HANOI: Vietnamese shrimp exports in the first 10 months of the year experienced a 26.7 per cent decline year on year to USD 2.5 billion, a result that is attributed to the weak market demand, low export price and fierce competition.
Vietnam Association of Seafood Exporters & Producers (VASEP) informed that while exports of this resource to the Unites States, Japan and the European Union decreased sharply in comparison to the analysed period last year, sales to the UK, Hong Kong and Malaysia increased 11.1 per cent, 3 per cent and 17.8 per cent, respectively.
Most shrimp was exported as a frozen, non-processed product. Whiteleg shrimp was the key exported item, representing 58.6 per cent of total shrimp exports with sales reaching USD 1.4 billion. All in all, the generated incomes declined 26.4 per cent year on year.
Black tiger shrimp exports made up 33 per cent of the total, hitting USD 813.3 million. The generated incomes from these products dropped 31.3 per cent in comparison to the first 10 months of 2014. Vietnam also exported marine shrimp, which was mostly exported under processed forms.
The US remained at the top with purchases of shrimp accounting for 21.8 per cent from January to October this year, from over 27 per cent in the same period last year.
During the analysed period, the US imported 416,311 tonnes of shrimp from all over the globe, worth by USD 3.9 billion, representing an increase of 2 per cent in volume but a 18 per cent drop in value.
Meanwhile, from January to October 2015 exports to Japan, the second largest shrimp consumption market, reached USD 486.7 million, representing a 20.8 drop year on year, mainly attributable to the yen’s devaluation and economic downturn.
Shrimp exports to the EU in the first ten months this year hit USD 466.5 million, accounting for 19.7 per cent decline year on year. The UK was the only market among top three markets in the bloc to report growth of 11.1 per cent year on year. This was caused by a rise in importing demand for warmwater shrimp. Vietnam shrimp sales to Germany and the Netherlands meanwhile tumbled 18 per cent and 30.2 per cent, respectively.
Considering only the tenth month of the year, shrimp exports touched USD 327 million, representing a 7.3 per cent growth from September but a 21.7 per cent decline from the same period of 2014.
VASEP expressed positive expectations in the market for the last two months as Christmas and New Year holidays push up shrimp demand.
