Shrimp exporters eye US$3.6 billion target this year

Despite shrinking markets due to the COVID-19 pandemic, Vietnam’s shrimp exports enjoyed robust growth in the past seven months and are projected to rise over the coming months, said the Vietnam Association of Seafood Exporters and Producers.

Throughout the reviewed period, the country raked in US$1.9 billion from exporting shrimp products, representing an annual rise of 7.7%.

Notably, the United States kept its position as the leading consumer of Vietnamese shrimp, accounting for approximately 22.8% of the overall market share.

July alone witnessed shrimp exports to the US enjoy an increase of 45.3% compared to the same period last year. Exports to the market over the seven-month period increased by 33% to US$435.2 million on-year.

Furthermore, Vietnamese shrimp also enjoyed a number of competitive advantages in the US market thanks to a sufficient supply, in contrast to other rivals such as India and Ecuador who have been negatively impacted by the COVID-19 epidemic.

Elsewhere, Japan became the second largest export market for local shrimp, with exports over the course of the reviewed period witnessing an annual increase of 0.2% to US$329.7 million.

Following a period of decline, the EU market experienced an uptrend trend in July, while the entry into force of the EU-Vietnam Free Trade Agreement is anticipated to increase exports to the EU over the course the remaining months of the year thanks to good sources of raw materials coupled with tax incentives.

In addition, shrimp exports to China grew in July, while exports to the Republic of Korea, the UK, Canada, and Australia enjoyed a double-digit increase.