Vietnams shrimp exports forecast to reach 3.8 billion USD in 2020

Hanoi – Shrimp exports are expected to hit 3.8 billion USD, instead of the previous forecast of 3.5 billion USD, thanks to positive signs amid the COVID-19 outbreak, according to the Vietnam Association Seafood Exporters and Producers (VASEP).

Shrimp processing for export (Source: VNA)

Despite the pandemic, Vietnam’s total shrimp export value in the first three months rose by 1.8 percent year-on-year to 628.6 million USD. Some key export markets reported significant growth, especially Japan and the US.

Japan jumped to first place in the five largest export markets, accounting for 21 percent of Vietnam’s total shrimp export value after the export value to this market in February surged sharply by 63 percent year-on-year.

In this period, the country earned 132 million USD from shrimp exports to Japan, 8.4 percent higher than the same period of last year.

Meanwhile, the US became the second largest export market for Vietnamese shrimp in the first quarter because of higher demand for essential food, including shrimp, during the pandemic, the association reported.

In the first three months Vietnam's shrimp export value to the US market reached 115.5 million USD, a year-on-year surge of 18.2 percent.

Truong Dinh Hoe, VASEP Secretary General, said that the Vietnamese Government’s effective controlling of the disease is opening up opportunities for shrimp exports.

According to the association, although it is still unclear when the pandemic ends, there is high demand for shrimp on the domestic and global markets because it is one essential food. Therefore, Vietnam needs to ensure shrimp supply for the home and abroad markets now and in the future.

Shrimp output in many key producers in the world such as India and Ecuador is estimated to reduce due to disease of shrimp and bad weather while the shrimp demand on the global market is forecast to increase sharply after the pandemic.