(seafood.vasep.com.vn) After the growth in 2016, Vietnam’s shrimp exports to the Philippines as of July 15th 2017 continued to witness the rise of 41% with the value of US$6.5 million. The Philippines is a single importing market in ASEAN, accounting for 0.4% of Vietnam's shrimp exports to markets.
According to the International Trade Center (ITC), in 2016, the Philippines ranked the 6th out of top shrimp buyers in ASEAN, behind Vietnam, Singapore, Thailand, Malaysia and Indonesia.
In the first five months of this year, shrimp imports into the Philippines valued at US$7.7 million; increasing by 5.7% over the same period in 2016. Shrimp imports into the Philippines increased while those into other countries in the region reduced, the proportion of shrimp imports of the Philippines increased to 6.9% in the total shrimp imports into the region (in 2016, it was 0.6%).
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Shrimp imports into ASEAN (Source: ITC; Thousand US$)
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|
Markets
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Jan-May 2016
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Jan-May 2017
|
Variation (%)
|
|
ASEAN
|
154,932
|
111,564
|
-28.0
|
|
Thailand
|
50,522
|
51,546
|
2.0
|
|
Brunei Darussalam
|
1,683
|
1,307
|
-22.3
|
|
Indonesia
|
10,719
|
-
|
-100.0
|
|
Malaysia
|
31,453
|
31,193
|
-0.8
|
|
Philippines
|
7,249
|
7,662
|
5.7
|
|
Singapore
|
53,306
|
19,856
|
-62.8
|
According to ITC, in the first five months of this year, shrimp imports into the Philippines reached US$7.7 million; up 5.7% over the same period in 2016. Vietnam stayed as the largest supplier of shrimp to the market; accounting for 58.3% of total shrimp imports into this country.
In the period, the Philippines increased imports from Vietnam and Thailand while decreasing those from other suppliers.
The Philippines is a potential importing market of Vietnam shrimp thanks to the preferential tax rate of 0%.
The ASEAN Economic Community (AEC), in which the Philippines is a member, was established by the end of 2015 to help create a common market without barriers to goods and goods in ASEAN member countries will be subject to the same duty. This supports trade between Vietnam and the Philippines.
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Shrimp imports into the Philippines (Source: ITC; thousand US$)
|
|
Markets
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Jan-May 2016
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Jan-May 2017
|
Variation (%)
|
|
World
|
7,249
|
7,662
|
5.7
|
|
Vietnam
|
2,751
|
4,466
|
62.3
|
|
China
|
4,177
|
2,847
|
-31.8
|
|
Indonesia
|
279
|
71
|
-74.6
|
|
Thailand
|
16
|
158
|
887.5
|
|
South Korea
|
2
|
1
|
-50.0
|
|
Taipei, Chinese
|
22
|
22
|
0.0
|