Vietnam shrimp exports reached over 1.7 billion USD in the first half of the year

In the first 6 months of this year, except for the Chinese market, Vietnam's shrimp exports to major markets and blocks such as the CPTPP, the US and the EU all increased by double digits from 14% to 36%. Japan and South Korea both reduced economic growth in addition to the impact of Covid-19, but Vietnam's shrimp exports to these markets still increased slightly by 3% to 4%. Notably, the two markets Australia and Russia, although not being big import markets, recorded impressive growth rates of 80% to 90%. China is the only main shrimp import market of Vietnam that recorded a negative growth of 20%.

Regarding export products, in the first half of this year, Vietnam's vannamei export value grew by 24% while the export value of black tiger shrimp and marine shrimp decreased by 4% and 22% respectively over the same period of last year.

CPTPP

In the first 6 months of this year, the value of shrimp exports to countries in the CPTPP agreement reached US$482.8 million, up by 14%, accounting for 28% of the total shrimp export value. In which, Japan is the largest shrimp import market with a total export value of 290.2 million USD, up by 4.3% over the same period of last year.

In 2020 and in the first quarter of this year, Vietnam's shrimp exports to Japan did not increase due to unstable economic growth in Japan, adding to the negative impact of the Covid wave, restaurants also limited operations, reducing consumer demand. By the second quarter of this year, the number of Covid cases in Japan decreased and vaccination was promoted. As a result, Vietnam's shrimp exports to Japan increased slightly. The Tokyo 2020 Olympic Games scheduled to take place in July in Japan may increase the demand for seafood imports including shrimp from Japan.

Notably, in the first 6 months of 2021, shrimp exports to Australia increased sharply by 81%, reaching more than 88.7 million USD. In June 2021 alone, shrimp export value to this market reached 16.9 million USD, up by 89%.

The US - EU

The US is the largest single import market for Vietnamese shrimp. The demand of US shrimp imports from Vietnam has been quite stable since the outbreak of the Covid-19 pandemic. Vietnamese shrimp in the US market is becoming more and more competitive when India (the largest supplier of shrimp in the US) faces many barriers due to the Covid epidemic.

In the first half of this year, Vietnam's shrimp exports to the US reached 439.8 million USD, up by 36% over the same period of last year. In the structure of exported shrimp products, steamed and processed white shrimp accounted for nearly 47% of the value to the US with an average price of 10.15 - 11.5 USD/kg. The second largest export product is tempura breaded shrimp, accounting for 16.5% with an average export price of 10.5 - 10.7 USD/kg. Frozen vannamei shrimp (HS03061721) accounted for 15% with the export value of 9.6 to 9.8 USD/kg.

Retail sales in the US remained positive during the pandemic. The demand of US shrimp imports is still high for takeout and delivery. Demand for restaurants and food services in the US gradually recovered thanks to the rapid rate of vaccination in this country.

In the first half of this year, Vietnam's shrimp exports to the EU reached $255.6 million, up by 27.3% over the same period of last year. Vietnam's shrimp exports to this market this year have had better growth than last year.

In the second quarter of this year, foodservice shops in Europe began to reopen as Covid cases continued to decline and vaccinations were implemented. Summer shrimp consumption in Europe increases, shrimp stocks are at a low level, along with the Free Trade Agreement with the EU will be an opportunity for Vietnamese shrimp exporters to this market in the near future.