According to data from the US Department of Agriculture, breaded shrimp exports from Vietnam to the US in the first 5 months of 2019 reached 4,281 tons, worth 30.9 million, up 53% in volume and 48% in value compared to the same period in 2018. In the context of shrimp exports to the US declined from the beginning of the year, the growth rate of this product can be considered a positive sign.
In the first 5 months of 2019, US breaded shrimp imports reached 17,748 tons, worth US$124.3 million, down 1% in volume and be equivalent in value over the same period in 2018. China, Thailand and Vietnam were the three main suppliers of breaded shrimp for the US, accounting for 31%, 26%, and 25% of the total import value of US breaded shrimp respectively.
As of May May, 2019, China exported 6,839 tons of breaded shrimp to the US, worth US$38.3 million, down 33% in volume and 36% in value over the same period in 2018. Meanwhile, export of Thai breaded shrimp to the US reached 3,545 tons, worth 32.6 million, up 62% in volume and 49% in value over the same period in 2018.
Of the three main suppliers of breaded shrimp for the US, China is subject to a 25% tax as the United States imposes US $ 200 billion of Chinese goods in May 2019, leading to a dramatic drop in the production of breaded shrimp to the US. The US's importers are looking for other suppliers to replace China.
In terms of Thailand's competitiveness in the US market for breaded shrimp products, Thailand has difficulty competing with China due to high production costs. The export price of Thai breaded shrimp is always higher than that of China and Vietnam. In the first 5 months of 2019, the average export price of breaded shrimp from Thailand reached US$9.2/kg while these of from China and Vietnam reached US$5.6/kg and 7.2 US$/kg, respectively.
In order to gain market share from China and Thailand, Vietnam needs to invest in production lines, producing products with competitive prices. China currently dominates the US market for breaded shrimp products thanks to the low cost of producing products, providing goods to the US at the most competitive price compared to rival suppliers.
In the context of traditional Vietnamese shrimp products exports (such as IQF goods) to the US had to compete firecely with other rival such as India (with cheap price advantage) and Indonesia (not subject to anti-dumping tax). Along with breaded shrimp is considered as a good value-added product with high profit margin, focusing on breaded shrimp exports to the US can be a reasonable plan for Vietnamese enterprises in the time to come.
|
Breaded shrimp (HS 1605211020) imports of the US (Value: USD thousand, Volume: MT tone) |
||||||||
|
Suppliers |
2018 |
Jan-May/2018 |
Jan-May/2019 |
Variation (%) |
||||
|
Value |
Volume |
Value |
Volume |
Value |
Volume |
Value |
Volume |
|
|
Total |
359,998 |
52,247 |
124,799 |
17,897 |
124,337 |
17,748 |
-- |
-1 |
|
China |
181,198 |
30,989 |
59,682 |
10,162 |
38,269 |
6,839 |
-36 |
-33 |
|
Thailand |
70,303 |
7,092 |
21,915 |
2,192 |
32,589 |
3,545 |
49 |
62 |
|
Vietnam |
55,214 |
7,510 |
20,830 |
2,793 |
30,853 |
4,281 |
48 |
53 |
|
Indonesia |
30,248 |
3,728 |
14,228 |
1,723 |
13,390 |
1,891 |
-6 |
10 |
|
Ecuador |
17,569 |
2,240 |
7,493 |
948 |
4,391 |
570 |
-41 |
-40 |
|
Guatemala |
4,170 |
536 |
174 |
26.7 |
2,578 |
329 |
1,386 |
1,134 |
|
Argentina |
563 |
44.5 |
229 |
15.3 |
761 |
52.9 |
233 |
246 |
|
Others |
733 |
105.5 |
249 |
34.8 |
1,507 |
238 |
505 |
584 |
|
(Source: FAS.USDA) |
||||||||
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