Shrimp exports forecast to increase by 9.8 per cent to reach $3.7 billion this year

HÀ NỘI — Việt Nam’s shrimp exports are forecast to reach US$ 三. 七 billion this year, posting an year-on-year increase of  九. 八 per cent, fuelled by the Eupean Union – Việt Nam Free Trade Agreement (EVFTA) which facilitated export to the EU markets, according to Việt Nam Association of Seafood Exporters and Producers (VASEP).

Accounting for  一 三. 八 per cent of the country’s shrimp export value, the EU was the fourth largest shrimp export market of Việt Nam, coming after the US, Japan and China.

Despite declines at the start of this year, shrimp exports to the EU saw significant growth in the third quarter, thanks to the impact of the EVFTA which came into effect from the beginning of August, the association said.

In September alone, Việt Nam exported shrimp worth $ 五 七. 六 million to the EU, representing a rise of  三 五. 四 per cent against September last year.

January-September shrimp exports to the EU totalled more than $ 三 七 一 million, up by  二. 三 per cent.

The association said that in the EU, restaurants and catering services were reopening together with the tourism industry, adding that the EU’s demand for shrimp was expected to increase significantly in the coming months to serve year-end holidays.

The EU was a market with good profit margins and this would be the market that many enterprises would focus on to expand exports in the remaining months of this year, the asociation said, adding that Việt Nam’s shrimp exports to the EU would continue to see considerable increases.

Việt Nam’s shrimp exports in September totalled nearly US$ 三 八 五 million, up by more than  二 五 per cent against the same month last year, the highest growth rate recorded since March, according to VASEP’s statistics.

Besides the EU, exports to other major markets also saw significant increases, such as to the US by  三 九. 六 per cent, China by  二 二. 九 per cent, the Republic of Korea  三. 二 per cent, the UK  五 四. 三 per cent, Canada  四 七 per cent and Australia  五0. 七 per cent.

Shrimp exports totalled $ 二. 七 billion in January – September, a year-on-year increase of  一0. 五 per cent.

The US was the largest shrimp export market of Việt Nam, accounting for  二 四 per cent of the country’s shrimp export value. Việt Nam exported shrimp worth more than $ 六 三 四. 四 million to the US in January – September, up by  三 三 per cent over the same period last year.

According to the Ministry of Industry and Trade’s Import-Export Department, Việt Nam’s shrimp export would continue to increase in the last months of this year due to the low shrimp supply globally, especially from India.

The department added that Việt Nam’s shrimp export also had advantages from the EVFTA. — VNS