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Shrimp exports continue to decline in February 2023

In February 2023, Vietnam's shrimp exports reached US$194 million, down 21% over the same period. Accumulated in the first 2 months of this year, shrimp exports reached US$335 million, down 40%.

Shrimp exports fell sharply in the first 2 months of this year due to sluggish market demand, high world inflation, inventories in the US are high, consumption in the EU tight due to economic difficulties, and also because at the same time last year, shrimp exports increased too strongly (up 48% over the same period in 2021).

According to Vietdata's Seafood Industry Report, shrimp exports to most markets decreased sharply in the first two months of 2023. In particular, shrimp exports to Canada decreased by 72% over the same period last year.

In terms of shrimp production, shrimp farming is in a transitional phase towards improving quality, in many places farmers focus on renovating and repairing ponds and lakes and focusing on the quality of seed, so disease should be limited. Generally in the first two months of 2023, whiteleg shrimp production reached 60.2 thousand tons, up 0.5%, and black tiger shrimp production reached 31.3 thousand tons, up 0.3%.

It is expected that Vietnam's shrimp exports will be better in the coming months when inventories in the US decrease and the world economic situation changes positively. In particular, the Seafood Expo North America taking place on March 12, 2023 is also expected to help increase shrimp export sales to the US market and other markets around the world...

Source: Seafood Industry Report - March 2023 of Vietdata



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