Vietnamese shrimp exports during the second quarter of the year are anticipated to increase by more than 20% in comparison to the same period from last year, with export value in several major markets witnessing positive growth.
According to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP), the country’s total shrimp export value during the opening four months of the year rose by 10.2% annually to reach US$961.9 million.
These positive signs can largely be attributed to the great efforts made by local shrimp enterprises to overcome the challenges caused by the novel coronavirus (COVID-19) pandemic.
In April alone, despite enduring a downward trend of 9.4% and 9% in the Chinese and Russian markets, respectively, Vietnamese shrimp exports to major markets enjoyed robust growth.
Throughout the reviewed period, shrimp exports to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) picked up by 7.6% to reach US$297.2 million, accounting for approximately 31% of the country’s total shrimp export value.
Most notably, Japan became the largest consumer of Vietnamese shrimp, with turnover reaching US$177.9 million, representing a climb of nearly 6%, followed by Australia, with exports to this market rising by 177.4%.
Throughout the reviewed period, the country’s shrimp exports to the United States surged by 24.8% to US$198 million, accounting for 20.6% of overall shrimp exports.
At present, the nation makes up the fourth largest shrimp supplier to the US market, trailed by India, Ecuador, and Indonesia. According to experts, demand in this market for shrimp imports is projected to consistently increase moving forward.
Elsewhere, shrimp imports from the EU are anticipated to experience a downward trajectory during the course of the year.
Despite this forecast, Vietnamese shrimp exports to the fastidious market during the four-month period increased by 8.5% to US$145.7 million, with April alone seeing export value surge by 45.2% to roughly US$50 million.
Meanwhile, shrimp exports to the Chinese market during the reviewed period fell by 9.8% to US$98 million.