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October 27, 2015

Vietnam

Shrimp Exports, Volume and Value, First Nine Months of 2015

 

Vietnam’s shrimp exports in third quarter of 2015 ($840.8 million) were higher than those in the first quarter ($573.9 million) and second quarter ($716.2 million), but still down compared to 2014.  From July to September 2015, shrimp shipments increased steadily from $63.5 million to nearly $305 million.  In the first nine months of the year, shrimp exports totaled $2.1 billion, down 27.4% from the same period in 2014.

 

In Japan, the European Union and, South Korea, the major importing markets, economic downturn and sharp currency devaluations caused weak demand, and, therefore, import prices declined.  Also, the currencies of India, Indonesia, Ecuador and China depreciated along with a surge in shrimp supply in Southeast Asia, which led to lower prices.  As a result, shrimp exports in the third quarter of 2015 and the first nine months of 2015 declined.

 

In the first nine months of 2015, whiteleg shrimp were the main export item, accounting for $1.2 billion and 58.2% of total shrimp exports, but those figures were down 27.5%, compared to 2014.  Giant tiger shrimp exports dropped by 31.7% to $711.4 million, accounting for 33.4% of Vietnam’s total shrimp exports.

 

Frozen raw giant tiger and whiteleg shrimp accounted for the largest proportion of Vietnam’s total shrimp exports.  Processed marine shrimp accounted for just a small percentage of total exports.

 

Vietnam’s ten largest markets were the United States, Japan, the European Union, China, South Korea, Canada, Australia, Taiwan, ASEAN countries and Switzerland, representing 95 percent of total shrimp exports.

 

Drastic declines were seen in shrimp exports to the United States, Japan and the European Union.  Some markets, however, witnessed year on year increases.  Exports to Malaysia surged 40.4%, exports to the United Kingdom increased 16%, and exports to Hong Kong and Singapore increased 2.6% and 0.7%, respectively.

 

Shrimp sales to the USA in September 2015 touched $77.6 million, up nearly 29%, compared to August 2015, and up 3.5% year on year.  Total sales to the USA during the third quarter of 2015 were $188.8 million, up 62.3% from the first quarter and up 29% from the second quarter, but down 35.6% from 2014.

 

Shrimp exports to the USA in September 2015 were the highest of any month so far this year, as USA importers built inventory to meet demand for year-end holidays.  Lower dumping duties on shrimp from Vietnam helped boost shrimp sales.

 

Shrimp exports to the European Union in September 2015 reached $55.9 million, up 13.3% from August 2015.  However, exports in the third quarter of 2015 dropped 24.7% from the same period in 2014, to $157 million.  The cumulative figure through September 2015 hit $403.3 million, down 18.7% from the same period in 2014.

 

Global shrimp prices dropped 30% in the first nine months of 2015, and Vietnam’s competitiveness and sales were significantly affected by the strength of the dollar.

 

In the fourth quarter of 2015, Vietnam shrimp exports are expected to reach $800 million.

 

Source: Vietnam Association of Seafood Exporters and Producers’ (VASEP) Website.  Shrimp Exports to the US Growing in September 2015.  October 26, 2015.

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