Shrimp exports grow in major markets

Processing exported prawns at Seaprimexco Vietnam. Photo: N.H

According to the analysis of Mrs. Kim Thu, shrimp market expert of VASEP, shrimp exports in the first month of the year grew quite well when businesses boosted production and completed orders signed at the end of 2021.

In the first month of this year, whiteleg shrimp accounted for 76%, prawn accounted for 14%, the rest was sea crayfish. The export value of whiteleg shrimp reached nearly US$238 million, rising by 39%; prawns reached nearly US$43 million, up 92%, over the same period.

Among exported shrimp products, the export value of processed prawn increased the most by 157%.

The US continues to be the largest single import market of Vietnamese shrimp, accounting for 21.5% of the country's total shrimp exports. Shrimp exports to the US in January 2022 reached more than US$67 million, up 61% compared to January 2021.

Vietnam still maintains the 4th position in the top of the main shrimp suppliers to the US with the share increasing from 10.7% in 2020 to 12% in 2021 and the weight ratio increasing from 8.8% to 9.8% of total US shrimp imports.

Although inflation in the US increased sharply in January 2022, experts believed that the US economy was still stable thanks to the policies of US President Joe Biden's administration. US shrimp demand was expected to remain strong this year.

Exports to the second-largest shrimp market that was Japan reached over US$54 million in January this year, growing by 23% over the same period.

Vietnam's shrimp exports to the EU in the first month of this year reached nearly US$54 million, up 79% over the same period. Exports to three main import markets in the group of the Netherlands, Germany and Belgium, increased by 116%, 32% and 91%, respectively.

Contrary to markets such as the US, EU, Japan, Korea, shrimp exports to China in the first month of this year decreased, reaching just over US$18 million, decreasing by 7% over the same period last year.

According to some shrimp processing enterprises, in the first month of this year, workers' psychology was stable, customers’ thinking was more positive in the context of living in new situation with the Covid-19 pandemic. Hence, these were also a positive signal for Vietnam's shrimp exports this year.

However, lack of raw materials at the beginning of the year, sea freight rates that have not shown signs of cooling down, production costs are still high, are still challenges that businesses must face in 2022.