Favorable factors aid Vietnamese shrimp exports to rise 22.3% in 2017
Vietnam's shrimp exports in 2017 achieved a remarkable growth of 22.3% in terms of value compared with 6.7% in 2016. Export value reached US$3.85 billion, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
In December alone, Vietnamese shrimp exports jumped 27.8% to $339.8 million over the same period in 2016.
Exports to all major markets posted positive growths in 2017.
The overall export increase last year reflected the efforts of made by enterprises to overcome challenges in the context of complicated market situation.
The exchange rates of yen, euro and Chinese yuan against the USD also favored Vietnam's shrimp exports.
Problems of some competing exporting countries should likewise favor Vietnam's shrimp exports this year, said VASEP, citing Thailand's stoppage of imports of Indian shrimp, the EU's policy of inspecting 50% of Indian shrimp containers shipped to the 28-member bloc, as well as the risk of a ban by the EU.
Thai and Indian shrimp production is also forecast to not increase this year due to disease and adverse weather.
In terms of volume, the total output of shrimp in Vietnam in 2017 reached 723,800 tonnes, according to the Directorate of Fisheries. Of that, brackish water shrimp output reached 683,400 tonnes including 256,400 tonnes of black tiger shrimp and 427,000 tonnes of whiteleg shrimp.
In 2017, Vietnam's shrimp exports to major markets grew impressively except the US, which has fallen to the fourth rank as a major market. The EU market has risen to become the largest Vietnamese shrimp exporter.
Exports to the EU market was valued at over US$862.8 million, up 43.7% 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 71.6% ($224.2 million), followed by the UK and Germany with growths of 55.5% and 52.1%, respectively.
Among the main importing markets, China saw the highest growth of 56.8% and value reached US$683.2 million. With this growth, China is expected to overtake Japan as the second-largest buyer of Vietnam shrimp in the first quarter of 2018.