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April 20, 2018

 

Vietnam shrimp exports rise 33% in January

 

 

Following the good growth (22.3%) in 2017, Vietnam's shrimp exports were off to a very good start in 2018 as they registered a 33.2% increase compared with the same month last year.

 

In January, Vietnam exported shrimp to 49 markets with export turnover of US$264.8 million, up 33.2% from 2017, the Vietnam Association of Seafood Exporters and Producers reports.

 

Demand for Vietnamese shrimp is reflected in the positive growths to all major markets-exports to Australia experienced the highest growth of 169.7%; those to South Korea also reached a high growth of 81.3%. Sales to the three largest importing markets (the EU, the US and Japan) grew 13.4%, 12.1% and 3.7%, respectively.

 

Besides high demand in importing markets, the export growth in January is also attributed to stable shrimp prices and an expected rise in prices.

 

The EU, which is the largest importer of Vietnamese shrimp, accounted for 18.6% of Vietnam's total shrimp exports. Shrimp exports to this market in January this year reached $49.4 million, up 13.4% over the same month last year. Exports to the three main markets in the bloc (the Netherlands, Germany and Belgium) recorded a double-digit growth. Exports to the Netherlands, Germany and Belgium increased by 65.1%, 62.2% and 29%, respectively.

 

This year, exports to the EU is expected remain on the upward trend because of favorable factors including its main competitor India's being warned of antibiotic contamination and possible ban on imports into the EU. Vietnamese shrimp also has the advantage of gaining GSP (Generalised System of Preferences) from the EU that Thailand and China do not have.

 

The Free Trade Agreement with the European Union (EVFTA) is also about to come into force. After the effectivity of the agreement, Vietnam will have more opportunities to promote shrimp exports to the EU. Vietnamese goods, including shrimp products, will enjoy special preferential tariffs.

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