Shrimp exports to US forecast to soar 20% in 2020

Thursday, 2020-08-06 16:43:00
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Vietnam exported US$323.3 million worth of shrimp to the US in the first six months of this year, up 29% over the same period last year. (Illustrative image)
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NDO – Vietnam’s shrimp exports to the US in 2020 are expected to increase by 20% compared to 2019 thanks tothe advantages of a low anti-dumping tax and the quick restoration of production following the COVID-19 pandemic.

The US is the only import market for Vietnamese shrimp posting consecutive positive growth across all months of the first half of 2020.

Vietnam exported US$323.3 million worth of shrimp to the US in the first six months of this year, up 29% over the same period last year, according to the General Department of Vietnam Customs.

In the first six months of this year, Vietnamese shrimp had a competitive advantage over other competitorsthanks to a faster restoration of production after the COVID-19 pandemic while other suppliers like India and Ecuador are still suffering a heavy impact from the pandemic.

At least 17 sources of shrimp supply to the US reduced their exports to the market in May 2020 compared to the same month in 2019. Thus, the US demand for shrimp imports from Vietnam will not increase overall to offset the declining supply from other countries.

Vietnamese shrimp exported to the US in the third quarter of 2020 is predicted to be lower than that for the second quarter because India and Ecuador will shift their exports to the US due to difficulties in the Chinese market.

However, with the advantage of low anti-dumping duty, Vietnam’s shrimp exports to the US is expected to rise by 20% across the whole of 2020 compared to 2019, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).