VN shrimp exports increase positively, expected to reach $ 3.6 billion in 2020

VN shrimp exports increase positively, expected to reach $ 3.6 billion in 2020

Although the COVID-19 epidemic is still complicated in major markets, Vietnam's shrimp exports are still growing positively and forecast to continue in the remaining months of this year.

On August 26, the Vietnam Association of Seafood Exporters and Producers (VASEP) said that in the first 7 months of this year, shrimp exports (export) reached $ 1.9 billion, up 7.7% over the same period. period last year. This is a remarkable result in the context that the COVID-19 epidemic continues in major markets.

In which, the US is the No. 1 market for Vietnamese shrimp exports when accounting for nearly 22.8% of the market share. In July 2020, shrimp exports to the US increased by 45.3% compared to July 2019. In the first 7 months of 2020, shrimp exports to this market reached US $ 435.2 million, up nearly 33% over the same period last year.

In the US, in the first 7 months of this year, Vietnamese shrimp has a more competitive advantage by stabilizing production faster while other key shrimp exporting countries such as India and Ecuador are still heavily affected by disease. It is expected that Vietnam's shrimp exports to the US will still grow well in the following months.

The second largest shrimp market of Vietnam is Japan, although not stable, in which July decreased 7.8% over the same period, but the total of the first 7 months of this year still reached 329.7 million USD, up 0.2% compared to the same period. with the same period in 2019.

The EU market, after a period of decline, has an uptrend in July. The effective EVFTA Agreement is a lever to boost exports to this market in the last months of the year if businesses have good raw materials and effectively take advantage of tax incentives.

Shrimp exports to China in July still grew positively, but the speed decreased compared to the previous month.

Notably, Vietnam's shrimp exports to South Korea, UK, Canada, and Australia all grew at double digits in July this year ...

According to VASEP, with positive signals in the first 7 months of the year, Vietnam's shrimp exports will continue to increase in the coming months and is expected to reach USD 3.6 billion in 2020, up 8% compared to 2019. (TienPhong news, 26.Aug., Canh Ky)

Source: VASEP