Vietnam’s shrimp export value falls in February following surge in January

Vietnam's shrimp exports declined in value in February, following an increase in the first month of the year, according to Vietnam Association of Seafood Exporters and Producers (VASEP) on 1 March.

The country's shrimp export value slid 18 percent year-on-year to nearly USD 218.8 million (EUR 181.4 million) in February, mainly because Vietnam’s biggest holiday, the Lunar New Year festival, took place from 10 to 16 February.

The country exported shrimp worth USD 128.8 million (EUR 106.8 million) in January, up 15.8 percent from the same month last year. Of the total, sales of vannamei was USD 170 million (EUR 141 million), rising 32.5 percent year-on-year, while the export value of black tiger shrimp fell 38.7 percent year-on-year to USD 22.3 million (EUR 18.5 million). Vietnam's wild-caught shrimp exports totaled USD 26.1 million (EUR 21.6 million), up 9 percent from January 2020.

The combined sales to countries under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in January rose 36.7 percent to USD 75.4 million (EUR 62.5 million). VASEP said the growth in sales was attributable to tax incentives under CPTPP, which includes Australia, Canada, Japan, New Zealand, Singapore, Mexico, Vietnam, Peru, Chile, Brunei, and Malaysia. The pact became effective for Vietnam in January 2019.

In the first two months of 2021, Vietnam exported shrimp worth USD 380 million (EUR 315 million), down 0.8 percent from the same period last year. Of the total, sales of vannamei stood at USD 304 million (EUR 252 million), 14 percent higher year-on-year, while the export value of black tiger shrimp tumbled 48 percent year-on-year to USD 38 million (EUR 31.5 million).

VASEP attributed the sharp decline in sales of black tiger shrimp to high export prices and the implementation in China of tighter food safety inspection protocols. China is one of the biggest buyers of black tiger shrimp from Vietnam.

Vietnam earned more than USD 1 billion (EUR 829 million) from seafood exports between January and February, up 2.2 percent year-on-year. 

VASEP expects the nation's seafood export value in March to go up by 1.5 percent to USD 640 million (EUR 530.7 million), with the growth mainly coming from the U.S., E.U., and CPTPP members.  

Photo courtesy of VASEP