Vietnam’s shrimp exports fell sharply in the first half of 2023 but experts have forecast a likely recovery over the remaining months of the year.
Vietnamese exporters earned $1.5 billion from exports in the first half, down 32 per cent compared to the same period last year, figures from the Ministry of Agriculture and Rural Development (MARD) show.
Shrimp shipments to key markets fell dramatically, including to the EU, by 48.9 per cent, to the US by 38.1 per cent, to South Korea by 28 per cent, and to Japan by 29 per cent.
However, inflationary factors and inventories are forecast to ease towards the end of the year while higher demand is expected during year-end holidays, which will help give exports a lift, according to Le Thanh Hoa, Deputy Director of the MARD’s Department of Quality, Processing and Market Development.
The shrimp industry contributes 40-45 per cent of seafood exports each year, or $3.5-4 billion.
Vietnamese shrimp is now exported to 100 countries and territories.
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