Minh Bach Seafood: The EU accounts for 40% of total shrimp exports
(vasep.com.vn) In the first 8 months of 2014 Minh Bach Seafood exported 1,938 MT of shrimp with the value of US$ 22,044 million, in which EU accounted for 40%. Shrimp exports increased both in volume and value compared to the same period in 2013.
Supply of raw shrimp was not stable. Due to diseases on black tiger shrimp, many people switched to whiteleg shrimp. This species, however, was also infected. Therefore, domestic production was not sufficient to supply for the plant.
The company is concerned about lack of material therefore only sign contracts for 2- month delivery. It is noticed that there are many orders and prices are getting higher.
Earlier this year, European importers hesitated to buy as they wanted to wait for lower prices, however, this region is still considered a promising market for Vietnam shrimp exports this year. Shrimp market in EU began to recover from the second half of 2013 after one year downturn due to economic crisis.