Shrimp exports may exceed 4 billion USD in 2021
In 2021, with many favorable conditions, it is forecasted that shrimp exports will grow by 15% compared to 2020, surpassing USD 4 billion. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2021, there are many favorable conditions for Vietnam’s shrimp production and export. World demand remains stable while other exporting countries have not yet recovered. China is the largest shrimp source in Asia, but still lacks shrimp for processing and consumption. Along with that, anti-dumping tax in the US on shrimp is low; tariff advantages for the net Vietnamese origin of farmed shrimp products in the new generation Free Trade Agreements … In the current context, VASEP predicts that this year shrimp exports will increase by about 15% compared to 2020, surpassing USD 4 billion.
In terms of advantages and disadvantages for each major export market, the Department of Agricultural Product Processing and Market Development analyzed: In the Japanese market, Vietnamese shrimp will have to compete strongly with Indian shrimp. The prices are significantly lower due to the lower cost of shrimp production in India. However, Vietnam is currently the largest shrimp supplier to Japan and has many advantages from a bilateral FTA with Japan for shrimp. With the US market, exports in the coming time will increase sharply due to increased demand for US seafood consumption and imports and two main products of Vietnam, pangasius and shrimp, are priced suitable for most people. US consumption. Similar to the EU, Vietnamese shrimp exports will have many opportunities to increase their market share due to the advantages from the EVFTA Agreement. Notably, with the Chinese market, this country tightens the control of imported seafood in terms of quality, quarantine and procedures will make seafood exports to China in the months of 2021 can be slow. at some point. Enterprises need to actively grasp clearly the regulations and procedures to minimize risks.
Source: VLR
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