Vietnam shrimp exports up 4.6% in first 7 months
The rise in the shrimp exports by Vietnam was attributed to stronger demand from the main markets and uptrend in global shrimp price caused by supply shortage.
In January-July, Vietnamese shrimp was exported to 76 markets, with the US, the EU, Japan, China, South Korea, Canada, Australia, Asean, Taiwan and Switzerland as the top 10 markets. Shrimp exports to key markets saw positive growth such as the US, up 16.3%; EU 6%; China 38%; and Korea 9.3%. Exports to Japan fell 8.2% while those to smaller markets also posted declines ranging from 2.5% to 28.6%.
Shrimp products for exports
The export value of all whiteleg shrimp and black tiger shrimp products increased. Live/fresh/frozen black tiger shrimp (HS code 03) saw a year-on-year decline of 0.7%. Of total shrimp exports in January-July, the proportion of white shrimp increased by 1.5% while that of black tiger shrimp fell 1.2% and that of marine shrimp was down 0.3% compared to the same period in 2015. The lower proportion of black tiger shrimp was partly because of a decrease in supply caused by drought and salinity.
Of the total export value of shrimp, exports of canned other shrimp showed the deepest dive of 60% to just over $1.7 million.
Vietnamese shrimp exports to the US maintained their growth, thanks to higher demand from the market. On the other hand, other suppliers to the US such as India, Indonesia, Ecuador and Thailand saw decreases in raw material supply, leading to higher export price. The US also increased import demand for black tiger shrimp while the harvests in both India and Indonesia fell. Vietnam shrimp exports to the US in the first seven months reached $364.8 million, up 16.3% over the same period last year.
Vietnamese shrimp exports to the EU in the first seven months reached $315.9 million, up 6% year on year. Inventories in the EU is low, import demand for black tiger shrimp increased sharply while the supply of black tiger shrimp from Bangladesh, India, Indonesia to the market declined due to adverse weather.
Within the EU bloc, import demand for warm-water shrimp into the UK was still high due to lower supply of cold-water shrimp and its higher price. Vietnamese shrimp exports to the UK increased by 6.6% during the period. Remarkably, in the EU bloc, Vietnamese shrimp exports to the Netherlands showed the highest year-on-year increase of 25%.
Vietnamese shrimp exports to China in the first seven months reached $249.2 million, up 38% over the same period last year. Demand for imported shrimp in China is increasing strongly due to higher domestic demand, increase in people's incomes and lower domestic supply of shrimp.
Last year, China imported 300,000 tonnes of shrimp to meet the demand for fresh and processed shrimp in the domestic market. China's demand for imported shrimp is expected to remain high.
Shrimp exports to Japan in the six months through July reached $283.8 million, down 8.2% from the same period last year. Exports to this market went down due to higher price of shrimp imported into Japan despite the yen's strength. The higher price was attributable to a decrease in raw shrimp supply from producers.
Vietnamese shrimp exports in the coming months is expected to continue to rise in spite of unfavorable weather for domestic shrimp production.