China imported USD 323.3 million (EUR 300.1 million) worth of shrimp from Vietnam in the first nine months of this year, an increase of more than 30 percent year-on-year. But while this trade increased 11 percent in the third-quarter year-on-year to USD 105.8 million (EUR 98.2 million), the total is actually down 12 percent when compared with Q2 2016, with the Vietnam Association of Seafood Exporters and Producers (VASEP) attributing the decline to China’s economic instability and currency devaluation.
China is the 4th largest market for Vietnamese shrimp, accounting for more than 14 percent of Vietnam’s total exports. It is also the largest importer of Vietnamese-produced black tiger shrimp (Penaeus monodon).
Despite VASEP’s claims, China is expected to import greater volumes of shrimp this year due to increased demand and domestic production issues. Last year, the country imported 300,000 metric tons (MT) of the seafood.
Overall, Vietnam’s shrimp exports for January through September 2016 totaled USD 2.2 billion (EUR 2 billion), an increase of 5.6 percent year-on-year, thanks to higher demand from its two main markets – the United States and the EU – as well as rising global shrimp prices that have caused by the general supply shortage.
Vietnam’s exports to the United States for the nine-month period grew 15.2 percent year-on-year to USD 520.2 million (EUR 482.8 million), while exports to the EU reached USD 431 million (EUR 400 million), up 6.9 percent year-on-year
VASEP anticipates the value of Vietnam’s shrimp exports will continue to rise and achieve total sales of USD 3.1 billion (EUR 2.9 billion) for this year as a whole, up 3.3 percent compared to last year.
