Vietnamese shrimp exports to the United States and China in July fell by 54% and 17%, respectively, against the same period last year, according to data given by the Vietnam Association of Seafood Exporters and Producers (VASEP).
VASEP experts have assessed that despite shrimp exports recording double-digit growth in the opening five months of the year, exports of the aquatic product began to endure a slight decline in June before falling sharply in July.
However, shrimp exports during the seven-month period surged by 22% to US$2.65 billion against the same period from last year.
Most notably, Vietnamese shrimp exports to the US market started to slow down in May, decreasing by 36% in June and continuing to drop by 54% in July.
During the reviewed period, shrimp exports to the US declined by 6% to US$550 million compared to last year’s corresponding period.
This decline in US’ shrimp imports can largely be attributed to high inventories, escalating logistics and transportation costs, along with a general shortage of cold storage facilities and high inflation hitting US consumers.
In China, after recording robust growth over the first six months of the year, Vietnamese shrimp exports to the northern neighbour in July dropped by 17% to US$38 million. However, shrimp exports to the market during the reviewed period surged by 64% to US$371 million.
Despite the Chinese economy reopening and moving to loosen regulations related to COVID-19 prevention at seaports, Chinese import regulations remain strict, thereby creating many difficulties for businesses.
Furthermore, Vietnamese shrimp suppliers in the Chinese market must compete against suppliers from Ecuador, which has devised a strategy specifically aimed at boosting exports to China in order to compensate for the decline in exports to the US.
In contrast, exports to markets such as Japan, the EU, and the Republic of Korea were able to maintain positive growth momentum.
Accordingly, shrimp exports to the EU market in July inched up by 16% over the same period from last year thanks to the range of incentives set out in the EU-Vietnam Free Trade Agreement (EVFTA).
Moreover, exports to Japan and the Republic of Korea in July continued to grow steadily by 5% and 22%, respectively due to low train fares and inflation, both of which are considered crucial factors in helping to maintain a stable growth momentum in shrimp exports to these markets.
VOV
