Shrimp exports likely to climb to over US$3.8 billion this year

After enduring a sharp decline in August and September, local shrimp exports bounced back in October with turnover hitting US$425.3 million, just a drop of 1.5% year on year.

Of the total export value for October, Vietnam raked in US$117.7 million from exporting shrimp to the United States, representing an increase of 19% compared to October last year.

The October figure raised Vietnam’s 10-month shrimp exports to the US to US$892.7 million, or a year-on-year increase of 22%. Experts believe local shrimp exports to this lucrative market will maintain this growth momentum until the first quarter of 2022.

Meanwhile, shrimp exports to the European Union are also picking up steam. October alone saw Vietnamese businesses ship roughly US$74 million worth of shrimp products to the EU, up 13%, bringing its total export value of these products in this market to approximately US$482, up 10.4% year on year.

Experts say there remain bright prospects ahead for Vietnamese shrimp exporters as the consumer demand in the EU market during the remaining months of the year is increasing due to a scarcity of goods as a result of the COVID-19 pandemic.

By contrast, Vietnamese shrimp exports to China since the beginning of the year have fallen by 25% to US$341.5 million compared to the same period from last year.

This plunge was largely attributed to China’s strict control over the SAR-CoV-2 virus on imported aquatic products, which has caused congestion at some of its ports.

Despite production gradually recovering, domestic firms continue to face numerous difficulties, especially with regard to vaccinations for workers and the state’s support policies aimed at restoring production capacity and maximizing the opportunities from import markets, according to the VASEP.