Vietnam shrimp exports to UK went up 34%

In 2016, the UK was the leading buyer of Vietnam shrimp in the EU. After the strong growth throughout 2015 and the first three quarters of 2016, Vietnam’s shrimp exports to the country in QIV/2016 fell by 3.9%. Thanks to the good growth in the first three quarters of this year, total shrimp exports to the market showed a year-on-year rise of 4.2%.

In 2017, Vietnam’s shrimp exports to the market rose in January but declining in February and March. In April and May, exports increased sharply by 62% and 150%, respectively, from the same period of 2016. In the first five months of this year, Vietnam shrimp exports to the UK valued at nearly US$59 million, an increase of 34% year on year.

In Jan-May 2017, the UK boosted imports of warm-water shrimp instead of cold-water shrimp thanks to reasonable prices, which drove the growth in Vietnam’s shrimp exports to the market. The price of cold-water shrimp was on the upward trend due to the cut in its quotas of countries.

According to the International Trade Centre (ITC), in 2016, shrimp imports into the UK reached US$871.4 million, down 4% from 2015. Out of top largest suppliers (India, Vietnam and Canada), imports of warm-water shrimp into the UK from India and Vietnam increased by 21% and 13%, respectively, while those of cold-water shrimp from Canada plummeted by 51%.

In the first four months of this year, the UK’s shrimp imports totaled US$233 million, down nearly 12% over the same period in 2016. This was driven by Brexit, which led to the pound's depreciation and a rise in import prices.

This year, Vietnam’s shrimp exports to the UK expected to continue the growth thanks to the high demand for warm-water shrimp.