The value of Vietnam’s shrimp exports ramped up in October as its sales to key markets, particularly the United States and European Union, rose significantly, according to new data from Vietnam Association of Seafood Exporters and Producers (VASEP).
The country exported shrimp worth USD 431.7 million (EUR 363.8 million) in the month, up more than 25 percent from October 2019. The total export value of its exported shrimp rose 12.3 percent year-on-year to USD 3.1 billion (EUR 2.6 billion) in the first 10 months of 2020.
The U.S. was the top buyer of shrimp from Vietnam in October, with sales growing 39 percent compared to the same month last year, VASEP said, without providing the total value. From the beginning of the year through October 2020, Vietnam exported shrimp worth USD 733.4 million (EUR 618 million) to the U.S., up 39 percent year-on-year, with more demand from the retail sector offsetting a decline in the foodservice sector.
The E.U. was the fourth-largest destination for shrimp from Vietnam in value terms after the U.S., Japan, and China. VASEP said its exports to the bloc have grown since the beginning of the third quarter following the implementation of the landmark European Union-Vietnam Free Trade Agreement (EVFTA), which went into effect 1 August. In October, Vietnam exported shrimp worth USD 65.4 million (EUR 55 million) to the E.U., up nearly 42 percent year-on-year. Major markets within the bloc included the Netherlands (with sales up 32 percent year-on-year in October), Germany (53 percent higher than October 2019), and Belgium (up 48 percent year-on-year). Between January and October, the export value also grew 6.7 percent year-on-year to USD 436.7 million (EUR 368 million).
Other buyers also accelerated purchases of shrimp from Vietnam in October to meet higher demand during the upcoming seasonal festivals, including China (up 21.5 percent from October last year), the United Kingdom (surging 45 percent year-on-year), Canada (up 14 percent year-on-year), and Australia (up 57 percent). However, sales to Japan and South Korea declined in the month.
VASEP said with the current positive growth rates, Vietnam’s shrimp export value is expected to increase by 9.8 percent to USD 3.7 billion (EUR 3.1 billion) this year.
Photo courtesy of Vietnam Association of Seafood Exporters and Producers
