November 1, 2007

 

Vietnam to reap US$1.66 billion from frozen shrimp exports in 2007

 

 

Vietnam is expected to reap US$554.7 million from exporting 60,000 tonnes of frozen shrimp in the fourth quarter, bringing the country's total export from the product to US$1.665 billion in revenue in 2007,  the Ministry of Industry and Trade said..

 

Vietnam exported 118,500 tonnes of frozen shrimps worth US$1.11 billion in the first half of the year, representing an on-year increase of 0.73 percent in terms of volume and 5.15 percent in terms of value, according to figures provided by the General Customs Department.

 

Frozen shrimp export will now account for 46.25 percent of Vietnam's total seafood export value of US$3.6 billion this year. In the first ten months of this year, Vietnam's seafood export revenue reached US$3.059 billion, up more than 10 percent on year, according to the General Statistics Office.

 

The Vietnam Association of Seafood Exporters and Producers (Vasep) estimated tra and basa catfish would contribute up to US$1 billion to the yearly total.

 

Export prices of Vietnamese frozen shrimps, which stood at US$10.01 a kilogramme in May fell to US$8.59 a kilogramme in August, as demand fell in large markets like Japan and the US.

 

However, prices recovered to US$9.43 a kilogramme in late September and would continue to rise in the coming months as importers make orders for the New Year festivals.

 

Vietnam is world's  fifth largest shrimp producer in the world behind China, Thailand, Indonesia, and India.