Vietnam’s shrimp exports fell by 6.4 per cent to US$2.8 billion during the first ten months of the year, with exports to the EU hardest hit with a sharp decline of 19.9 per cent to only US$580 million, according to data released by the Vietnam Association of Seafood Exporters and Producers (VASEP).

This decline can be attributed to exports to a number of major markets suffering from a sharp fall. The UK, the Netherlands, and Germany, represent the three main consumers of Vietnamese shrimp within the EU. 

The ten-month period saw export commodities to the UK and the Netherlands each suffered a double-digit reduction of 15.5 per cent and 37.6 per cent, respectively, while exports to Germany dropped by 5.6 per cent.

Currently, the EU accounts for some 31 per cent of the world's total shrimp imports and makes up 21 per cent of the country’s shrimp exports.

Elsewhere, shrimp exports to the United States in the reviewed period enjoyed a surge of 1.4 per cent to US$548 million, while exports to the Chinese market grew by 8.7 per cent to US$438 million.

This boost comes despite a challenging period, with China imposing a policy of tightening border trade, whilst simultaneously increasing shrimp imports from markets such as Ecuador and India.

Since May, import demand from China for Vietnamese shrimp has significantly increased while local businesses attempt to keep up with market requirements, leading to shrimp exports enjoying positive growth.

According to the VASEP, the nation’s shrimp exports to China are expected to maintain growth momentum until the end of the year due to a growing demand during the upcoming the Lunar New Year festival.

Experts forecast that positive signs will continue to be recorded within the US market due to a reduction in anti-dumping tax, although exports to the EU are not expected to bounce back this year.