VOV.VN - Vietnam raked in US$1.9 billion from shrimp exports during the opening five months of the year, representing an annual rise of 41%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
After witnessing a growth rate ranging between 25% and 61% from January to April, 2022 the country’s shrimp exports to the United States in May fell by only 2.8% compared to the same period from last year.
Overall, the initial five months of the year saw Vietnam fetch US$390 million from shrimp exports to the US, up 21% year on year.
According to industry experts, se shrimp exports are anticipated to bounce back this September as demand for shrimp in the US recovers strongly ahead of national holidays such as Thanksgiving and the festive season at the end of the year.
With regard to the Chinese market, Vietnamese shrimp exports have since March recorded three-digit growth, with exports in May alone skyrocketing by 126% to reach US$88 million, bringing five-month exports to the market to US$275 million, a year-on-year rise of 101%.
Recent times have seen China's COVID-19 pandemic prevention measures ease, a factor which is anticipated to fuel its import demand for shrimp in the future.
With shipments from Ecuador and India, the two largest shrimp suppliers to China being returned due to the detection of traces of the SAR-CoV-2 virus on product packaging, shrimp imports from these markets decreased by 28% and 30%, respectively.
This move is therefore likely to accelerate China’s import demand for shrimp from other sources, including those from Vietnam.
At present, the Chinese Government is planning to launch stimulus packages aimed at encouraging greater consumer spending, an effort which is projected to accelerate Vietnamese shrimp exports to the northern neighbour over the coming months, according to insiders.