Shrimp exports fall by half in January
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Shrimp exports plummeted by 55% year-on-year in January to US$141 million due to weaker global demand and stronger competition from other countries.
According to the Vietnam Association of Seafood Exporters and Producers, exports to the U.S. were worth $23 million, down 65%, the sharpest decline among all markets.
Shipments to the EU were down 55% to $24 million. Vietnam’s largest market, Japan, imported $29 million worth of shrimp, a 47% decline.
A major reason for the fall in exports was that demand in the EU was weaker because of the impact of inflation and uncertainties related to the Russia-Ukraine conflict.
Vietnam also saw heightened competition from rivals such as Ecuador and China.
Shrimp exports would face a lot of challenges this year due to the unfavorable global economic situation, which would drive down demand, and high inventories in many markets, the association said.
Exporting to Japan is becoming increasingly difficult because of the high hygiene, safety and sustainability standards the country has, it said.
However, China’s reopening in January would help the Vietnamese fisheries sector realize its export target of over $10 billion this year, including $4 billion worth of shrimps, it added.
Questions & Answers
Q.What were the main reasons for the significant drop in shrimp exports during January?
What were the main reasons for the significant drop in shrimp exports during January?
Weaker global demand and increased competition from other countries were the primary causes. Specifically, demand in the EU was lower due to inflation and the Russia-Ukraine conflict, while rivals like Ecuador and China provided heightened competition.
Q.Which export market experienced the most significant decline for Vietnamese shrimp in January?
Which export market experienced the most significant decline for Vietnamese shrimp in January?
Exports to the U.S. Saw the sharpest decline among all markets, falling by 65%. The total value of these exports amounted to US$23 million during the month, according to the Vietnam Association of Seafood Exporters and Producers.
Q.What is making it particularly challenging to export shrimp to Japan?
What is making it particularly challenging to export shrimp to Japan?
Exporting to Japan is becoming increasingly difficult because of the country's stringent standards. These include high requirements regarding hygiene, safety, and sustainability, which exporters must meet.
Q.How does the association expect the reopening of China to affect Vietnam's fisheries exports this year?
How does the association expect the reopening of China to affect Vietnam's fisheries exports this year?
The reopening of China in January is expected to help the Vietnamese fisheries sector achieve its overall export target of over $10 billion this year. This total includes a specific target of $4 billion worth of shrimps.