Exports of shrimps sharply grow

Vietnam brought in nearly $385 million from exporting shrimps in Sep 2020, up 25% from last year, the most growth recorded since March this year.

In Sep 2020, apart from Japan, exports of Vietnamese shrimps to major destinations increased such as the US (+39,6%), China (+22,9%), the EU (+35,4%), Korea (+3,2%), the UK (+54,3%), Canada (+47%), and Australia (+50,7%). Remarkably, sales to the EU in Sep 2020 have reached the highest level since earlier this year, partly thanks to benefits from the EVFTA. All main destinations of Vietnamese shrimps have boosted their purchases to serve festivals at the end of this year.

The accumulated value of shrimp exports as of September reached $2.7 billion, up 10.5% compared to the same period last year, with white leg shrimps accounting for 72% of the total export volume and black tiger shrimp accounting for 16% and marine shrimps accounting for 22%.

The US is the leading marketing in buying Vietnamese shrimps, with a density of nearly 24%. Vietnam has more competitive advantages in shrimps than India and Ecuador and bounce back fast after the Covid-19 pandemic. After 9 months, shrimp exports to the US reached more than $634.4 million, up 33% from last year. The US has been considered the market with the most stable demand.

After some decrease over the last few months, exports of Vietnamese shrimps to the EU started to grow in quarter III of  2020 benefiting regulations of the EVFTA at the entry into force in early August. After the first 9 months, exports of shrimps to this market reached more than $371 million, up 2.3%.

The EU has a good benefit rate and is considered the main destination of Vietnamese shrimps in the last few months of the year. Sales to the EU are forecasted to increase over the coming months.

With positive signs of Vietnam’s sales of shrimps over the last 9 months, the country expects to bring in $3.7 billion in 2020, up 9.8% from last year.

In Sep 2020, exports of Vietnamese shrimps reached nearly $385 million, up more than 25% as compared to the same period last year, recognizing the most growth since March 2020.


Related Articles

Leave a Reply

Your email address will not be published.

Back to top button