Shrimp exports forecast to reach US$3.8 billion in 2020

Shrimp exports are expected to hit US$3.8 billion, instead of the previous forecast of US$3.5 billion, thanks to positive signs amid the COVID-19 outbreak, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

shrimp exports forecast to reach us$3.8 billion in 2020 hinh 0
Shrimp processing for export (Source: VNA)

Despite the pandemic, Vietnam’s total shrimp export value in the first three months rose by 1.8% year-on-year to US$628.6 million. Some key export markets reported significant growth, especially Japan and the US.

Japan jumped to first place in the five largest export markets, accounting for 21% of Vietnam’s total shrimp export value after the export value to this market in February surged sharply by 63% year-on-year.

In this period, the country earned US$132 million from shrimp exports to Japan, 8.4% higher than the same period of last year.

Meanwhile, the US became the second largest export market for Vietnamese shrimp in the first quarter because of higher demand for essential food, including shrimp, during the pandemic, the association reported.

In the first three months Vietnam's shrimp export value to the US market reached US$115.5 million, a year-on-year surge of 18.2%.

Truong Dinh Hoe, VASEP Secretary General, said that the Vietnamese Government’s effective controlling of the disease is opening up opportunities for shrimp exports.

According to the association, although it is still unclear when the pandemic ends, there is high demand for shrimp on the domestic and global markets because it is one essential food. Therefore, Vietnam needs to ensure shrimp supply for the home and abroad markets now and in the future.

Shrimp output in many key producers in the world such as India and Ecuador is estimated to reduce due to disease of shrimp and bad weather while the shrimp demand on the global market is forecast to increase sharply after the pandemic.

VNA

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