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Vietnam's shrimp export trade declined

 foodmate 2022-12-20

From SeafoodNews on December 14, as high inflation begins to weaken global demand for Vietnamese seafood, the challenges facing the Vietnamese shrimp industry are emerging.

The Vietnam Seafood Exporters and Producers Association (VASEP) said high inflation in some countries combined with exchange rate fluctuations made Vietnamese shrimp more expensive than others.

High inflation also affects domestic consumption levels in these countries, leading to a backlog of inventories in the market, so that the combined effect of higher prices and lower sales leads to a decrease in foreign orders.

Compared to shrimp from Ecuador and India, Vietnamese shrimp are at a price disadvantage, while Ecuador is closer to major shrimp importers. For example, the distance between Ecuador and the United States saves the latter about $1 per kilogram in shipping costs, enough to make Ecuadorian shrimp a real bargain for American consumers.

In 2021, Ecuador produced more than 1 million tonnes of shrimp, ranking first in the world.

In October, Vietnam's shrimp exports were US$360 million, down 14% year-on-year. October was the third consecutive month of decline in shrimp sales in Vietnam this year.

Vietnamese shrimp exporters said that with the reopening of the Chinese market and the decline in inflation in the United States and the European Union, this situation is expected to reverse in the first quarter of 2023, or will greatly promote the recovery of market demand.

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