Vietnam boosted the value of its shrimp exports to a five-year high in the first four months of 2022, thanks to high demand in major markets, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The country exported nearly USD 1.4 billion (EUR 1.3 billion) worth of shrimp between January and April, up 45 percent year-over-year and achieiving the highest value for the period since 2018. In April, sales rose 47 percent year-on-year to USD 442 million (EUR 412.2 million).
The value of Vietnam's shrimp exports to the U.S., Japan, the E.U., and China in the first four months all grew by between 15 percent and 91 percent year-on-year.
The U.S. was the top destination for shrimp from Vietnam, with sales rising 47 percent year-on-year to USD 291 million (EUR 271 million). VASEP said the increase stemmed from businesses preparing to serve demand in the summer and fall. The sales growth was tempered by the trade group noting it expects U.S. imports of shrimp from Vietnam in May are likely to be hampered by already high shrimp stockpiles, as well as rising inflation.
Vietnam exported shrimp worth USD 81 million (EUR 75.5 million) to China in April, representing growth of 128 percent year-over-year and making the country the fourth-largest buyer of Vietnamese shrimp. The value of Chinese sales over January to April was USD 187 million (EUR 174.2 million), up 91 percent from the same period last year.
China’s zero-COVID policy has made it more difficult for sales of shrimp into the country, VASEP said. However, it has also caused a shortage of shrimp for domestic consumption, and for processing in China, and many processing factories have had to suspend operations. Therefore, Chinese demand for Vietnamese shrimp is likely to remain high in the coming months, VASEP said.
Vietnam's increase in shrimp exports thus far in 2022 was reflected in the strong results reported by Vietnam’s leading shrimp companies. Minh Phu Seafood’s export value in the first four months was USD 208.2 million (EUR 194 million), up 35 percent year-on-year, with sales to most key markets on the rise. Another major exporter, Fimex, said its sales volume of processed shrimp in April went up 8 percent to 1,742 metric tons (MT) and its sales value (including agricultural products) rose 10 percent to USD 18.9 million (EUR 17.6 million) in the month.
Photo courtesy of Vietnam Association of Seafood Exporters and Producers
