Shrimp exports witness robust growth in FTA markets

16:59 26/08/2021

Vietnamese shrimp exports surged by 14% to reach US$2.2 billion during the opening seven months of the year, especially in markets which have signed Free Trade Agreements (FTAs) with the nation thanks to the implementation of preferential tariffs.

Shrimp exports witness robust growth in FTA markets -0

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.