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Shrimp and pangasius exports resume growth

04/06/2021

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after increasing by 22% in April 2021 reaching USD 749 million, seafood exports continued to grow positively in May when reaching nearly USD 790 million (an increase of 24%). In the first five months of 2021, Vietnam's seafood exports reached USD 3.27 billion, an increase of 14% over the same period.
In which, shrimp exports in May reached USD 375 million (an increase of 25%) after reaching over USD 300 million (an increase of 23%) in April. As of the end of May, Vietnam's shrimp exports reached USD 1.34 billion, an increase of 14%.

Pangasius exports are also recovering higher than expected when reaching USD 134 million in May (an increase of 26%), bringing the total export turnover of pangasius in the first five months of this year to USD 623 million, an increase of 12% over the same period last year.

Vietnam's seafood exports to the EU in May continued to increase by 30% to nearly USD 95 million, after a strong increase of 36% in April with USD 97 million. Accumulated in the first five months of this year, seafood exports to the EU reached over USD 380 million, an increase of 15% over the same period last year. In which, shrimp still accounted for 50% with nearly USD 199 million, an increase of 22% over the same period last year.

The US market is accounting for 21% of Vietnam's shrimp exports, therefore, the recovery of this market is a lever for shrimp exports to bounce back stronger in 2021. Vietnam has a great opportunity to increase its market share in the US market when India is heavily affected by COVID-19 and China's exports are reduced due to the US-China trade war and China's own control regulations.

According to VASEP, exports to markets with FTAs with Vietnam in the past two years continued to increase sharply, of which exports to Australia increased by 65% in the first five months of this year, to Canada increased by by 12%, and to the UK increased by 17%. These markets all account for 3.3-4% of Vietnam's seafood export turnover, which will play a significant role in promoting Vietnam's seafood export growth in 2021 and the coming years.

Pangasius exports to the US are also recovering, with an increase of 136% in April and an increase of about 200% in May, bringing the result of pangasius exports to the US in the first five months of 2021 reaching USD 135 million, an  increase of 57% over the same period last year.

Along with the US, the EU market is also an expected destination of Vietnamese seafood exporters. Although the economic recovery of this market is slower than that of the US, consumption demand is recovering clearly when the pandemic is being controlled gradually in the EU. European importers tend to be more interested in Vietnamese seafood suppliers with tariff advantages from the EVFTA agreement and stable source of raw materials.

 

Kylie Nguyen

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