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Vietnamese shrimp exports swelled by 19% in June 2020
September 15, 2020, 10:52 AM
(seafood.vasep.com.vn) In June 2020, Vietnamese shrimp exports reached US$ 349.9 million, up 19.2% compared to June 2019, which was the best growth since March 2020. Accumulative in the first 6 months, shrimp export reached US$ 1.5 billion, up by 5.7% year on year. This is an encouraging result in the context the Covid-19 epidemic is still ongoing in major markets. Notably, Vietnamese shrimp exports to two key markets, the US and China, in June still recorded positive growth. It is expected that Vietnamese shrimp exports to these markets will still grow well in the coming months.

In the first six months of 2020, whiteleg shrimp accounted for 70.1% of Vietnam's total shrimp exports, black tiger shrimp represented for 18.2%, the rest were marine shrimp. The total value of whiteleg shrimp exports climbed by 11% while that of black tiger shrimp fell by 15%. Export of processed whiteleg shrimp (HS code 16) and live/ fresh/frozen whiteleg shrimp (HS code 03) lifted by 18% and 6%, respectively. Other processed shrimp exports (HS16) jumped by 32% while exports of live/fresh/frozen black tiger shrimp (HS03) shrunk by 18%. Dried marine shrimp exports (HS 03) went up the most by 100%. During the time of the Covid-19 epidemic, whiteleg shrimp exports with reasonable prices increased better than black tiger shrimp; processed shrimp products were consumed more than fresh/live/ frozen products.

In June 2020 Vietnamese shrimp exports not only increased when exports to the US and China but also rose in other importers such as South Korea, the UK, and Canada with double-digit growth.

In June 2020, among the top 4 main shrimp importers of Vietnam, shrimp exports to Japan and the EU declined. Japan was the second-largest shrimp importer of Vietnam, accounting for 18.3%. In June 2020, shrimp exports to Japan diminished by 3.7%; however, thanks to growth in the previous months, shrimp exports to this market in the first 6 months reached US$ 278.2 million, up 1.9% compared to the same period in 2019. Shrimp exports to the EU in June contracted by 7.9%, but exports to the two single markets in the bloc, the Netherlands and Belgium, grew positively by 11% and 17% respectively. In the first 6 months, export to the EU reached US$ 200.7 million, down by 7% year on year.

The US has become the leading position in importing Vietnamese shrimp, accounting for 21.2%. Vietnam's shrimp exports to the US in June 2020 grew well by 54.4% compared to June 2019. In the first 6 months of 2020, shrimp exports to this market reached US$ 323.3 million, up 29% over the same period in 2019. Despite the Covid-19 epidemic, Vietnam's shrimp exports to the US grew stably in the first 6 months of 2020.

In the US market, in the first 6 months of 2020, Vietnam shrimp has a competitive advantage over competitors' supply thanks to stable production post-COVID-19 while other suppliers like India and Ecuador are still suffering badly. Shrimp processors and exporters of India and Ecuador are affected not only by reduced orders but also by domestic production stalled by lockdown measures, lack of workers in factories.

India remained the largest shrimp supplier in the US for many years, accounting for 40% of total shrimp imports into the US. Indian shrimp exports to the US began to decline in May 2020 after increasing in the previous months. Indian shrimp exports to the US in May 2020 reached 8,560 MT, valued at US$ 72.1 million, down 58% in volume, and 56% in value compared to May 2019.

Ecuador was still the third-largest supplier of shrimp for the US. In May 2020, Ecuador exported 5,773 MT of shrimp to the US, worth US$33.6 million, down 25% in volume and 32% in value compared to May 2019.

At least 17 suppliers have reduced shrimp exports to the US in May 2020 compared to May 2019. Some suppliers such as Nicaragua, Bangladesh, Saudi Arabia, Sri Lanka, and Norway have not exported shrimp to the US in May 2020. Therefore, the demand for US shrimp imports from Vietnam will not decrease to offset the reduced supply from the aforemention suppliers.

In June 2020, Vietnam's shrimp exports to China also grew well by 23% to US$ 57.7 million. The major suppliers of shrimp to China are facing difficulties in shrimp exports to this market. Recently, China suspended shrimp imports from three Ecuadorian companies because coronavirus was detected on the product packaging. Indian shrimp exports to China have also encountered difficulties due to some delayed customs clearance at Chinese ports with the reason to monitor the Covid-19.

Vietnam's shrimp prices have been on an upward trend 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 continue to grow positively in the coming months.

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Ms Kim Thu
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