According to the Vietnam Association of Seafood Exporters and Producers (VASEP), countries will likely increase imports of shrimp to meet the higher demand for year-end festivals that will offer chances for local exporters to spur exports in the last quarter.
To boost exports, VASEP has encouraged businesses to pay more attention to labels and the quality of products to build brand names and expand markets. Especially, producers and exporters should make proper plans to improve their competitiveness against other exporters such as India.
Vietnam targeted total shrimp export value of US$3.4 billion for the whole 2017, up 9.7 percent against last year.
Vietnam this year targeted shrimp export value to rise 9.7 percent against last year to US$3.4 billion.
After a decline in the first quarter, shrimp export witnessed positive growth in the following months, of which export value in the second quarter increased 52 percent compared to the first quarter and export revenue in the third quarter grew 25 percent over the previous period.
Ending September, export of shrimp fetched US$2.7 billion, up 21.4 percent year-on-year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP),Vietnam exports shrimp to 93 markets in nine months of 2017, up eight markets over the same period of last year.
In the exporting structure, white-leg shrimps remained the biggest exporting item with revenue accounting for 65 percent of total export value; followed by tiger prawn, 24 percent; and common shrimp, 11 percent.
The nine-month upbeat results were attributable to growing demand from major importing markets including the EU, Japan, mainland China, the United States, South Korea, Canada, Australia, Taiwan and Switzerland, which together account for 96.6 percent of Vietnam’s total export.
Rising price of shrimp in the global markets, as well as strengthening of euro and Japanese yen against the US dollar were also supporting factor which promoted Vietnam’s shrimp export.
In the review period, exports to the top five importing markets increased by double digits except the United States which decreased 6.3%.
The top five positions also saw some changes, following which the EU rose to the top place, followed by Japan. China ranked third and the United States dropped from the number 2 to 4.
Statistics from the General Department of Customs showed in the first nine months, export to the EU brought in US$583.9 billion, up 35.4 percent over the same period of last year. Export revenue from Japan reached US$513.5 million, up 26 percent year-on-year.
Demand from Japan has continuously increased since last year. Together with the growth of the Japanese yen value, improvement in shrimp quality of Vietnamese exporters and modern processing method were the main reason for an export boom in this market.
However, China registered the fastest growth in the third quarter with three-digit increase. Export value to China hit US$217.2 million in the third quarter, up 105.2 percent year-on-year, lifting total value in the nine months to US$500 million, up 54.7 percent.
Meanwhile, reduction in export to the United States was driven by trade barriers in this country. The US Department of Commerce increased antidumping duties in the preliminary determination of the 11th
administrative review (POR11) for Vietnam’s shrimp on the US market.