The export value of shrimp in the second quarter would increase by 10 percent to 788 million USD against the first quarter, the Vietnam Association of Seafood Producers and Exporters (VASEP) said.
The total shrimp export value for this entire year was predicted to gain a year-on-year growth of 12 percent to 3.3 billion USD.
In the second quarter, Vietnam’s shrimp exports to Russia and China would increase as they were considered the major markets, and the local exports to the United States (US) and European Union (EU) would also be higher because of lower inventory in those markets.
The association reported that in the first quarter Vietnam witnessed a recovery in exports after a drop last year. The export value reached a year-on-year increase of 7.9 percent to 619.2 million USD.
The growth was a result of higher exports to the world market, stability in the monetary market and higher demand from major markets, the association said. In addition, lower shrimp exports of other shrimp producers in the world such as India, Thailand and Ecuador, would be an advantage for Vietnam’s shrimp producers and exporters.
In the first quarter, Vietnamese shrimp products were exported to 64 markets. The top ten major markets included the US, the EU, Japan, and mainland China, in addition to the Republic of Korea, Canada, Australia, ASEAN, Taiwan and Switzerland, accounted for 94 percent of the total national export value.
In 2015, Vietnamese shrimp was sold in 92 markets, down from 150 markets the previous year
The exports to the US, were the highest at 30.6 percent year-on-year in the first quarter, followed by China (up by 24.3 percent), the EU (up by 2.9 percent) and Japan (up by 0.7 percent). Meanwhile, exports reduced by between 5.1 percent and 30 percent to the RoK, Canada, Australia, and ASEAN, apart from Taiwan and Switzerland.
Vietnam’s shrimp exports to the US in 2016 will rise thanks to positive results from the ninth administrative review (POR9) for anti-dumping duties on Vietnamese frozen shrimp and the signing of the Trans-Pacific Partnership (TPP).
The average anti-dumping tariff rate levied on most Vietnamese frozen shrimp sold in the US market plummeted from 6.37 percent in the POR8 to 0.91 percent, as regulated in POR9. This has eased the tax burden on Vietnamese shrimp exporters.
In addition, the US’s growing demand for Vietnamese shrimp, spurred by the rising dollar, will increase shipments. Rising demand has also resulted in vibrant shrimp retail promotions in the US, creating opportunities for Vietnamese shrimp suppliers to boost exports to the country.
Vietnam earned 1.97 billion USD from fisheries exports in the first four months of the year, a 6.2 percent increase year-on-year.
After a decline last year, the recovery in 2016 is a good sign for exporters.
According to the General Department of Customs, exports of two main items, shrimp and tra fish, were up 8 percent and 2.4 percent. But shipments of cuttlefish and octopus fell by 6.2 percent and of tuna by 5.5 percent. Exports of marine fish surged by 19.5 percent and that of other marine creatures also saw an increase.
Tuna, cephalopods, crabs and marine fish accounted for more than 30 percent of the total fisheries exports, and are forecast to increase significantly this year thanks to the steady supply and the rising demand in key markets.
Tuna and cephalopod exports are expected to be worth 507 million USD and 470 million USD, up 12 percent and 10 percent respectively, while exports of crab, surimi and marine fish are expected to top $1.3 billion, up 13 percent, according to VASEP.
