Vietnam Shrimps Exports In The Spotlight - July Update
Vietnam has exported USD 349.9 million of shrimp in June 2020, an increase of 19.2% compared to June 2019. Annual export up to end June has reached USD 1.5 billion, up 5.7% compared with the first 6 months of 2019.
Annual export up to end June has reached USD 1.5 billion, up 5.7% compared with the first 6 months of 2019.
Vannamei accounted 70.1%, BT 18.2%.
Good growth was recorded in both the USA and China market. UK, Korea and Canada markets also recorded double digit growth.
Notably, processed, value added Vanamei exports are expanding thanks to good quality and reasonable price.
Main driver of Vietnam shrimps exports are the difficulties in Ecuador and India due to Covid and the result of low inventory situation in all major countries.
The pressure on Vietnam shrimps farming and processing is evidence is the fact that prices did not decrease even during peak harvest time as historically happens.
In meantime, the EVFTA (Europe-Vietnam Free Trade Agreement) will take effect on August 1 and the related 0% duty is expected to further push Vietnam shrimp demand.
We recommend interested importers to look into Annual Contracts possibilities soon.