(vasep.com.vn) In QI/2014, Vietnam shrimp exports to EU reached US$111.9 million, representing a drastic increase of 97.9 percent.
The growth was seen in exports to 5 single markets in the block (Germany, Belgium, France, the U.K and the Netherlands). European buyers are cautious about importing shrimp to wait for the cooling down in shrimp price; however, the region is still a potential market for Vietnam shrimp exporters in 2014.
Rising shrimp demand thanks to economic recovery
In the second half of 2013, shrimp demand from EU has been improved after more than one year of deep decline due to regional economic recession. Vietnam shrimp exports to the market in the period started to increase to US$409.47 million, up 31.3 percent year on year.
Since QII/2013, European economy has escaped from economic distress with the growth in major economies of Germany and France. Although difficulties remain, EU’s recovery is expected to gather momentum in 2014, economists analysed.
In QI/2014, Germany, Belgium, France, the U.K and the Netherlands took the lead in the block in importing shrimp from Vietnam, making up 83.5 percent of Vietnam’s total shrimp exports to EU. Exports to Germany up 93.7 percent, Belgium up 197.4 percent and France up 125.6 percent in the quarter.
Between January and February 2014, shrimp imports into some major markets of EU showed positive growth. In the period, shrimp imports into France (EU’s leading importer of frozen shrimp) reached US$123.4 million, up 35.2 percent year on year, in which shrimp imports from Vietnam up 143.8 percent.
In 2014, EU will be an attractive destination for Vietnam shrimp exporters because exports to other major markets (the U.S. and Japan) may see instability. The expected growth in shrimp exports to EU this year is boosted by regional economic recovery; increase in Vietnam’s raw shrimp supply, especially whiteleg shrimp which is increasingly favored in EU market.