Vietnam’s shrimp exports to the EU as of June 15, 2022 reached US$338 million, up 51% over the same period last year. Shrimp exports to this market grew quite steadily, ranging from 34%-83% in the first months of this year.
Like the US market, demand in the EU recovered after Covid, food inflation was high, so despite difficulties such as soaring sea freight rates and high container costs, Vietnamese businesses took advantage of promoting exports. shrimp to this market. In the context of price inflation, the EVFTA is an even more favorable factor to support shrimp exports to the EU.
In the first 5 months of this year, Vietnam’s shrimp exports to the EU reached 304 million USD, up 51% over the same period last year. The value of shrimp exports to the EU in the first 5 months of this year reached the highest compared to the same period in previous years.
EU countries increased their imports of vannamei shrimp by 46% with US$236 million, accounting for 78%. Black tiger shrimp imports from Vietnam skyrocketed 75% to over 50 million USD, accounting for 16.5% of shrimp exports to this market. The top 3 markets in the bloc including the Netherlands, Germany and Belgium all increased their imports of Vietnamese shrimp by 58-91% in the first 5 months of 2022.
Demand for sustainable and organic shrimp products is growing in Europe. Convenience products are also in high demand in this market.
Vietnam’s shrimp exports to the EU in the coming months will continue to be affected by inflation in Europe, the EUR depreciates against the USD. The economies of European countries are also dealing with the crisis from the Russia-Ukraine war, the cost of gasoline, the price of goods soar. The EU’s shrimp import demand in the following months may decrease and is expected to increase again in the last months of the year.