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QI/2018: Shrimp exports to South Korea posted the highest growth
June 29, 2018, 04:18 PM
(seafood.vasep.com.vn) Favorable factors in the first months of the year such as the weather, high yield, high demand and stable shrimp prices facilitated Vietnam’s shrimp production and exports. Vietnam’s shrimp exports in March 2018 reached US$302.4 million, up 25.8% from March 2017; the figure in the first quarter 2018 amounted to US$742.9 million, up 20.2% over for the same period of 2017.

The top ten main importing markets for Vietnamese shrimp included the EU, the U.S, Japan, China, South Korea, Australia, Canada, ASEAN, Taiwan and Switzerland, accounting for 89.3% of Vietnam’s total shrimp export value. In the 10 major markets, except for Japan, exports to the 9 other markets recorded the positive growth. Of that, exports to South Korea witnessed the strongest growth of 46.7%; followed by Australia with 44%; while exports to Japan in the period decreased by 11.3% due to high inventories.

Shrimp exports in the first three months of the year have been growing well thanks to high demand in markets and stable shrimp prices.

Whiteleg shrimp still accounted for a large proportion of 69.1% in the structure of Vietnam's shrimp export products; followed by black tiger shrimp with 20.6% and marine shrimp with 10.3%. In QI/2018, the value of whiteleg shrimp exports increased by 31%, that of marine shrimp increased by 32.2% while that of black tiger shrimp decreased by 9.1% compared to the same period last year.

For whiteleg shrimp, the export value of processed whiteleg shrimp (HS code 16) and live/fresh/frozen whiteleg shrimp (HS code 03) increased by 27.6% and 33.9%, respectively. For black tiger shrimp, the export value of processed black tiger shrimp (HS code 16) decreased by 37.2% and live/fresh/frozen tiger shrimp (HS code 03) dropped by 4.9%. Shipments of other processed/canned shrimp (HS code 16) fell by 38.1%.

EU remains as the largest importer of Vietnamese shrimp, accounting for 18.2% of Vietnam’s shrimp exports to markets. Shrimp exports to this market in the first three months of this year totaled US$134.9 million, up 13.5% over the same period last year. Exports to the three main markets in the bloc (the Netherlands, Germany and Belgium) experienced the double digit growth. Exports to the Netherlands and Germany rose by 76.3% and 55.3%, respectively, while exports to Belgium grew by 18.9%.

Shrimp exports to the EU in Jan-Mar this year remained the growth as in 2017. Vietnam’s shrimp exports to the EU market got quite favorable as Indian shrimp (the main competitor of Vietnam in the EU) has difficulties in the EU market and faces the risk of banning imports into the EU. In addition, Vietnam’s shrimp exports to the EU were accorded GSP (generalized system of preferences) rights while Thailand and China do not have this advantage. At present, the GSP tariff for Vietnamese frozen raw shrimp (HS code 030617) is 4.2%; that foe processed frozen shrimp (HS code 160521) is 7%.

In particular, when the upcoming EU-Vietnam Free Trade Agreement (EVFTA) comes into effect, Vietnam will have more opportunities to boost shrimp exports to the EU. As committed, after the entry into force of the Agreement, Vietnamese goods, including shrimp products, will enjoy special preferential tariffs.

With high demand for consumption thanks to better economic growth than forecasted, exports of some products such as processed whiteleg shrimp, fresh/frozen black tiger shrimp to the EU expected to remain the high growth rate in the last months of the year.

From the 4th rank in 2017, the U.S became the second largest shrimp importer of Vietnam in the first quarter of this year. In the period, shrimp exports to this market hit US$121.4 million, up 8.4% year on year. Exports to the U.S in the first months of this year showed signs of recovery.

Shrimp exports to South Korea in the first quarter of this year reached the highest growth among major importing markets. The export value to this market eyed US$90.6 million, up 46.7% over the first quarter 2017.

South Korea held as the 5th largest shrimp importer of Vietnam and Vietnam was the largest supplier of shrimp to South Korea with the large share of 57% while the market share of other competitors was lower (Thailand with 12.4%, Ecuador with 11% and China with 6%). With stable demand, high export prices and preferential tariffs through the Viet Nam – Korea Free Trade Agreement (VKFTA), Vietnam has many new opportunities for exporting shrimp to this market compared to its competitors.

Vietnam’s shrimp exports in the second quarter of 2018 is expected to continue the rise thanks to guaranteed supplies of raw materials for processing plants, stable demand in the world market.

Other news
Cephalopod exports of Vietnam remained stable (13/02/2019) The US remained as the largest whiteleg shrimp import market of Vietnam (08/02/2019) Middle East – potential market for Vietnam pangasius (22/01/2019)
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