Shrimp export turnover increased 22 per cent (18-01-2018)

According to Vietnam Association of Seafood Exporters and Producers (VASEP), in 2017 shrimp export turnover would continue to grow strongly, estimating at US $ 3.8 billion, up 22 per cent compared with 2016.
Shrimp export turnover increased 22 per cent

In 2017 the demand for shrimp imports increased from the main consuming markets such as EU, China, Japan, South Korea, etc. to serve the needs of year - end festivals. In this year, export turnover of shrimp to most markets grew well. While some Vietnam’s competitors have to face difficulties in production and export markets such as Thailand suspended to import shrimp from India. This not only affected India but also Thailand as this country reduced the supply of raw materials for processing. Since October 2016, Indian shrimp export to the EU has been subjected to 50 per cent of inspection and at risk of EU ban on imports due to antibiotic concerns. Shrimp production of Thailand and India were forecasted not to increase in 2017 due to disease and adverse weather. This is considered as the supporting factors of Vietnamese shrimp export activities this year.

Up to November 2017, shrimp export to major markets have grown well except the US. The EU market has risen to the number one position while the US has fallen to the 4th. Among the main import markets, export to China was the strongest at 60.2 per cent.

In the structure of shrimp export products, white legged shrimp occupied for 65.4 per cent, black tiger shrimp accounted for 23 per cent and the rest was marine shrimp with 11.6 per cent. The export of white legged shrimp and marine shrimp increased while that of black tiger shrimp decreased slightly compared to the same period last year.

EU market

As of November 2017, the EU has risen to the number one position in import markets of the country. After 11 months, the export value to this market reached over US $ 780 million, up 42.4 per cent over the same period in 2016.

According to VASEP, up to November 2017, the EU has risen to the top position in Viet Nam’s shrimp imports lists. Export value to this market reached over US $ 780 million, up 42.4 per cent over the same period last year. The Netherlands was the largest importer of Vietnamese shrimp in the EU block. In the three main import markets of Vietnamese shrimp, including Holland, UK and Germany, exports to the Netherlands increased the most with 70.5 per cent, reaching US $ 199.7 million. Next, the UK and Germany increased by 54.5 per cent and 5.9 per cent, respectively. Shrimp export to the EU increased sharply due to increased demand for shrimp in this market. Consumers in the EU prefer the value added seafood products which are convenient for cooking. Thanks to the high price of Vietnamese shrimp material, enterprises have invested to make deep-processing products to increase their value. Due to the high price of cold shrimps and reduced supply, with high demand for festivals at the end of the year  EU boosted the import of shrimp from Viet Nam.

Besides, opportunities to promote shrimp export to this market is also quite large with the Viet Nam - EU Free Trade Agreement (EVFTA). Many shrimp export tax will be erased. Currently, exporting shrimp to the EU is also having many advantages when enjoying GSP tariff for frozen shrimp at 4.2 per cent; processed frozen shrimp is 7 per cent. Meanwhile, two big competitors of Vietnamese shrimp are Thailand and China do not enjoy the EU’s GSP.

The US market

In the first 11 months of 2017, exports to the US reached US $ 609.9 million; down 7.8 per cent over the same period in 2016. Exports to the US dropped due to the increase in the anti-dumping tax in POR11 and the impact of US’s government protection policies for domestic production. In addition, India stepped up shrimp export to the US to offset the decline in other major markets, causing the share of Vietnamese shrimp in the US market to decline.

US shrimp imports in October 2017 reached 68,735 tons, up 17 per cent over the same period in 2016. In the first 10 months of 2017, US shrimp imports reached 539,072 tons, up 10.5 per cent, of which imports from India gained the strongest growth rate.

China market

Despite holding the third largest import market of Viet Nam, shrimp export to China was gaining the biggest growing rate among major import markets of Vietnamese shrimp with 60.2 per cent, reaching US $ 637.9 million after 11 months. With this growth momentum, China would be likely to overtake Japan as the second largest market for Vietnamese shrimp in the first quarter of 2018.

China is also recognized as a potential market of the country due to the sharp decrease in the domestic production of shrimp in China recently. It was originated by diseases and floods. Domestic demand for shrimp in China is on the rise as the rise of demand for seafood, including shrimp in restaurants came from the middle class and the growing number of tourists. Moreover, other favorable conditions like geographical position, good payment, stable currency has stimulated the demand of Chinese importers. Since 1st December 2017, Viet Nam’s shrimp exports to China also have had advantages when China decided to reduce import tax from 5 per cent to 2 per cent for frozen shrimp products.

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