Shrimp exports in 2014 to exceed US$3.5 billion

News 16:32 12/09/2014 609
(vasep.com.vn) Maintaining strong growth in Q.II/2014, Vietnam shrimp exports through June 2014 reached nearly US$1.8 billion. Shrimp exports in 2014 can surpass US$3.5 billion if diseases continue to be well-controlled and market conditions are favourable.

In Q.II/2014, EU was the strongest growing market among the top 10 markets for Vietnam shrimp. Shrimp exports to EU in the quarter reached over US$175.4 million, increasing 115.8 percent year on year. In 2014, EU is considered as an important importing market with high growth in shrimp imports from Vietnam since the beginning of the year.

Shrimp consumption in many EU countries improved significantly thanks to regional economic recovery after severe crisis in 2012 and the first half of 2013. Besides, shortage of global shrimp supply caused by early mortality syndrome (EMS) also helps Vietnam increase its shrimp exports to the market. Shrimp exports to EU in the second half of 2014 is forecast to be continously positive.

Shrimp exports to the U.S. in Q.II/2014 reported a strong growth, however, compared with QI/2014, it increased by only nearly one third. This is due to shrimp harvest season in Ecuador.  Imports from Vietnam, therefore, reduced.

Shrimp exports to the U.S. through June 2014 was over US$527.7 million, up 109.2 percent year on year, surpassing two leading markets of EU and Japan. Vietnam shrimp exported to the U.S. in second half of 2014 might not achieve high growth due to greater competition from other suppliers.

The second quarter of 2014 saw a significant reduction in shrimp exports to Japan because of Japan’s antibiotics oxytetracycline (OTC) inspection on all shrimps imported from Vietnam since mid March 2014. Accordingly, Japan was downgraded to the third position in importing Vietnam shrimp behind the U.S. and EU. Shrimp exports to Japan will continue to be gloomy if OTC problem is not solved.

Tensions over the East Sea between Vietnam and China accelerated as China illegally deployed its oil rig in the exclusive economic zone of Vietnam from last May. However, shrimp exports to the market was unlikely to suffer. China is still the 4th largest consumer market for Vietnam shrimp and it is expected that Vietnam shrimp exporters will continue to boost their shrimp exports to the market in QII/2014.

Vietnam shrimp exports to major markets (Value: US$mil.)

Top 10 markets

QI/2014

Compared to the same period of 2013 (%)

QII/2014

Compared to the same period of 2013 (%)

Jan-Jun, 2014

Compared to the same period of 2013 (%)

The U.S.

263.394

+200.2

264.314

+60.6

527.707

+109.2

Japan

143.274

+33.3

167.899

-10.0

311.173

+5.9

EU

111.993

+97.9

175.476

+115.8

287.470

+108.5

Germany

27.293

+93.7

35.127

+90.2

62.419

+91.7

Netherland

12.061

+81.4

43.111

+500.4

55.172

+299.0

France

18.606

+125.6

24.026

+63.7

42.632

+86.0

China

77.568

+26.1

135.357

+58.4

212.926

+44.9

Hongkong

19.684

+50.8

24.612

+60.0

44.296

+55.8

South Korea

63.790

+162.6

74.337

+93.7

138.128

+120.4

Australia

37.904

+85.9

31.052

+28.4

68.956

+54.7

Canada

26.372

+86.3

35.513

+38.0

61.886

+55.1

Taiwan

12.620

-6.4

29.974

+46.4

42.594

+25.5

Switzerland

15.363

+79.9

23.790

+112.9

39.153

+98.6

ASEAN

12.341

+52.6

15.427

+34.4

27.768

+41.9

Singapore

6.566

+20.1

9.386

+26.3

15.951

+23.7

Philipines

2.905

+123.5

3.505

+42.1

6.410

+70.2

Others

33.519

+49.2

39.614

+37.0

73.133

+42.3

Total

798.139

+87.9

992.753

+46.4

1.790.892

+62.4

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