12:10 | 02/12/2016 Trade
(VEN) - The stunning downturn in global supply and higher prices are seen as favorable conditions for Vietnam’s shrimp exports. With an increase of nearly six percent in the first eight months of the year, shrimp continued to maintain key position among seafood exports.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports reached US$306.1 million in August and over US$1.9 billion in the first eight months of the year.
Stable consumer demand in traditional markets such as the US, the EU, China, the Republic of Korea and Japan, has supported Vietnamese shrimp exports growth. In particular, businesses and farmers have been more active in material sources thanks to promoting investment in white-leg shrimp farming. By August 2016, the export value of white-leg shrimp increased by 10 percent, while tiger prawn recorded a fall of 0.5 percent in value compared to a year ago.
Shrimp exports witnessed good growth in traditional markets such as China up by 36.9 percent, the US up by 16.4 percent, the Republic of Korea up by 13.5 percent and the EU up by 7.1 percent, while seeing a decline of 6.4 percent in Japan.
According to the VASEP, the US remained Vietnam’s biggest shrimp importer, accounting for 22.5 percent of total export turnover of shrimp with US$435.3 million in the first eight months of the year. It is also the world’s biggest market for shrimp. Shrimp prices exporting to the US were higher as some suppliers such as India, Indonesia, Ecuador and Thailand have faced many difficulties.
Shrimp inventories in the EU have fallen, providing opportunities for Vietnam to increase exports to its market. Shrimp exports to the EU stood at US$372 million in the first eight months of this year.
The coming months with important holidays like the Christmas and the New Year are seen as a peak season for shrimp consumption in the US and the EU. The VASEP forecasted a slight increase in shrimp exports in the last quarter of the year. Despite difficulties facing the 10th administrative review (POR10) of anti-dumping duties on shrimp products imported from Vietnam, shrimp exports to the US are expected to be stable. In the Japanese market, experts hope for a recovery in the last months of the year.
Shrimp processing businesses have also been active in preparing material sources. Raw prices in Mekong Delta provinces increased by 10 percent compared to the previous month, ranging from VND100,000-130,000 per kg.
|Vietnam’s shrimp exports in the remaining months of the year are expected to slightly increase compared to a year ago.|