Vietnam’s shrimp exports expected to rebound from Q3
Vietnam’s shrimp exports expected to rebound from Q3
The outbound sales of Vietnamese shrimp products are anticipated to bounce back from the third quarter this year, said Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP).
The upbeat forecast was based on the U.S. market’s rising demand for shrimp shipped from Vietnam and other countries over the past three months, Hoe told the eighth Vietnam Shrimp Forum held on Friday in Bac Lieu Province, located in Vietnam’s Mekong Delta region.
Since August last year, the local shrimp industry has witnessed weakening demand from overseas markets, the VASEP representative said.
Vietnamese shrimp exports were previously forecast to get back on track by the end of the first quarter, but the weak demand lingered and dampened the prediction, he elaborated.
The consumption of shrimp products in the U.S. and then other markets is predicted to recover from the third quarter, thereby boosting the demand.
Vietnam exported approximately US$1.4 billion worth of shrimp products during the first five months of the year and the figure is projected to hit $3 billion by the end of the year, according to the VASEP general secretary.
