Vietnam is among the 7 largest shrimp exporting countries in the world
Vietnam is among the 7 largest shrimp exporting countries in the world, along with Argentina, China, Ecuador, India, Indonesia and Thailand.
According to World Trade Center data, these 7 countries exported 2.57 million tons of shrimp in 2021 thanks to the recovery in demand and prices after the COVID-19 pandemic.
Also according to the World Trade Center, 6 out of 7 countries (except Argentina) that mainly produce farmed shrimp, recorded a 15% increase in exports in 2021 from 2.24 million tons in 2020. In terms of value, exports increased by 23% to USD 20.79 billion.
Revenue surged thanks to a recovery in consumption in North America and Europe as the governments of these countries ease COVID-19 restrictions and more consumers do eat out.
However, in 2022, inflationary pressure causes consumers to tighten spending. World shrimp demand is not as high as last year.
Nikolik, seafood analyst at Rabobank, said that Ecuador's shrimp exports have surpassed India's thanks to the low density vertical chain production model. Ecuador has advantages in transportation, logistics, large investment and the right processing line to suit the needs of US and European customers.
In the first four months of 2022, Ecuador's shrimp exports increased by 33% in volume and 66% in value compared to the same period last year. The US imported 66,000 tons of shrimp worth USD 636 million in February 2022, an increase of 25% in volume and 41% in value compared to February 2021.
For Vietnam, shrimp exports in the first half of this year grew impressively. In May, shrimp exports reached USD 416 million, an increase of 19% after a strong 47% increase in April. As of the end of May, Vietnam's shrimp exports are estimated at USD 1.8 billion, an increase of 38% and accounting for 39% of total seafood export turnover.
In the first months of this year, Vietnam's shrimp exports still had a breakthrough growth for several reasons: availability of raw materials and inventories from 2021, many businesses have signed contracts from the end of 2021 with high prices in the context of COVID-19 complicated developments, the return of Vietnamese businesses to international seafood fairs in the US and EU, etc.
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