Shrimp exports confidently surpassed the USD 4 billion mark

Good signal from the main market

Shrimp exports in the first months of this year are growing very impressively. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first quarter of this year, shrimp exports reached nearly $955 million, up 44% over the same period last year. This is a remarkable growth compared to the first quarter of previous years.

Ms. Kim Thu, shrimp market expert at VASEP, said that in the first quarter of this year, shrimp exports to major markets all grew by double digits. This shows that the market demand is quite favorable for shrimp.

With the largest market of Vietnamese shrimp being the US, in the first 3 months of this year, shrimp exports to this country reached nearly 195 million USD, up 45% over the same period.

In another large market of Vietnamese shrimp, Japan, the market signal is also very positive in the first months of this year. By mid-March, shrimp exports to Japan reached over US$113 million, up 21% over the same period in 2021.

The growth in the Japanese market is even more remarkable when in the past 2 years, shrimp exports to this market have continuously decreased in value compared to the previous year (down 0.9% in 2020, down 6 in 2021. %).

For the EU market, shrimp exports in the first quarter of this year reached more than US$159 million, up 66% over the same period last year. In which, exports to three main single markets in the bloc, namely the Netherlands, Germany and Belgium, increased by 77%, 59% and 82%, respectively.

A big chance

The achievement of nearly 1 billion USD in export value in the first quarter of 2022 is helping the Vietnamese shrimp industry to become more confident that it will surpass the 4 billion USD mark this year, especially when the forecasts are quite optimistic about the future. market side.

According to VASEP, the import demand for seafood products including shrimp from Japan is still very large. In addition, the Japanese Government is gradually easing border control measures and normalizing economic and social activities after Covid-19. Currently, Japan has lifted the entry ban with 106 countries and territories, including the US, most of Europe and many Southeast Asian countries.

On the other hand, Vietnam and Japan are both members of four bilateral and multilateral free trade agreements (FTAs): the Vietnam-Japan Free Trade Agreement (VJEPA), the Regional Economic Partnership (RCEP), the ASEAN-Japan Free Trade Agreement (AJCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

With the above factors, VASEP believes that Vietnam's shrimp exports to Japan have many growth opportunities this year.

In the EU market, demand for shrimp usually increases in late summer and early autumn, so importers and distributors in the EU are preparing orders from this time.

Right in the first month of this year, the US imported 78,716 tons of shrimp from many countries, worth $ 744.9 million (information from the US National Oceanic and Atmospheric Administration - NOAA), an increase of 13 % in volume and 24% in value over the same period in 2021.

In February, shrimp imports into the US continued to increase strongly with 66,335 tons, worth 636.4 million USD, up 25% in volume and 41% in value compared to February 2021.

US shrimp import demand in 2022 is expected to continue last year's growth momentum. Therefore, Vietnam's shrimp exports to the US will continue to be positive in the coming months.

VASEP forecasts that shrimp exports this year will grow steadily thanks to good demand from markets and incentives from Trade Agreements such as CPTPP, EVFTA, UKVFTA, RCEP...

In the second quarter, shrimp exports will continue to grow at a high rate, and full-year exports can reach a growth rate of about 10%. Thus, the whole year of shrimp exports in 2022 will be full of opportunities to surpass the USD 4 billion mark for the first time.

Source: Thanh Son - Minh Sang - nongnghiepviet.vn