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Wednesday, May 18, 2022

Shrimp exports to U.S. exceed US$1 billion in 2021

The Saigon Times

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HCMC – Vietnam’s annual shrimp exports to the United States have exceeded US$1 billion for the first time, with nearly 90,000 tons in 2021, up 20% year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

At a conference on the shrimp sector development in 2022 held on March 11 by the Ministry of Agriculture and Rural Development and the Soc Trang government, a leader of the Directorate of Fisheries said in 2021, the shrimp sector made a breakthrough, farming 970,000 tons of shrimp, up 4.3% over 2020. Of the total, there were 920,000 tons of prawns and whiteleg shrimp harvested from 746,000-hectare farms.

VASEP general secretary Truong Dinh Hoe said Vietnam exported US$3.9 billion worth of shrimp last year, rising 4% over the previous year, Tuoi Tre Online newspaper reported.

At present, Vietnam has more than 500 exporters of shrimp selling their products to 103 markets. Up to 97% of the shrimp revenue is from eight key markets, including the United States, China, South Korea, the European Union and the United Kingdom.

This year, the United States will remain the largest importer of Vietnamese shrimp. With the recovery of the HORECA (Hotel-Restaurant-Catering/Café) sectors and Vietnam’s strength in shrimp processing, Vietnam’s shrimp exports to the United States will rise further this year.

As for the European markets, the demand for shrimp has increased in the United Kingdom, Germany, the Netherlands and Belgium. However, the sales in Europe will be affected by the Russia-Ukraine conflict.

Hoe added that in 2022, the shrimp sector would have enough materials for processing but the prices of products might increase due to the volatility of input factors.

In addition, inflation will send the production costs rising, which will result in higher shrimp prices. The Russia-Ukraine conflict will hit logistics activities and increase logistics service costs, which are great challenges to the shrimp export growth.

VASEP expected Vietnam’s shrimp exports to inch up 10%-12% in 2022 to exceed US$4 billion.

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