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Seafood exports to the US recovered strongly

01/11/2021

Although slowing down compared to the previous quarter, seafood exports to the US in the third quarter of 2021 still increased by 5.7% over the same period last year. The demand for seafood imports in this market is recovering very strongly due to low domestic supply.

According to the Vietnam Association of Seafood Exporters and Producers, as of the end of September 2021, Vietnam's seafood exports to the US reached USD 1.45 billion, an increase of 24% over the same period last year.

Among seafood products exported to the US by Vietnam, shrimp, pangasius and tuna are the 3 main product lines, accounting for 53%, 17% and 15.6% of total seafood exports to this market, respectively.

After decreasing in August, shrimp exports to the US in September 2021 recovered when reaching USD 97.6 million, increased by 8%. In the first nine months of this year, shrimp exports to this market reached USD 775 million, an increase of 22% over the same period last year.

The US is also Vietnam's largest shrimp export market, accounting for 28% of the market share. The demand for US shrimp imports is still high, especially when this market is reopening and the year-end holidays are approaching.

For pangasius, in the first nine months of this year, pangasius exports to the US reached USD 248 million, an increase of 43% over the same period, mainly frozen pangasius fillets/cuts (HS code 0304). The US is currently the second largest market (after China) of Vietnamese pangasius exports, accounting for 23% of the market share.

With tuna products, the US is also the largest market of Vietnam's tuna exports, with a turnover of USD 226 million in the first nine months of this year, increased by 8% over the same period and accounting for 43.5% of total tuna exports of Vietnam. In addition, Vietnam also increased crab exports to the US, with a value of USD 34 million, an increase of 68%, etc.

Demand in the US market is recovering very strongly while the already very low domestic supply of seafood (usually only meeting 10% of domestic consumption) has been reduced because of production interruption due to COVID-19, lack of raw materials, shortage of labor, seafood prices in the US increased, etc. Therefore, the demand for seafood in this country is very high, especially shrimp and crab products, etc.

In the first eight months of this year, the US imported more than 2 million tons of seafood, worth over USD 18 billion, an increase of 14% in volume and 30% in value over the same period last year. In which, shrimp imports reached 540 thousand tons, worth USD 4.9 billion, an increase of 24% in volume and 26% in value over the same period last year.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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