According to figures released by the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnamese shrimp exports reached US$1.5 billion during the past six months, an increase of 5.7% from the same period last year.
These statistics can be viewed extremely positively as the COVID-19 epidemic is still developing in a complicated manner in a number of major markets across the world.
Moreover, the export of shrimp to the US and China is likely to continue growing during the final months of the year.
The export value to the US between January and June saw a rise of 29% to reach US$323.3 million. Indeed, the US remained the largest import market for local shrimp, making up 21.2% of the country’s total export value.
Vietnam’s efforts to combat the COVID-19 pandemic has allowed its shrimp to become more competitive within the US market.
Most notably, recent months have seen Vietnamese shrimp exporters overtake their competitors from India and Ecuador, largely due to both countries failing to return to normal production as they are still struggling with the outbreak.
However, India has remained the US’s largest shrimp supplier for several years, accounting for 40% of total shrimp imports to this market.
Elsewhere, the country’s shrimp exports to China during June enjoyed an increase of 23% to US$57.7 million.
This is largely due to China’s major shrimp suppliers facing difficulties following the northern neighbour suspending its imports from three Ecuadorian companies after the detection of COVID-19 traces on product packaging.
Furthermore, Indian shrimp suppliers are also facing numerous challenges as their shipments to China have faced delays in customs clearance at Chinese ports due to the COVID-19.
In contrast, shrimp exports to both Japan and the EU endured slumps during the reviewed period. June saw shrimp exports to Japan drop by 3.7%, despite positive growth of 1.9% to US$278.2 million in the past six months.
Meanwhile, exports to the EU hit US$200 million, representing a fall of 7% compared to the same period last year.
The VASEP noted that Vietnamese shrimp prices tend to increase during the second half of the year. At present, inventories in key markets such as Japan, the US, and the EU are not as high as in previous months. Therefore, Vietnamese shrimp exports are expected to continue to record positive growth.