Vietnam's shrimp exports increased 5.7% in the first half of 2020
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|Vietnamese shrimp exports reached USD 1.5 billion (Photo: CafeF)|
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnamese shrimp exports reached USD 1.5 billion during the first six months, up 5.7% compared to the same period last year, informed VOV.
These data can be viewed positively as the Covid-19 is still developing in a complicated manner around the world. Moreover, the shrimp export to the US and China may keep growing during the final months of the year.
The export value to the US between January and June rose 29% to reach USD 323.3 million. The US is still the largest import market for local shrimp, accounting for 21.2% of Vietnamese's total export value. Vietnam's efforts to fight against the Covid-19 has allowed its shrimp to become more competitive in the US market.
|Vietnam's shrimp exports to two major markets, the US and China, in June still recorded positive growth (Photo: Investment News)|
Notably, Vietnamese shrimp exporters have overtaken the competitors from India and Ecuador, because both countries fail to return to normal production since they still struggle with the pandemic.
However, India remained as the US's largest shrimp supplier for several years, accounting for 40% of total shrimp imports to this market. Vietnamese's shrimp exports to China during June rose 23% to USD 57.7 million.
Vietnam's shrimp exports to two major markets, the US and China, in June still recorded positive growth. In addition, shrimp exports to markets such as Korea, the UK, and Canada with double-digit growth.
|Vietnamese shrimp prices have increased in June (Photo: Vietnam Biz)|
Specifically, the US rose to the leading position in importing Vietnamese shrimp, accounting for 21.2%. Vietnam's shrimp exports to the US in June grew by 54.4% compared to June 2019. In the first half of the year, shrimp exports to the US reached USD 323.3 million, up 29% over the same period last year.
Vietnamese shrimp prices have increased in June. Inventories in major markets such as Japan, the US and the EU are not as high as in previous months. Therefore, Vietnam's shrimp exports are expected to grow positively in the coming months by the VASEP, reported by Industry and Trade News.
Furthermore, Indian shrimp suppliers are also facing numerous challenges as their shipments to China have faced delays in custom clearance at Chinese ports due to the Covid-19.
In contrast, shrimp exports to both Japan and the EU endured slumps during the reviewed period. June saw shrimp exports to Japan fell by 3.7%, despite positive growth of 1.9% to USD 278.2 million in the past six months. Meanwhile, exports to the EU reached USD 200 million, representing a drop of 7% compared to the same period last year.
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