(VOVWORLD) - Vietnamese shrimp exports surged by 14% to reach 2.2 billion USD during the opening seven months of the year, especially in markets which have signed Free Trade Agreements (FTAs) with Vietnam thanks to the implementation of preferential tariffs.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), 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 350 million USD, marking an annual rise of 6.3%.
Meanwhile, seven-month shrimp exports to both Australia and the EU soared by 75% and 26% to 106 million USD and over 320 million USD, respectively.
Vietnamese shrimp exports to the United States reached 584 million USD, 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.