Shrimp exports hits five-year high, many positive signs from the US and China

Shrimp exports reached USD 1.4 billion in the first four months of the year, hitting a peak in the past five years. VASEP gives a forecast that shrimp exports will bring in around USD 1.2 billion in quarter II, up 12% from the same period last year.

According to VASEP, Vietnam achieved more than USD 442 million from exporting shrimps, up 47% as compared to the same period last year.

The accumulated value of shrimp exports of the first four months reached USD 1.4 billion, up 45% from the same period of 2021. This is the peak within the past five years.

The biggest importers of Vietnamese shrimp include the US, Japan, the EU, China, and Korea where export volume has recorded a 15-91% increase thanks to high demand and good selling prices.

The US is the biggest single importer of Vietnamese shrimp, accounting for 16% in the first four months.

Accordingly, shrimp exports to the US reached over USD 291 million, up 47% from the same period last year because this market was in high demand for food in summer and stockpiles for autumn.

Shrimp is the seafood product highly consumed in the US as it is easily cooked at home and favored in the food service industry. Around five pounds of shrimp are consumed per capita in the US in 2020.

However, excessive stockpiles in the first months of the year may lead to a decrease in shrimp exports of the US in April and May. The increasing inflation was to blame.

Ranking the fourth position, China promises to be a big and potential importer of Vietnamese shrimp in 2022.

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In April alone, shrimp exports to the Chinese market increased sharply by 128% with USD 81 million worth, leaving the accumulated value in the first four months of more than USD 187 million, up 91% from the same period of 2021.

The surging Covid-19 pandemic in this country and the Government’s policy of “zero Covid” have made shrimp exportation to this market run into difficulties. As many local shrimp processing factories are forced to close and production is canceled, China has to face the insufficiency of shrimps for domestic consumption and processing for export purposes.

Thus, Vietnam’s shrimp exports to this country will grow steadily in the next few months,

According to VASEP, shrimp exports in the first four months of the year show positive signs; however, the unusual weather is affecting the shrimp material resources and the increasing production costs are resulting in a fall in profits of enterprises.

In quarter II, shrimp export value is forecasted to reach USD 1.2 billion, up by 12% from the same period last year.