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IN THE FIRST 7 MONTHS OF THIS YEAR, US SHRIMP EXPORTS INCREASED 33%

In July 2020, Vietnam's shrimp export reached US $388.5 million, up 16.3% compared to July 2019. In the first 7 months of this year, shrimp exports reached $ 1.9 billion, up 7.7% over the same period last year. This is a remarkable result in the context that Covid-19 translation is still continuing in major markets.
In the context of disease Covid-19, the demand for importing Vietnamese shrimp from major markets has not decreased. The control of the disease Covid-19 by the Government of Vietnam is considered to be more effective than other countries, while many competitors with Vietnam are still struggling with the disease, so customers from these countries turn to shrimp imports. of Vietnam.

Vietnam shrimp exports, the largest market, the US in July, still recorded a positive growth and it is expected that Vietnam's shrimp exports to this market will still grow well in the coming months. Exports to China in July remained positive but the speed decreased compared to the previous month. Notably, Vietnam's shrimp exports to South Korea, UK, Canada, and Australia all grew double digits in July this year.

In the first seven months of this year, whiteleg shrimp accounted for 71% of Vietnam's total shrimp exports, black tiger shrimp accounted for 17.2%, and the rest was marine shrimp. The total value of whiteleg shrimp exports increased by 12% while that of black tiger shrimp decreased by 14%. Exports of processed whiteleg shrimp (HS code 16) and raw / fresh / frozen whiteleg shrimp (code HS 03) increased by 21% and 5%, respectively. Export of other processed tiger shrimp (HS16) increased 34% while that of raw / fresh / frozen tiger shrimp (HS03) decreased by 18%. During the Covid-19 outbreak, the export of reasonably priced whiteleg shrimp increased better than black tiger shrimp, and processed shrimp products were consumed more than fresh / raw / frozen products.

US: The US is the leading market for importing Vietnamese shrimp, accounting for nearly 22.8%. Vietnam's shrimp exports to the US in July 2020 grew well at 45.3% compared to July 2019. In the first 7 months of this year, shrimp exports to this market reached 435.2 million USD, up nearly 33% over the same period last year. Despite the Covid-19 translation, Vietnam's shrimp exports to the US remained positive in all the months of the first 7 months of this year.

In the US market, in the first 7 months of this year, Vietnamese shrimp has a competitive advantage over rival sources thanks to faster production stability after COVID-19 while supplies such as India and Ecuador are still under a heavy impact. Shrimp processors and exporters of India and Ecuador are not only affected by decreased orders but also delayed domestic production. Indian shrimp exports to the US in May and June fell sharply because production activities were disturbed by epidemics, supply chains were affected and freight activities were also congested.

Japan: Japan ranked second in importing Vietnamese shrimp, accounting for 17.2%. Vietnam's shrimp exports to Japan in the first 7 months of this year are not stable. In July 2020, shrimp export to Japan reached 51.5 million USD, down 7.8% compared to July 2019. In the first seven months of this year, shrimp exports to this market reached $ 329.7 million, up 0.2% over the same period last year. 2020 is considered as the second year that Japan's economy has low economic growth. It is likely that Japan will not increase demand for seafood, including shrimp in 2020. Vietnam's shrimp exports to Japan in 2020 are expected to decrease by about 2% compared to 2019.

EU: EU ranks 4th in Vietnam's shrimp imports. Vietnam's shrimp exports to the EU increased slightly by 2% in July 2020 to US $ 54.2 million. In the first seven months of this year, shrimp exports to the EU reached US $ 254.9 million, down 5.4% over the same period last year. After continuous negative growth from March to June, Vietnam's shrimp exports to the EU in July tended to increase. The EVFTA Agreement, which takes effect from August 1, 2020, will be a lever to boost exports to the EU market in the last months of the year if businesses have good raw materials and effectively take advantage of tax incentives.

With positive signals in Vietnam's shrimp exports in the first 7 months of this year. Vietnam shrimp exports are expected to continue to grow in the coming months. For the whole year 2020, Vietnam's shrimp export is expected to reach 3.6 billion USD, up 8% compared to 2019.

Source: Kim Thu - vasep.com.vn