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))

Read more

Comments

No comments to display.

Related posts

Call for Applications: Go Green in the City 2019

The Go Green in the City challenge is now entering its 9th year running and our 2019 edition is going to be even bigger, better and bolder! We are looking for students like you from around the world who are willing to put their skills and ideas to the test.
Application Deadline in 4 months

Renewable Energy the Most Competitive Source of New Power Generation in GCC

Under current plans, the region will install 7 gigawatts (GW) of new power generation capacity from renewable sources by the early 2020s

A Glimpse of What Lies Ahead for the Silicon Photonics Market

The global silicon photonics market is expected to account for sales of over $737 million by 2023 growing at a CAGR of 35% during 2018-2023. The silicon photonics finds its major application area to be in the telecommunications with over 69% market share in terms of revenue in 2017.

A Diagnostic Device for In-Situ Detection of Swine Viral Diseases: The SWINOSTICS Project

In this paper, we present the concept of a novel diagnostic device for on-site analyses, based on the use of advanced bio-sensing and photonics technologies to tackle emerging and endemic viruses causing swine epidemics and significant economic damage in farms.

Online security assessment framework helps businesses cope with increased use of personal devices

Employees increasingly access sensitive company data remotely, often from personal devices where social media networks hold a prominent place. Easy targets for cyber criminals? Members of the DOGONA consortium believe so, and they have devised a risk assessment framework to help businesses alleviate this threat.

Proagrica Highlights Top Data Trends for Agribusiness in 2019

For businesses in the supply chain, data solutions can form the backbone of sustainable growth, ensuring robust internal operations that are future-proofed and primed for data integration and insight which presents a potential landscape of dynamic new services and ways of working adding value to both businesses and their customers.

Intel and Alibaba announced the development of athlete tracking technology powered by artificial intelligence

Intel and Alibaba announced on the eve of CES that the companies are teaming to develop athlete tracking technology powered by artificial intelligence (AI) that is aimed to be deployed at the Olympic Games 2020 and beyond. The technology uses existing and upcoming Intel hardware and Alibaba cloud computing technology to power a cutting-edge deep learning application that extracts 3D forms of athletes in training or competition.

Vietnam announced a list of 13 key agricultural products

The Ministry of Agriculture and Rural Development (MARD) has announced a list of 13 key agricultural products of Vietnam.The list includes rice, coffee, rubber, cashew nuts, pepper, tea, vegetables and fruit, cassava and cassava products, pork, meat and eggs, tra fish, shrimp, wood and wood products.

Call for Nominations: World Food Prize Foundation - Food Security and Agricultural Champions

The World Food Prize Foundation is currently accepting nominations for its globally renowned award that recognizes the accomplishments of individuals who have advanced human development by improving the quality, quantity or availability of food in the world. The World Food Prize is the foremost international award recognizing the accomplishments of individuals who have advanced human development by improving the quality, quantity, or availability of food in the world.
Application Deadline in 3 months

7 Blockchain ETFs to invest in

ETFs have been around for a long time and have been used to track benchmark indexes such as the NASDAQ-100, the Standard & Poor’s (S&P) 500, and the US Dow Jones Industrial Average (DJIA). Stock market investors also use these indexes to monitor their portfolio strength as well as compare it with the overall market.