Vietnamese shrimp exporters hit by reduced demand, prices
Exports of shrimp from Vietnam have fallen dramatically this year due to weakened demand in key markets, which has in turn driven down prices.
According to new statistics from Vietnam Customs – published by the Vietnam Association of Seafood Exporters and Producers (VASEP) – the Southeast Asian country’s shrimp exports for the 10 months through October 2015 declined in value by 26.7 percent year-on-year to around USD 2.5 billion (EUR 2.4 billion).
Vietnam’s leading market, the United States, imported USD 536.5 million (EUR 506.1 million) worth of shrimp during the period, a decrease of 41 percent year-on-year. The average market price paid for shrimp by the United States in the first three-quarters of this year was USD 9.42 (EUR 8.89) per kg, down 20 percent year-on-year.
Exports to Japan and the EU, in second and third place respectively, totaled USD 486.7 million (EUR 459.1 million), down 20.8 percent, and USD 466.5 million (EUR 440 million), down 19.7 percent.
Most of the shrimp exported by Vietnam was in raw, frozen formats. In value terms, its main species were whiteleg shrimp (Litopenaeus vannamei) with sales reaching USD 1.4 billion (EUR 1.3 billion), down 26.4 percent year-on-year. Its black tiger shrimp (Penaeus monodon) exports totaled USD 813.3 million (EUR 767.1 million), down 31.3 percent.