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Friday, July 19, 2024

Shrimp exports surge in Q1

The Saigon Times

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HCMC – In the first quarter of this year, Vietnam exported US$955 million worth of shrimp, picking up 44% year-on-year, thanks to the strong recovery of the Chinese market and the high growth of Vietnam’s key import markets.

The period saw Vietnam’s shrimp export revenue from China reaching US$106 million, soaring 70% over the year-ago period. The Vietnam Association of Seafood Exporters and Producers (VASEP) forecast that China’s demand for shrimp would be stable as the northern neighbor has planned to increase its seafood imports to 66 million tons this year to reduce the demand for pork.

According to VASEP, Vietnam’s shrimp exports to the United States reached nearly US$195 million, jumping 45% year-on-year, Tien Phong newspaper reported.

This market accounts for 20% of Vietnam’s total shrimp exports and the export of shrimp stateside was predicted to continue growing well.

The EU market posted a growth rate of 66% to reach revenue of US$159 million. Especially, the export revenue from sugpo prawn in the first quarter of this year surged 107% over the same period last year. Biggest sugpo prawn importers in the EU were Germany, the Netherlands, Switzerland, Belgium and France.

According to VASEP, free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the European Union-Vietnam Free Trade Agreement, the United Kingdom-Vietnam Free Trade Agreement and the Regional Comprehensive Economic Partnership, will also help maintain Vietnam’s shrimp export growth momentum this year.

The shrimp export revenue may increase 10% but the result may be more positive thanks to the Chinese market and the impact of the Russia-Ukraine military conflict.

Soc Trang, Ca Mau and Bac Lieu reported the highest shrimp export revenue in the first quarter. Of which, Soc Trang took the lead in the shrimp export revenue for two consecutive years, with revenue of over US$1 billion.

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