Shrimp exports to EU hit a new record in the first five months
Vietnam earned USD 304 million from exporting shrimp to the EU in the first five months of 2022, up 51% from the same period last year. This is a new record high as compared to the same period of previous years.
According to VASEP, Vietnam has achieved USD 338 million worth from exporting shrimps to the EU as of June 15, up 51% from the same period last year. Shrimp exports to this market have been stable, fluctuating at 34-83% in the first months of the year.
In the first five months alone, shrimp exports to the EU reached USD 304 million, up 51% from the same period last year. This is a new record high as compared to the same period of previous years.
Exports of white leg shrimp to the EU reached USD 236 million, up 46% from the same period last year, accounting for 78% of the total Vietnamese shrimp value to the EU. Meanwhile, exports of black tiger shrimp just reached USD 50 million, accounting for 16.5% of the total export value but increasing by as much as 75% as compared to the same period last year.
The top destinations in the EU included the Netherlands, Germany, and Belgium, with sales to these three countries increasing up 58-91% in the first five months of 2022.
According to VASEP, after the COVID-19 pandemic, demand for shrimp in the EU has grown rapidly, thus enterprises have boosted their sales of shrimp to this market regardless of difficulties such as high freight and container charges.
In the face of inflation, the EVFTA is a favorable condition for exportation of shrimp to the EU.
Demand for organic and sustainable shrimp products has increased in the EU. Moreover, local consumers have increased their purchases of ready-to-eat and convenient products made of shrimp.
Thus, VASEP believes that demand for shrimp in the EU may decrease in the next few months due to inflation and the euro depreciation.
Besides, European countries are struggling with a fiscal crisis resulting from the war between Russia and Ukraine. The increase in prices of fuel and merchandise will also affect the exportation of Vietnamese shrimp to the EU. However, according to VASEP, shrimp sales in the EU will increase in the last months of the year.