Source: VITIC/haiquanonline.com.vn