Shrimp exports likely to climb to over $3.8 billion this year

25-Nov-2021 Intellasia | VOV | 7:19 AM Print This Post

Vietnamese shrimp exports are anticipated to rise by 2.7 percent compared to last year to reach over $3.8 billion this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

After enduring a sharp decline in August and September, local shrimp exports bounced back in October with turnover hitting $425.3 million, just a drop of 1.5 percent year-on-year.

Of the total export value for October, Vietnam raked in $117.7 million from exporting shrimp to the United States, representing an increase of 19 percent compared to October last year.

The October figure raised Vietnam’s 10-month shrimp exports to the US to $892.7 million, or a year-on-year increase of 22%. Experts believe local shrimp exports to this lucrative market will maintain this growth momentum until the first quarter of 2022. Meanwhile, shrimp exports to the European Union are also picking up steam. October alone saw Vietnamese businesses ship roughly $74 million worth of shrimp products to the EU, up 13%, bringing its total export value of these products in this market to approximately $482, up 10.4 percent year-on-year.

Experts say there remain bright prospects ahead for Vietnamese shrimp exporters as the consumer demand in the EU market during the remaining months of the year is increasing due to a scarcity of goods as a result of the COVID-19 pandemic.

By contrast, Vietnamese shrimp exports to China since the beginning of the year have fallen by 25 percent to $341.5 million compared to the same period from last year.

This plunge was largely attributed to China’s strict control over the SAR-CoV-2 virus on imported aquatic products, which has caused congestion at some of its ports.

Despite production gradually recovering, domestic firms continue to face numerous difficulties, especially with regard to vaccinations for workers and the state’s support policies aimed at restoring production capacity and maximising the opportunities from import markets, according to the VASEP.

https://english.vov.vn/en/economy/shrimp-exports-likely-to-climb-to-over-us38 billion-this-year-906894.vov

 

Category: Economy, Vietnam

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