Vietnam gains from rising US shrimp demand
Vietnam gains from rising US shrimp demand
Vietnam’s shrimp exports to the U.S. surged 22 percent to over $775 million in the first nine months despite Covid-19 impacts, according to Vietnam Customs.
Fishermen harvest shrimps in the southern province of Ca Mau. Photo by VnExpress/Phuc Hung |
Growth is eight times higher than that of total shrimp exports, which rose 2.6 percent to $2.76 billion.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said in a recent note U.S. demand remains high, especially as the economy resumes after Covid-19 outbreaks and as the end-of-year shopping season approaches.
September was the 10th month in a row the U.S. saw shrimp imports rise. On average, it has imported over $800 million each month in the past 10 months.
The U.S. has been hiking up shrimp imports from Ecuador since the beginning of the year, but as the latter faces a supply shortage, Vietnam has an opportunity to boost exports there, VASEP said.
Vietnamese exporters will also likely benefit from the Christmas shopping season in Europe where demand is set to rise, it added.
Shrimp exports to the EU in the first nine months rose 10 percent year-on-year to nearly $408 million.
The U.S. was Vietnam’s biggest shrimp export market in the first nine months, accounting for 28 percent of the total, followed by the EU, 15 percent, and China, 11 percent.
