Shrimp exports grow 44% on effective use of FTAs

China alone spent US$106 million on importing Vietnamese shrimps in the reviewed period, representing a year-on-year rise of 70%.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said the demand for shrimp imports from this market would be more stable this year as China plans to increase the amount of imported seafood to 66 million tonnes to reduce demand for pork.

The United States, which is also another major consumer of Vietnamese shrimp, imported nearly US$195 million worth of the product from Vietnam in the first quarter, a year-on-year increase of 45%.

The US currently accounts for over 20% of Vietnam’s shrimp exports, and this market is projected to continue to have steady growth as seen in 2021. The US imported nearly 137,000 tonnes of shrimp products in 2021, an increase of 25,000 tonnes compared to 2020.

The European Union also consumed US$159 million worth of Vietnamese shrimp in the first quarter, rising 66% compared to the same period of 2021. It’s noteworthy that black tiger shrimp imports expanded 107% over the same period last year. The largest importers of black tiger shrimp in the EU are Germany, the Netherlands, Switzerland, Belgium, and France.

VASEP predicted Vietnam’s shrimp exports this year would have steady growth thanks to good demand from markets and incentives from free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU – Vietnam Free Trade Agreement (EVFTA), the UK – Vietnam Free Trade Agreement (UKVFTA), and the Regional Comprehensive Economic Partnership (RCEP).

Shrimp exports are projected to maintain high growth in the second quarter, and export turnover for the whole year is anticipated to reach a growth rate of 10%.