Shrimp exports to the United States are forecast to increase by about 20%
Although Vietnam's seafood exports in the first seven months decreased in value due to reduced supply, shrimp exports to the United States for the whole year 2020 are forecast to increase by about 20% compared to 2019.
Acording to the Agro Processing and Market Development Authority (Ministry of Agriculture and Rural Development), seafood export value in July 2020 is estimated at USD 780 million, bringing the seafood export value in the first seven months of 2020 to USD 4.38 billion, a decresae of 6.4% over the same period in 2019.
Japan, the United States, China and South Korea are the top four import markets of Vietnamese seafood in the first six months of 2020, accounting for 59.8% of the total seafood export value.
According to the Vietnam Association of Seafood Exporters and Producers, in the midst of unstable developments of the Covid-19 pandemic, Vietnam's shrimp exports to the United States have grown quite steadily. The United States is one of the main shrimp import markets of Vietnam that has recorded continuous positive growth.
Current U.S. import demand for shrimp, in the complex context of the pandemic, is mainly for retail, e-commerce and home delivery. Therefore, Vietnamese exporters to the U.S. market should focus on deep-processed, value-added products such as EZ easy-peeled shrimp ... to match the market demand of this segment.
Besides, at least 17 sources of shrimp export supply to the U.S. decreased in May 2020 compared to May 2019, which can be mentioned as: Nicaragua, Bangladesh, Saudi Arabia, Sri Lanka, Norway, etc. Therefore, the U.S. demand for shrimp imports from Vietnam will not decrease.
To compensate for the reduced supply from the above sources, Thailand and China continue to continue the downward trend of exports to the U.S. since 2019, due to issues of hygiene and reputation of Thailand while shrimp prices are high; while Chinese shrimp exported to the US are being subjected to high tariffs as a result of the trade war.
It is forecast that in the third quarter of 2020, the growth of Vietnam's shrimp exports to the U.S. will not be as high as in the second quarter of 2020, due to diversion of India and Ecuador to increase exports to the United States because of difficulties in China - slow clearance and issues in hygiene, etc. However, with the advantage of low anti-dumping tariffs, Vietnam's shrimp exports to the United States in the whole of 2020 are forecast to increase by about 20% compared to 2019.
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