Vietnam’s 2018 Shrimp Export Fell Short of Expectations

Diep Nguyen

07:23 26/01/2019

BizLIVE -

The shrimp demands in important markets like United States, Canada decreased because of snow storms as well as high storage in Japan, South Korea and EU.

Vietnam’s 2018 Shrimp Export Fell Short of Expectations
In 2018, the shrimp export of Vietnam didn’t surge as high as expected, said the Vietnam Association of Seafood Exporters and Producers (VASEP). The shrimp export value of Vietnam in 2018 reached only $3.55 billion, the decrease rate of 7.8 percent compared with 2017. In 2018, the shrimp export increased only in January and March in 2018.
The shrimp demands in important markets like United States, Canada decreased because of snow storms as well as high storage in Japan, South Korea and EU. The in-country shrimp prices in the second quarter of 2018 at a time fell by 20-30 percent, affecting the supply and demand in the market and exporting activity.
Around the end of 2018, the world shrimp price fell to the lowest. The supply from the shrimp producing countries like India, Thailand, Indonesia surged, the high storage of the United States got higher thus the Vietnamese shrimp could not access those markets.
Apart from that, the high storage rates in India, Ecuador and Indonesia surged because China tightened the shrimp export through the border. 
Whiteleg shrimp continued to play important role in the market, accounting for 68.7 per cent of shrimp exports, while tiger shrimp accounted for 23 per cent and other types of shrimp 8.3 per cent. 
In 2018, Vietnam’s shrimp exports to its four main markets declined from the previous year. The value of exports to China dropped by 28 per cent; Japan fell by 9.2 per cent. Exports to the EU and the US were down by 2.8 per cent and 3.3 per cent, respectively. The exports to South Korea and Canada saw slight increases of 1 per cent and 3.5 per cent, respectively.
The EU was still the largest market for exported Vietnamese shrimp, accounting for 23.6 per cent of exports with a value of $838.3 million.

DIEP NGUYEN

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