December 3, 2015

 

Vietnam's shrimp export value to fall in 2015
 

 

Declining volume and value of shrimp exports in all markets had prompted the Vietnam Association of Seafood Exporters and Producers (VASEP) to cut its target for overall shrimp export value in 2015.

 

The value fell from US$3.1 billion, to US$2.9 billion for the year, Vietnam News reported.

 

Weakened demand, less competitive products against those from other countries and the decreasing value of foreign currencies were blamed for the drop, according to VASEP.

 

Additionally, based on statistics from the General Department of Customs, the export value reached US$2.5 billion during January – October 2015, a 26.7% slid year-on-year.

 

The US, currently the top importer of Vietnamese shrimps, took up 21.8% of Vietnam's total shrimp exports during the first 10 months of this year. The percentage fell from 27% recorded in the same period of 2014. 

 

In the same period, the value for shrimp exports to the US decreased 41% to US$536.5 million, compared to 2014.

 

Exports to Japan and the EU rose by 1.5% and 1.7%, respectively.

 

During January – October 2015, Japan was the second-biggest importer of Vietnamese shrimp, with export value to the country reaching US$486.7 million. The percentage is a 20.8% drop from the same period last year.

 

Similarly, there was also a decreasing value for deliveries to the EU during the first 10 months of 2015. At US$466.5 million, the value dropped 19.7% from last year.

 

However, the UK, being one of the top three markets in the EU, saw a value growth of 11.1% year-on-year, due to a swelling demand for warm water shrimp. On the flipside, deliveries to Germany and the Netherlands fell 18% and 30.2%, respectively.

 

Nevertheless, exports to the States could improve by the end of 2015 due to lower anti-dumping tariffs in the ninth period of review (POR9) for Vietnamese shrimp and the conclusion of the recent Trans Pacific Partnership (TPP), according to VASEP.

 

More opportunities could also materialise for Vietnamese shrimp exporters towards the end of 2015 as supplies from India, Thailand, Ecuador and China risk disruptions from epidemic outbreaks. Such unfortunate events would brought about increased shrimp prices.

 

In addition, other markets, including the EU, the US and Japan, could benefit Vietnamese exporters, with their stable currencies.   

 

Still, the overall shrimp export value for the final quarter of 2015 would drop by 25% year-on-year, to US$800 million.

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