Positive outlook for shrimp exports in 2022

HLSO Black Tiger shrimp Hung Hau

With robust export growth in both the United States and the EU markets last year, there are bright prospects ahead for Vietnamese shrimp exports in 2022, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Last year witnessed Vietnamese shrimp exports edge up 4% to US$3.9 billion compared to 2020, despite the negative impacts caused by the COVID-19 pandemic.

Most notably, shrimp exports to the US market throughout the year enjoyed impressive growth, bringing the total export value to the demanding market up by 20% to reach over US$1 billion.

The market shares of Vietnamese shrimp in the US market increased by 13% last year compared to the figure of 11% in 2020.

According to experts, shrimp exports to the fastidious market will continue to witness an upward trend until the first quarter of this year thanks to the US Government’s economic stimulus packages and strategy for living alongside COVID-19.

Furthermore, the country raked in more than US$613 million from shrimp exports to the EU market, representing a rise of 19% compared to 2020 thanks to the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA).

The three major exports markets within the EU bloc include the Netherlands, Germany, and Belgium, with growth rates of 11%, 25%, and 19%, respectively.

Elsewhere, Vietnamese shrimp exports to China last year endured a decrease of 22% to more than US$412 million as the northern neighbour applied a “Zero COVID-19 ” policy and tighten inspection over imported goods at ports in order to contain the pandemic.

Moreover, shrimp exports to Japan also fell by 6% to US$578 million due to a general reduction in demand for seafood products, including shrimp, as a result of the pandemic.

The VASEP therefore underlined the importance of maintaining its main markets, including the US, Japan, and the EU, while simultaneously promoting exports to potential markets such as China, the Republic of Korea, the UK, Australia, Canada, and Singapore.

Shrimp exports to the US and EU markets are therefore expected to continue to see a double-digit growth, while exports to China, the Republic of Korea, and Japan will see a slight increase this year.

(Source: https://english.vov.vn/)