Vasep has reported that shrimp exports to the market in June and July came to a standstill due to the supply shortage and price hikes while EU businesses reduced shrimp imports. However, as from August, exports to the EU have been restored with more supply from domestic businesses.
The country’s shrimp export revenue hit US$2.5 billion in the first nine months, up 21.9% against the same period last year. Exports to the EU grew 32% in the period.
High demand for shrimp from the EU pushed raw shrimp prices up. Domestic businesses are accelerating shrimp purchase to meet the EU markets.
Vasep warned that to boost exports to the market, businesses should pay more attention to labels and the quality of products to build brand names and expand markets. They should make proper plans to improve their competitiveness against other exporters such as India.
The EU tends to increase its shrimp imports in the remaining months of this year to serve culture and food festivals, offering a chance for domestic businesses to spur exports.