Exports of Vietnamese shrimp products are expected to experience a strong recovery in the first-half of this year, reversing last year’s slowdown in the trade.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said it believes the value of the country’s shrimp exports in the second-quarter will rise 10 percent on Q1 2016 to USD 788 million (EUR 690.9 million) and has further forecast that the value of its shrimp exports for the year as a whole will increase by 12 percent to USD 3.3 billion (EUR 2.9 billion).
Vietnam’s shrimp exports to Russia and China will increase in Q2 as they are considered major markets, while exports to the United States and EU will also be higher because of lower inventory in those markets, said VASEP.
The Southeast Asian country is also set to benefit from trade agreements with other ASEAN countries, South Korea, Japan, the United States and the EU.
VASEP reported that in Q1 2016, Vietnam’s shrimp exports increased 7.9 percent year-on-year to USD 619.2 million (EUR 542.9 million), thanks to higher demand from major markets as well as improvements in a number of market’s economies. In addition, the country’s producers and exporters will benefit from lower volumes coming out of other producing nations, including India, Thailand and earthquake-affected Ecuador.
In the last quarter, Vietnamese shrimp products were exported to 64 markets, led by the United States, which accounted for more than 30 percent of the overall trade.
