In October 2022, US shrimp imports continued to fall deeply despite the year-end holiday approaching, bringing expectations of a recovery in consumption in this market.
Source: Unsplash
In October 2022, the US imported 69,767 tons of shrimp, worth $633.99 million, down 18% in volume and 22% in value over the same period in 2021, according to NOAA data. This is the third consecutive month, shrimp imports into the US recorded a decrease.
Accumulated to October 2022, US shrimp imports reached 715,711 tons, worth $6.7 billion compared to 729,667 tons, worth $6.4 billion imported in the first 10 months of 2021.
The reason for the decrease in shrimp imports to the US is due to the large inventory. Retail sales and food service have both been slow, with retailers sometimes asking to delay deliveries.
India remains the largest shrimp supplier to the US. In October 2022, shrimp imports to the US from India reached 27,261 tons, worth $236.44 million, down 26% in volume and 29% in value over the same period in 2021.
As of October 2022, shrimp imports to the US from India reached 259,273 tons, worth $2.4 billion, down 7% in volume and nearly equivalent in value compared to the same period in 2021.
Indian shrimp exports to the US this year faced difficulties due to economic recession and inflation in the US, India's shrimp production in 2022 decreased by 200,000 tons from 850,000 tons in 2021 to 650,000-700,000 tons in 2022.
Despite high inventories, the price of shrimp in the US did not decrease because wholesalers did not want to sell. In terms of product specifications, wholesalers can launch more value-added products because these products can be mixed with other materials with more stable prices.
According to data from Vietnam Customs, as of November 2022, Vietnam's shrimp exports to the US reached more than 773 million USD, down 21% compared to the same period in 2021. Import demand from the US market may improve after the first quarter of 2023 when inventories are reduced and the economic situation is more positive.
Source: VASEP
Read more: Seafood Industry Report
SEAFOOD INDUSTRY REPORT - 11/2022