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Vietnam has high shrimp export growth to US and Japan in Q1

Việt Nam gained shrimp export growth to some key export markets in the first quarter of this year, especially Japan and the US, despite the COVID-19 pandemic.

During this period, Việt Nam earned $132 million from shrimp exports to Japan, 8.4 per cent higher than the same period of last year.Japan jumped to first place in the five largest export markets, accounting for 21 per cent of Việt Nam’s total shrimp export value after the export value to this market in February surged sharply by 63 per cent year-on-year, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).

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 COVID-19 pandemic, the association reported.

In the first three months Việt Nam's shrimp export value to the US market reached US$115.5 million, a surge of 18.2 per cent year-on-year. This was the highest growth rate among the top five export markets for Vietnamese shrimp during the first quarter.

In March alone, the shrimp export value to this market increased by 11.5 per cent to $41.3 million year on year.

However, in the same month, shrimp export to many other major export markets decreased in value against the same period of last year, including the EU (16 per cent), South Korea (6.3 per cent) and China (6.4 per cent).

It is reported that Việt Nam’s total shrimp export value in the first three months rose by 1.8 per cent year-on-year to $628.6 million.

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, according to the association. Therefore, Việt Nam 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.

Source: VNS