Vietnam sees high shrimp export growth to US and Japan in Q1

Hanoi - Vietnam gained shrimp export growth to some key export markets in the first quarter of this year, especially Japan and the US, despite the COVID-19 pandemic.

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, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

During this period, Vietnam 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 COVID-19 pandemic, the association reported.

In the first three months Vietnam's shrimp export value to the US market reached 115.5 million USD, a surge of 18.2 percent year-on-year. This was the highest growth rate among the top five export markets for Vietnamese shrimp during the first quarter.

In March alone, the shrimp export value to this market increased by 11.5 percent to 41.3 million USD year on year.

However, in the same month, shrimp export to many other major export markets decreased in value against the same period of last year, including the EU (16 percent), the Republic of Korea (6.3 percent) and China (6.4 percent).

It is reported that Vietnam’s total shrimp export value in the first three months rose by 1.8 percent year-on-year to 628.6 million USD.

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, according to the association. 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.