Shrimp exports to South Korea increased by 114.5%

News 17:08 22/09/2014 609
As of 15th August 2014, shrimp exports are still in favorable conditions as exports to main markets are strongly growing. Particularly, exports to South Korea increased by 114.5% year on year. Eight first months of 2014 saw an 80.3% increase in exports to the United States, 4.8% rise to Japan and 98.8% surge to EU.

The supply recovered slowly due to the effects of EMS (early mortality syndrome). Coupled with higher shrimp prices, these are supporting Vietnam exports. Thailand, one of the biggest shrimp suppliers, reduced its production sharply due to EMS. Farmers had to comply with procedures to minimize the mortality rate of shrimp and harvested early. Because of this, in 2014 shrimp production of Thailand can hardly reach 200,000 MT, which was one-third of the average amount in previous years. China was one of the countries that were strongly impacted by EMS while domestic demand increased, making Chinese shrimp lose its shares in many international markets.

 

Along with Ecuador, Indonesia and India, Vietnam became important shrimp suppliers. Shrimp production in Vietnam was in favorable condition as farming area for white shrimp expanded rapidly. Reports from the provinces revealed that in the first 7 months of 2014, area for shrimp farming reached an area of ​​644,193 ha (up 10.3% year on year), in which black tiger shrimp was grown in the area of 562,492 hectare (staying the same as 2013), and white leg shrimp was grown in the area of 81,701 hectares (rising 245.3% year on year). Total yield reached 317,305 MT, increasing 189.3% year on year, in which black tiger shrimp production was 152,035 MT (up 91% year on year) and that of whiteleg shrimp was 165 269 tons (up 449.4%).

Shrimp prices rose in 2014 as a result of weakening supply.

Statistics from the USDA on shrimp imports showed that the first 7 months of 2014, the shrimp average import price to the United States increased from US$ 9.1/kg to US$ 11.99/kg. Meanwhile, statistics from Vietnam General Customs indicated that shrimp export to the United States reached US$ 694.5 million, up 80.3% year on year.

Exports to EU reached US$ 387.7 million, up 98.8% year on year whilst shrimp exports to Japan recovered after months hampered by antibiotics barriers.

South Korea, the 5th largest market shrimp import market from Vietnam after the USA, Japan, the EU and China, accounted for 7.9% of the total shrimp exports. Among the top 10 of growing markets for Vietnam shrimp exports, this year, South Korea grew the fastest with the value of US$ 185.2 million, up 114.5% year on year.

Chinese shrimp exported to South Korea plummeted, which made Vietnam become the largest shrimp supplier to South Korea. Statistics from World Trade Center (ITC), in the first 7 months of 2014, Vietnam shrimp imports to South Korea rose by 55.1% in volume and 100% in value compared to that of 2013, while that Chinese shrimp imported into this market fell by 38.9% in volume and 22.2% in value.

Top 10 shrimp suppliers to South Korea in Jan-Jul/2013-2014 by value (Unit: US$ thousands) Source: ITC

No

Supplier

Jan-Jul/2013

Jan-Jul/2014

2014/2013 (%)

 

World

204,163

305,795

49.8

1

Vietnam

76,203

152,390

100.0

2

China

50,884

39,592

-22.2

3

Thailand

32,184

27,686

-14.0

4

Malaysia

12,994

22,239

71.1

5

Ecuador

17,649

20,531

16.3

6

India

4,377

13,689

212.7

7

Philippines

1,574

6,807

332.5

8

Indonesia

1,306

5,012

283.8

9

Argentina

736

4,618

527.4

10

Iran

122

2,731

2,138.5

 

Top 10 shrimp supplies to South Korea, Jan-Jul/ 2013-2014 by volume (Unit: MT) Source: ITC

No

Supplier

Jan-Jul/2013

Jan-Jul/2014

2014/2013 (%)

 

World

31,746

33,114

4.3

1

Vietnam

9,142

14,184

55.1

2

China

12,275

7,496

-38.9

3

Malaysia

2,126

2,339

10.0

4

Ecuador

2,238

2,072

-7.4

5

Thailand

3,844

2,052

-46.6

6

India

664

1,791

169.7

7

Argentina

113

513

355.0

8

Indonesia

196

480

144.8

9

Philippines

96

461

378.8

10

Iran

22

408

1,792.9

 

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