Vietnam saw an increase in the value of its shrimp exports in August as it increased its deliveries to the United States, the European Union, and other markets. Those figures all rose compared to a year earlier, the Vietnam Association of Seafood Exporters and Producers (VASEP) said in a statement 22 September.
The country exported shrimp worth USD 394.6 million (EUR 336.2 million) in August, up nearly 12 percent from the same month in 2019.
The U.S. was the largest buyer of shrimp from Vietnam in August with year-on-year sales growth of 28.6 percent, VASEP said, without providing the value. In the first eight months, Vietnam exported shrimp worth USD 544 million (EUR 463.5 million) to the U.S., soaring 32 percent year-on-year.
“Despite the pandemic, the value of shrimp exports from Vietnam to the U.S. recorded a positive growth in every month during January-August this year. It is the most stable market for shrimp exporters from Vietnam this year,” VASEP said.
The E.U. was the fourth largest destination for shrimp from Vietnam in August, with sales rising 15.7 percent year-on-year to USD 58.8 million (EUR 50 million). The value of the exports to the Netherlands and Belgium in the month, for example, surged 15 percent and 41 percent from a year ago, respectively.
The rise in the exports in the month was attributed to the European Union-Vietnam Free Trade Agreement (EVFTA), which entered into force from the beginning of August, VASEP said.
During January-August, Vietnam exported shrimp worth USD 313.7 million (EUR 267.3 million) to the E.U., down 2 percent year-on-year, as the sales in the first half of this year fell.
Sales to other major markets also went up in the month, including South Korea (up 10.2 percent year-on-year), the United Kingdom (16.4 percent higher year-on-year), Canada (rising 17.2 percent year-on-year), and Australia (up 20.5 percent from August 2019). However, the value of the exports to China and Japan shrank in the month.
In the first eight months, the whiteleg shrimp accounted for 71.7 percent of Vietnam’s total shrimp export volumes, with the giant tiger shrimp holding 16.5 percent and sea shrimp the remainder. The export value of whiteleg shrimp grew 12.6 percent year-on-year while that of giant tiger declined 15.2 percent.
VASEP said it expects Vietnam’s shrimp export value will reach USD 3.6 billion (EUR 3 billion) this year, up 8 percent from 2019.
Seafood trader Siam Canadian Group’s country manager for Vietnam, Bowie Leung, told SeafoodSource this week that he believed Vietnam’s shrimp export value “will have some high-single-digit increment” this year. At the moment, shrimp prices were rising and factories were a little bit short of material.
Fimex Chairman Ho Quoc Luc said normally there is some low supply of material for processing plants in the fourth quarter. There is likely a shortage of material in October, causing prices to rise, he said.
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