Vietnam’s shrimp exports reached US$3.5 billion

As of November 2017, Vietnam’s shrimp exports reached US$3.5 billion, up 21.8% over the same period in 2016. This represented the efforts of enterprises when facing difficulties in exports to markets.
a year ago

13 February 2018 - (seafood.vasep.com.vn)

As of November 2017, Vietnam’s shrimp exports reached US$3.5 billion, up 21.8% over the same period in 2016. This represented the efforts of enterprises when facing difficulties in exports to markets. Moreover, the area and output of shrimp rose in the country to ensure the supply of raw materials for processing plants. The exchange rates of Yen, Euro and Yuan against the USD also facilitated Vietnam’s shrimp exports.

Demand from key importing markets (EU, China, Japan, South Korea ...) increased for year-end festivals. Some competing countries have difficulties in production and exporting markets. For example, Thailand stopped imports of Indian shrimp which affect not only India but Thailand. Since October 2016, India is subject to a 50% inspection of shrimp exports to the EU and the country is at risk of the EU ban on imports. Thai and Indian shrimp production is forecasted not to increase this year due to disease and adverse weather. This is considered as the factors which facilitated Vietnam’s shrimp exports this year.

Through November 2017, Vietnam’s shrimp exports to major markets have grown well except the U.S. The EU market has risen to rank the 1st while the U.S has fallen to the 4th rank. Among the main importing markets, shipments to China showed the highest growth of 60.2%.

Exports of whiteleg shrimp occupied the largest proportion of 65.4%; those of black tiger shrimp accounted for 23%, the rest was marine shrimp with 11.6%. Exports of whiteleg shrimp and marine shrimp increased while those of black tiger shrimp slightly decreased compared to the same period last year. Of that, shipments of live/fresh/frozen marine shrimp (HS code 03) showed the highest growth.

The EU

As of November 2017, the EU has raised to the 1st rank in top shrimp importers of Vietnam. Exports to this market valued at over US$780 million, up 42.4% year on year. The Netherlands was the largest importer of Vietnam shrimp in the EU. Out of the three main buyers of Vietnam shrimp in the bloc (the Netherlands, the UK and Germany), sales to the Netherlands posted the highest growth of 70.5% (US$199.7 million), followed by the UK and Germany with the rises of 54.5% and 5.9%, respectively.

Due to the high price of coldwater shrimp and a reduction in supplies, high demand for festivals at the end of the year boosted imports of Vietnam shrimp into the EU.

In 2017, Vietnam shrimp had advantage of exports to the EU. In the year, Vietnam shrimp exports to the EU are accorded GSP (generalized system of preferences) rights while Thailand and China do not have this advantage.

When the upcoming EU-Vietnam Free Trade Agreement (EVFTA) comes into effect, shrimp products HS code 03061100 exporting to the EU will be subject to the tax of 0% from the current tax of 12.5%, the tax for shrimp HS code 03061710 will be 0% from the current level of 20%; that for shrimp HS code 16052110 will be also 0% from the current tax of 20% after 7 years from the date of entry into force of the Agreement; and that shrimp HS code 16052190 will be 0% from the level of 20% after 7 years from the date of entry into force of the Agreement.

The U.S

In the first 11 months of 2017, exports to the U.S reached US$609.9 million; down 7.8% over the same period in 2016. Exports to the market declined due to the higher anti-dumping tax in POR11 and the dollar depreciation from the impact of President Trump's general aim of encouraging domestic production.

China

Exports to China witnessed the highest growth among the main importing markets of Vietnam shrimp with 60.2% and eyed US$637.9 million. With this growth, China expected to overtake Japan as the second largest buyer of Vietnam shrimp in the first quarter of 2018.

Besides, favorable geographical position, good payment and stable Yuan has stimulated the demand of Chinese importers. From 1st Dec 2017, Vietnamese shrimp exporters to China had more advantages when China decided to reduce the import tax from 5% to 2% for frozen shrimp products.

Vietnam’s shrimp exports in the last month of 2017 forecasted to see the stable growth. The total shrimp export value in 2017 estimated at US$3.8 billion, an increase of 22% compared to 2016.

Source: VASEP

Illustration Photo: Vietnam’s shrimp (credits: Thomas Wanhoff / Flickr Creative Commons Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0))

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