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Vietnam’s shrimp exports exceed $1 billion for the first time

Vietnam’s shrimp exports to the US posted strong growth in 2021, surpassing the $1 billion mark for the first time.

The Fish Site
by The Fish Site
21 January 2022, at 9:10am
Person holding frozen shrimp above a grocery case
Vietnam is the US's fifth largest shrimp supplier

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the General Department of Customs reported that as of 15 December 2021, Vietnam’s shrimp exports to the US reached $1.02 billion. This is a 22 percent increase over the same period in 2020. Vietnam's shrimp exports to the US in 2021 have an estimated value of $1.05 billion, up 21 percent when compared to 2020.

This marks the first time that shrimp exports to the US surpassed the $1 billion mark in a year. The US is Vietnam's largest shrimp import market, accounting for 28 percent of total shrimp export value.

The US is the world's leading shrimp import market. From 2016 to 2020, the value of shrimp imports from the US ranges from $5.7 billion to $6.5 billion, the import volume ranges from 606,000 to 749,000 tonnes. In 2021, the US shrimp import volume surpassed 800,000 tonnes for the first time, the shrimp import value surpassed the $7 billion mark for the first time.

Container ship at port
US shrimp import volumes surpassed 800,000 tonnes for the first time in 2021

Vietnam's shrimp exports to the US posted gains for all months of 2021 and had the best growth rate among Vietnam’s international shrimp buyers.

According to VASEP, Vietnam's shrimp exports to the US in the first quarter of 2022 are expected to maintain a positive growth rate.

Vietnam is currently the fifth largest shrimp supplier to the US.