Vietnam saw its shrimp export value in July increase for the first time this year as shipments to key markets all surged compared to last year.
The country gained USD 334 million (EUR 301.5 million) from exports of shrimp in July, up 13.4 percent year-on-year, the Vietnam Association of Seafood Exporters and Producers (VASEP) said in a statement on Thursday, 22 August.
The hike in July took place as the material and export prices recovered in comparison with previous months while demand began to surge, said VASEP.
The export value in the first seven months, however, fell 8 percent to USD 1.8 billion (EUR 1.62 billion) as the sales dropped in the first half.
The European Union became the largest buyer of shrimp from Vietnam in the month, importing products worth over USD 77 million (EUR 69.5 million), up 3.8 percent from July 2018. The export value rose 12.9 percent year-on-year in the United Kingdom and 13 percent in Germany, but went down 12.8 percent in the Netherlands. Between January and July, Vietnam got USD 377.5 million (EUR 340.7 million) from exports of shrimp to the bloc, down 21.3 percent.
Vietnam exported shrimp worth USD 77 million (EUR 69.5 million) to the U.S. in July, up 37.2 percent from the same month last year. The export value in the first seven months rose 5 percent year-on-year to USD 327.4 million (EUR 295.5 million). The demand for shrimp from Vietnam has risen because shrimp stockpile in the U.S. has declined and the country have reduced imports from India, Thailand, and particularly China, VASEP said.
The U.S. Department of Commerce (DOC) on 21 August eliminated the antidumping duty imposed on products from Fimex, NTSF Seafoods, and about 29 other shrimp exporters from Vietnam in the final results of its 13th administrative review of its antidumping duty order on frozen warm-water shrimp from Vietnam (POR13).
Exports of shrimp from Vietnam to the U.S. are expected to rise following this decision, Fimex said on Thursday.
The exports of shrimp from Vietnam to Japan also went up 2.2 percent year-on-year to nearly USD 56 million (EUR 50.5 million) in value, rising in the third consecutive month since May. The hike was supported by low taxes that shrimp from Vietnam enjoyed owing to the free trade agreements involving Vietnam and Japan.
In the first seven months, Vietnam exported shrimp worth USD 329 million (EUR 296.9 million) to Japan, down 2.8 percent year-on-year.
China was the third largest market in July with the export value of USD 51.6 million (EUR 46.6 million), soaring 47.7 percent from a year earlier. In the month China increased imports from Vietnam because supplies from their second biggest supplier, India, are expected to fall this year due to negative weather conditions. Argentina, the fourth largest supplier of shrimp for China, is likely to reduce exports to China because of expected lower output, said VASEP.
Photo courtesy of Minh Phu
