According to the International Trade Center (ITC), in 2016, the Philippines ranked the 6th out of top shrimp buyers in ASEAN, behind Vietnam, Singapore, Thailand, Malaysia and Indonesia.
In the first five months of this year, shrimp imports into the Philippines valued at US$7.7 million; increasing by 5.7% over the same period in 2016. Shrimp imports into the Philippines increased while those into other countries in the region reduced, the proportion of shrimp imports of the Philippines increased to 6.9% in the total shrimp imports into the region (in 2016, it was 0.6%).
|
Shrimp imports into ASEAN (Source: ITC; Thousand US$) |
|||
|
Markets |
Jan-May 2016 |
Jan-May 2017 |
Variation (%) |
|
ASEAN |
154,932 |
111,564 |
-28.0 |
|
Thailand |
50,522 |
51,546 |
2.0 |
|
Brunei Darussalam |
1,683 |
1,307 |
-22.3 |
|
Indonesia |
10,719 |
- |
-100.0 |
|
Malaysia |
31,453 |
31,193 |
-0.8 |
|
Philippines |
7,249 |
7,662 |
5.7 |
|
Singapore |
53,306 |
19,856 |
-62.8 |
According to ITC, in the first five months of this year, shrimp imports into the Philippines reached US$7.7 million; up 5.7% over the same period in 2016. Vietnam stayed as the largest supplier of shrimp to the market; accounting for 58.3% of total shrimp imports into this country.
In the period, the Philippines increased imports from Vietnam and Thailand while decreasing those from other suppliers.
The Philippines is a potential importing market of Vietnam shrimp thanks to the preferential tax rate of 0%.
The ASEAN Economic Community (AEC), in which the Philippines is a member, was established by the end of 2015 to help create a common market without barriers to goods and goods in ASEAN member countries will be subject to the same duty. This supports trade between Vietnam and the Philippines.
|
Shrimp imports into the Philippines (Source: ITC; thousand US$) |
|||
|
Markets |
Jan-May 2016 |
Jan-May 2017 |
Variation (%) |
|
World |
7,249 |
7,662 |
5.7 |
|
Vietnam |
2,751 |
4,466 |
62.3 |
|
China |
4,177 |
2,847 |
-31.8 |
|
Indonesia |
279 |
71 |
-74.6 |
|
Thailand |
16 |
158 |
887.5 |
|
South Korea |
2 |
1 |
-50.0 |
|
Taipei, Chinese |
22 |
22 |
0.0 |
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
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(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
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