January 6, 2011

Vietnam shrimp's export prices to US rise 20%-30%

The cost of Vietnamese shrimps exported to the US rose between 20% and 30% as compared with last year to nearly US$12 per kilo by end of 2010, the highest level compared with those from other overseas markets.

The Vietnam Association of Seafood Exporters and Processors (VASEP) attributed low shrimp supply amid the oil spill in the Gulf of Mexico in mid-2010 to the soaring export prices of Vietnamese shrimp.

Shrimp raisers in the US can meet only 10% of the country's demand so shrimp imports have consistently increased over the years.

Last year, Vietnam's shrimp exports exceeded for the first time the US$2-billion milestone. The country exported 240,000 tonnes of shrimp valued at US$2.08 billion.

Japan is now the biggest market for Vietnam's shrimp, followed by the US and EU.