Vietnam increased its exports of shrimp in the first quarter on the back of greater sales to the U.S., E.U. and China, according to latest data from the Vietnam Association of Seafood Exporters and Producers (VASEP).
Overall, Vietnam exported USD 955 million (EUR 890.5 million) worth of shrimp in the first three months of 2022, up 44 percent year-on-year.
The U.S. was the top destination for shrimp from Vietnam in Q1 at USD 195 million (EUR 181.8 million), a growth of 45 percent from a year ago. VASEP said the country’s specialization in value-added products is giving it a leg up in meeting growing U.S. demand for more-processed shrimp products.
Vietnam’s second-largest market, the European Union, saw an increase of 66 percent year-on-year to USD 159 million (EUR 148.2 million) in Q1. The Netherlands increased its intake by 77 percent year-on-year, Germany’s purchases were up 59 percent year-on-year, and Belgium’s purchases rose 82 percent from a year earlier. Of the total, Vietnam’s sales of vannamei to the E.U. grew 59 percent year-on-year and its black tiger shrimp sales to the E.U. soared 107 percent.
Vietnam’s shrimp sales to China rose 70 percent year-on-year to USD 106 million (EUR 98.8 million) in value in Q1. VASEP forecasts demand for shrimp in China will stabilize this year as China is aiming to increase imports of seafood to soften domestic pork demand. However, with China’s zero-COVID policy still in place, Vietnam’s exports to China will continue to face challenges in the coming months, VASEP said.
Vietnam’s top shrimp-export firm, Minh Phu Seafood, reported higher sales in Q1 2022, in line with the overall increase in the country’s exports. Minh Phu exported shrimp worth USD 148.7 million (EUR 138.6 million) in Q1, up 35 percent year-on-year. Its top markets included Japan with USD 35.1 million (EUR 32.7 million) in sales, up 45 percent year-on-year; Australia and New Zealand with combined sales of USD 32.2 million (EUR 30 million), up 89 percent; and the E.U. with USD 21.7 million (EUR 20.2 million) in sales, 48 percent higher year-on-year.
Overall, Vietnam’s shrimp exports will continue to grow in 2022, with expected annual sales expected to rise by 10 percent from 2021’s USD 3.9 billion (EUR 3.6 billion), VASEP said.
Photo courtesy of Nguyen Quang Ngoc Tonkin/Shutterstock
