Vietnam exported US$2.4 billion worth of shrimp during the first nine months of the year, down 7 per cent against the same period last year, whilst shrimp exports to the EU dipped 20.8 per cent, according to statistics released by the Vietnam Association of Seafood Exporters and Producers.

This steep drop is attributable to the falling price of raw shrimp, coupled with factors such as high inventories in various markets and the rise in the supply source of shrimp from other countries, resulting in low prices of imported shrimp in markets compared to last year. 

In September, shrimp exports to the EU have dropped sharply by 23 per cent to more than US$61 million against last year’s corresponding period.

The UK, the Netherlands, and Germany also faced declines of 37 per cent, 32 per cent, and 9 per cent, respectively.

Throughout the reviewed period, shrimp exports to the EU reached US$513.4 million, down 20.8 per cent on-year. The average import price at these markets has plummeted by US$1 per kilo in comparison to last year.

The EU accounts for approximately 31 per cent of the world's shrimp imports and holds 21 per cent of the nation’s shrimp exports. If Vietnam can tap into the advantages of the preferential tariffs presented from the EU-Vietnam Free Trade Agreement (EVFTA) and apply the rules of origin, then the country's shrimp exports to the EU will likely grow since 2020.

Elsewhere, shrimp exports to the United States enjoyed a 1 per cent rise to US$476.9 million against the same period last year, while exports to the Japanese market suffered a 1.9 per cent drop to only US$444.7 million during the nine-month period.

In the Chinese market, shrimp exports recorded positive signs of growth with a 7.2 per cent increase, touching US$382.3 million during the reviewed period.