MARKET ANALYSIS
Last year Vietnam imported seafood worth US$6.57 billion, down 16.1% from 2014 due to decline in import price, weaker import demand and stronger competition. Vietnamese companies import raw material for processing and exporting due to instability in domestic supply of raw material.
Low price, demand: Vietnam shrimp imports slump in 2015
According to figures released by the Vietnam Association of Seafood Exporters and Producers (VASEP), total seafood imports by Vietnam in 2015 reached US$6.57 billion, down 16.1% from 2014 due to decline in import price, weaker import demand and stronger competition. Vietnamese companies import raw material for processing and exporting due to instability in domestic supply of raw material.
Citing statistics from Vietnam Customs, VASEP said total fish imports into Vietnam last year reached over $1 billion, an increase of 0.5% compared with 2014. Shrimp accounted for 40% of the total seafood at over US$426 million, down 11%; tuna imports (accounting for 20% of total imports) hit $215 million, up 15%. Other marine finfish imports (33% of total seafood imports) reached $351 million, up 11% year-on-year.
Vietnam mainly imported fresh, frozen and live fish for processing and exporting. Fresh/frozen/live marine finfish imports hit $283 million, up 12%; imports of fresh/frozen tuna totalled $184 million, or an increase of 10%.
Vietnam imported shrimp last year from 37 origins and valued at $426 million, down 10.7% year-on-year. White-leg shrimp and black-tiger shrimp (live/fresh/frozen) imported into Vietnam accounted for 65.9% and 20.3%, respectively, of the country's total shrimp imports. White-leg shrimp products accounted for 68% while black-tiger shrimp products accounted for 21%. Imports of live/fresh/frozen white-leg shrimp reached $281 million, up 8%, while live/fresh/frozen black tiger was valued at over $86 million, down nearly 41%.
India was the largest shrimp supplier to Vietnam, its exports estimated at $318 million, down 7.8% year-on-year and accounting for 74.7% of total shrimp imports by Vietnam.
|
Shrimp products imported into Vietnam in 2015 | |||
|
Products |
Value (US$) |
The proportion |
Variations (%) |
|
Shrimp (HS 03 & 16) |
425,931,443 |
100.00 |
-10.70 |
|
Processed whiteleg shrimp (HS 16) |
8,244,873 |
1.90 |
5.30 |
|
Live/fresh/frozen whiteleg shrimp (HS03) |
280,696,518 |
65.90 |
8.00 |
|
Shrimp seed |
15,563,460 |
3.70 |
-22.20 |
|
Other processed shrimp (HS 16) |
1,000,512 |
0.20 |
-3.10 |
|
Dried other shrimp (HS 03) |
344,208 |
0.10 |
3725.20 |
|
Fresh/live/frozen other shrimp (HS 03) |
31,705,478 |
7.40 |
-23.30 |
|
Other processed black tiger shrimp (HS 16) |
1,949,715 |
0.50 |
205.90 |
|
Live/fresh/frozen black tiger shrimp (HS 03) |
86,426,679 |
20.30 |
-40.80 |
According to the International Trade Centre (ITC), Vietnam became the second-largest importer of Indian shrimp after the US during the first three quarters of 2015, importing 50,000 metric tonnes. The peak months were July and August 2015 when Vietnam imported 8,000-8,600 metric tonnes of shrimp from India with the average price of $7-7.6 per kilogramme. In the remaining months of 2015, Vietnam imported about 4,400-5,700 metric tonnes/month. The average price fell from $8.3-8.7/kg in the early months of 2015 to S$6.7/kg in the mid-year and recovered to 7.4-7.5/kg in the third quarter of the year.
|
Top 10 shrimp suppliers to Vietnam in 2015 | ||||
|
No. |
Suppliers |
Value (US$) |
The proportion (%) |
Compared to 2014 (%) |
|
1 |
India |
318,011,123 |
74.70 |
-7.80 |
|
2 |
Ecuador |
13,506,458 |
3.20 |
-40.20 |
|
3 |
Thailand |
10,399,159 |
2.40 |
14.30 |
|
4 |
Argentina |
8,835,505 |
2.10 |
-12.10 |
|
5 |
The UK |
7,263,051 |
1.70 |
7.20 |
|
6 |
Indonesia |
6,327,376 |
1.50 |
-68.90 |
|
7 |
The US |
5,891,269 |
1.40 |
20.30 |
|
8 |
Canada |
4,406,237 |
1.00 |
4.10 |
|
9 |
Australia |
3,829,298 |
0.90 |
114.80 |
|
10 |
Singapore |
3,631,067 |
0.90 |
-7.30 |
|
|
Total |
425,931,443 |
100.00 |
-10.70 |
|
Source: VASEP (based on statistics of Vietnam Customs) | ||||
