According to the Vietnam Association of Seafood Exporters and Producers (VASEP), white-leg shrimp exports made up the majority (at 81%) earning US$1.7 billion, up 23% year on year, while black tiger shrimp exports accounted for just 15%, raking in US$325 million, down 1% compared to the same period from last year.
Most notably, due to tariff incentives through the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), shrimp exports to several markets have maintained double digit growth rates of between 15% and 34%.
Japan remains the largest importer of Vietnamese shrimp and black tiger shrimp products in particular, with a total export value of US$350.4 million, marking an annual rise of 6.3%.
Meanwhile, seven-month shrimp exports to both Australia and the EU soared by 75% and 26% to US$106.3 million and over US$320 million, respectively.
Moreover, Vietnamese shrimp exports to the United States reached US$584.6 million, an annual rise of 34%.
Though Russia is a major export market for Vietnam, shrimp exports to the Eastern European nation continued to record an impressive growth rate of up to 87%.
Elsewhere, China was the only importer of Vietnamese shrimp that posted negative growth of 19% throughout the reviewed period.
Experts believe that shrimp exports to major markets ahead in the remaining months of the year will largely be dependent on the country’s COVID-19 containment efforts.