Russia becomes one of the 10 largest markets for Vietnamese shrimp
Continuously having strong growth from 2020, Russia has been in the Top 10 largest markets for Vietnamese shrimp in the first half of this year.
According to the International Trade Center (ITC), Russia's shrimp imports increased continuously from 2016 to 2020. In 2016, Russia's shrimp import turnover was USD 214.7 million, in 2020 it was at USD 320.7. million.
During the aforementioned period, Russia increased shrimp imports from Ecuador, India, Vietnam and Argentina while gradually decreasing imports from China, Bangladesh, Indonesia, and Thailand.
Vietnam's shrimp exports to Russia increased from USD 15.7 million in 2017 to USD 41.1 million in 2020, an increase of 162%. Vietnam's shrimp market share in the total value of Russian shrimp imports increased from 11% in 2016 to 12% in 2020.
Also according to ITC, in the first seven months of this year, Russia's shrimp imports reached over USD 276 million, an increase of 82% over the same period in 2020. Frozen warm and cold-water shrimp are the two main imported products into Russia, accounting for 75% and 18% of total shrimp products imported into this market, respectively.
Russia imports shrimp from 25 markets. In which, Vietnam is the third largest shrimp supplier to Russia, after India and Ecuador. In addition, several other big markets are also focusing on exporting shrimp to Russia such as China, Bangladesh, Indonesia, Argentina, Thailand...
Ecuador and India are the two largest shrimp suppliers to Russia, accounting for 25% and 18% market share respectively in the first 7 months of this year. Vietnam ranks third in shrimp supply to Russia, accounting for 10% of the market share.
Information from the Vietnam Association of Seafood Exporters and Producers (VASEP) shows that in the first seven months of this year, Vietnam's shrimp exports to Russia reached over USD 27 million, an increase of 87% over the same period last year.
In the first seven months of the year, exports only decreased slightly by 9% in April, the remaining months of the year have high growth in which January, May and June had 3-digit growth.
In August 2021, shrimp exports to Russia decreased by 13% compared to August 2020, because Vietnam was greatly affected by the Covid-19 pandemic, therefore the ability to meet export shrimp orders is limited.
With a very strong growth in the first seven months of the year, Russia is currently Vietnam's 9th largest market, accounting for 1.3% of the total value of Vietnam's shrimp exports to other markets.
VASEP said that Vietnam's shrimp exports to Russia are on a very good growth trend. With the advantage of the Vietnam - Eurasian Economic Union Free Trade Agreement, Vietnamese shrimp will quickly recover export growth to Russia when shrimp processing factories stabilize production after the pandemic.
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