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.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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