16:16 | 10/07/2016 Trade
(VEN) - Shrimp exports have gained in momentum with sales up by almost eight percent in the first four months of this year compared with a year ago.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), monthly shrimp exports in the first four months of the year hit a record high US$240.8 million in March and the lowest level of US$151 million in February. The total figure for the first four months reached US$858.8 million, a 7.8 percent increase from the same period last year.
Reasons for the recovery include the growing demand, reduced inventories and the increasing global price of shrimp. In addition, Vietnamese shrimp export companies continued to benefit from reduced antidumping taxes within POR9, while shrimp supplies from major shrimp producing countries like India, Thailand and Ecuador fell due to diseases and bad weather, creating advantages for Vietnamese shrimp farmers and exporters.
The US, the EU, Japan, China, the Republic of Korea, Canada, Australia, ASEAN, Chinese Taipei and Switzerland are Vietnam’s biggest shrimp importers representing 94.2 percent of total shrimp export revenues. Among the top ten markets, the US grew the highest by 21.8 percent, the EU up by 12.1 percent, China up by 28.1 percent, while the remaining markets dropped by 0.1 to 29.7 percent including Chinese Taipei down by 29.7 percent and Canada down by 23.3 percent.
As for the US market, shrimp exports increased by 21.8 percent reaching US$199.8 million in the first four months of the year, as the price of Vietnamese shrimp was better than India, Thailand, Indonesia and Malaysia. In addition, Vietnam’s several other markets in the EU leaped wonderfully like the UK soaring by 38.9 percent and Belgium up by 65.1 percent against the same months last year.
Apart from increased export volumes, shrimp export structure has also changed, with white-leg shrimp accounting for the highest percentage of 57.4 percent of the total shrimp export volume and growing by 7 percent, and black-tiger shrimp 34.2 percent and 12 percent, respectively.
Shrimp exports are expected to stand at US$780 million in the second quarter of this year, a 10 percent increase from a year ago. However, VASEP worried that Vietnamese shrimp exports will still find it difficult to compete since the price of Vietnamese shrimp continued to fall but remained higher than the rivals. In addition, other factors like antidumping taxes, technical barriers and unfavorable regulations will continue affecting Vietnamese shrimp exports this year.
VASEP forecasted that shrimp exports will reach about US$780 million in the second quarter of this year, a 10 percent increase from a year ago.