Shrimp exports rose by over 10%

In September 2020, except exports to Japan dipped, Vietnam's shrimp exports to other major markets hiked such as the US (+ 39.6%), China (+ 22.9%), EU (+35.4 %), South Korea (+ 3.2%), UK (+ 54.3%), Canada (+ 47%), Australia (+ 50.7%). Notably, Vietnam's shrimp exports to the EU in September 2020 reached the highest growth rate since the beginning of the year thanks in part to the positive impact from the EVFTA Agreement. The main import markets of Vietnamese shrimp increased imports to serve year-end festivals.

In the first 9 months of 2020, whiteleg shrimp accounted for 72% of Vietnam's total shrimp exports, black tiger shrimp made up 16%, and the rest was marine shrimp. The total value of whiteleg shrimp exports lifted by 15% while that of black tiger shrimp fell by 15%. Exports of processed whiteleg shrimp (HS code 16) and live/fresh/ frozen whiteleg shrimp (code HS 03) increased by 24% and 7%, respectively. Export of other processed black tiger shrimp (HS16) surged by 38% while that of live/fresh/frozen  black tiger shrimp (HS03) plunged by 20%.

The US: The US is the leading market for Vietnamese shrimp imports, accounting for nearly 24%. Vietnam shrimp exports to the US in September 2020 grew well by 39.6% compared to September 2019. In the first 9 months of this year, shrimp exports to this market reached over US$634.4 million, up 33% over the same period in 2019. Despite being affected by the Covid-19 epidemic, Vietnam's shrimp exports to the US remained positive in all the months of the first 9 months of 2020. The US is considered the market with the most stable demand for Vietnamese shrimp imports in the first 9 months of 2020. US shrimp import demand has been good to serve the retail segment.

According to the US National Oceanic and Atmospheric Administration (NOAA), in the first eight months of this year, the US imported 460,070 MT, worth US$3.9 billion, up 6% in volume and 8% in value over the same period in 2019. In the US market, in the first 8 months of this year, Vietnamese shrimp has a competitive advantage over rival suppliers such as India and Ecuador thanks to faster production stability after COVID-19. Shrimp prices at farms of all sizes in India continued to increase as packers in India faced a serious shortage in the supply of raw shrimp.

In the first 8 months of 2020, imports of shrimp into the US from major sources went up, in which the US sharply increased imports from Ecuador, Indonesia, Argentina, and imports from India rose slightly.

EU: EU is the 4th largest shrimp importer of Vietnam after the US, Japan, and China, accounting for 13.8% of the total value of Vietnam's shrimp exports. After decreasing in the previous months, Vietnam's shrimp exports to the EU started to grow well in the third quarter of this year thanks to the positive impact from the EVFTA Agreement which took effect from the beginning of August 2020. In September 2020, Vietnam shrimp exports to the EU reached US$57.6 million, up 35.4% over the same period in 2019. In the first 9 months of 2020, shrimp exports to this market reached over US$371 million, up 2.3%.

In the EU, restaurants, and food services are gradually reopening. Travel has also resumed. Meanwhile, retail or online sales continue to increase, and demand shrimp for the retail segment will increase in preparation for the year-end holiday season. EU is a market that has a good rate. It will also be the market that many enterprises focus on to boost export in the last month. Vietnam shrimp exports to the EU from now to the end of the year are expected to continue to jump.

With positive signals in Vietnam's shrimp exports in the first 9 months of this year, Vietnam's shrimp exports for the whole year 2020 are expected to reach $ 3.7 billion, up 9.8% compared to 2019.