Bright prospects ahead for shrimp exports to US despite COVID-19

Vietnam's shrimp exports to the United States between the beginning of the year and March 15 enjoyed a surge of 16% to approximately US$93 million in comparison with last year’s corresponding period, according to figures released by the General Department of Vietnam Customs.

This increase in shrimp exports can be attributed to the fact that the novel coronavirus (COVID-19) epidemic was not widely spread throughout the US during the reviewed period.

In contrast, since March the COVID-19 has gone on to become widespread in the US, causing plenty of disruption to imported goods, including shrimp, in the process.

In addition, consumption in the US market has also plunged as a result of the deployment of preventive measures aimed at containing the disease. Despite this, the demand for shrimp in the retail segment has been able to increase in line with people’s essential needs.

The Vietnam Association of Seafood Exporters and Producers (VASEP) have since advised local enterprises to focus largely on processed and value-added products such as peeled and breaded shrimp in an effort to suit the consumption needs of US citizens.

Furthermore, the VASEP also expressed their optimism that if the epidemic is successfully brought under control in the US during the second quarter, corresponding with positive results from the anti-dumping duty of the 14th period of review, Vietnamese shrimp exports to the US are forecast to increase by 3% to roughly US$675 million for the year.