News, Domestic

Vietnam’s shrimp exports decline by 34% in the first five months of 2023

According to Fish Information & Services, Vietnam’s prawn export turnover decreased significantly in the first five months of 2023, down 34% from the same time the previous year to US$1.2 billion, with its export value falling 28% in May to US$331 million. Large markets for prawns saw double-digit declines in imports during May 2023, with only smaller markets like the UK and Taiwan exhibiting positive growth. In May 2023, China accounted for 23% of all prawn imports from Vietnam, placing it #1 overall. With 21%, the US came in second place, closely behind. Similar to China, the US market has followed this pattern. Vietnamese prawn imports into the US were around 236,039 tonnes in the first four months of 2023, down 18% from the same period in 2022, according to the US Department of Commerce. However, compared to March 2023, some Vietnamese shrimp products saw rise in April, including a 211% increase in raw shrimp with shell, a 46% increase in peeled raw shrimp, and increases of 13% and 20% for steaming shrimp and powdered shrimp, respectively. Due to austerity measures, lower expenditure, and a preference for less expensive food options, diseases and conflicts have caused an increase in worldwide inflation and the global economic downturn.As a result, while the demand for prawns has declined, the supply has surged globally, particularly from India and Ecuador. These nations are selling shrimp for less than US$1-2 per kg, which presents difficulties for Vietnamese shrimp exporters. Additionally, the domestic price of raw shrimp has been steadily falling recently, having a huge impact on the overall shrimp sector. The business sector believes that the State Bank would continue to prioritise and take into account a stimulus package of US$420,000 for aquaculture in the Mekong Delta given the current difficult circumstances. From now until the first quarter of 2024, prawn exporters would benefit from access to finance when buying raw materials for export. Smooth communication between stakeholders across the industry chain is required to increase the competitiveness of Vietnamese prawns against competitors like Ecuador and India. This includes partnerships between businesses that make economical feed and premium prawn seed, as well as vendors who sell agricultural supplies. Source: Fish Ìnomation & Sevices

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