Shrimp exports to EU market grow sharply

Photo for illustration. (Source: VNA)

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports to the EU grew quite steadily, ranging from 34% to 83% in the first months of this year.

In the first 5 months of 2022, Vietnam’s shrimp exports to the market reached 304 million USD, a year-on-year increase of 51%. The value hit a record high compared to the same period in previous years.

EU countries increased their imports of vannamei shrimp by 46%, valued at 236 million USD. Black tiger shrimp imported from Vietnam skyrocketed 75%,  worth 50 million USD. The top 3 markets in the bloc, including the Netherlands, Germany and Belgium, all witnessed increases from 58% to 91% of Vietnam's shrimp imports in the first 5 months of 2022.

Besides favorable factors, Vietnam's shrimp exports to the EU in the coming months are forecast to be affected by inflation, and depreciation of the EUR against the USD. The economies of EU countries are also dealing with the crisis from the Russia-Ukraine war, the high cost of petrol and the price of goods.

The EU’s shrimp import demand in the coming months is expected to decrease and then increase again in the last months of the year./.