Vietnam’s shrimp exports increased by 44% in the first quarter of 2022
MEKSEA.COM – According to the Association of Seafood Exporters and Producers (VASEP), in the first quarter of 2022, Vietnam’s shrimp exports reached nearly 955 million USD, up 44% YOY because of demand from the US, EU and Chinese markets.
Vietnam’s shrimp exports in the first quarter of 2022 to markets recorded double-digit growth. With revenue exports accounting for more than 20%, the US continues to be Vietnam’s largest import market. In this quarter, shrimp exports to the US reached nearly 195 million USD, up 45% over the same period in 2021. In addition, according to seafood experts, US shrimp imports in 2022 will continue to grow when consumption demand increases. Specialty, shrimp size 26-30 shrimp/kg is increasing.
EU is the second-largest market import shrimp from Vietnam, reaching 159 million USD, up 66% over the same period last year. In which, exports to the Netherlands, Germany, and Belgium increased by 77%, 59% and 82%, respectively. The demand for shrimp in Europe usually increases in late summer and early autumn, so importers and distributors in this market are preparing orders from this time.
In the Chinese market, after a quiet year in 2021, Vietnam’s shrimp exports to this market also increased by 70%, reaching 106 million USD. It is expected that the demand for shrimp imports from China in 2022 will be more stable when the country advocates increasing the amount of imported seafood to 66 million MT to reduce the demand for pork.
Learn more: The US keeps shrimp purchasing power at a high level in 2022
According to VASEP’s forecast, shrimp exports in the second quarter of 2022 will continue to have a high growth momentum when the Covid-19 epidemic subsides, airlines return to normal operations, tourism reopens, and the foodservice segment has recovered. Demand from good markets and incentives from the CPTPP, EVFTA, UKFTA, RCEP trade agreements, etc can increase shrimp exports in 2022 by 10%.
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By Hayati (Meksea Team)
(hayati@mekseaconnection.com)
(Reference: Vasep)
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