Shrimp exports tumble in 2018
Vietnam Economic Times has cited a recent report by the Vietnam Association of Seafood Exporters and Producers (VASEP) as saying that shrimp exports in 2018 fell by 7.8% against 2017, failing to reach the target set for the year.
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Vietnam raked in only US$3.55 billion from shrimp exports in 2018, dropping by 7.8% on year.
Shrimp exports saw growth only in January and March while suffering continuous drops in the remaining months of 2018.
Shrimp demand of the US and Canada plunged due to snowstorms while Japan, the Republic of Korea, and the EU reported high level of shrimp inventories.
Meanwhile, domestic shrimp prices in the second quarter of 2018 went down 20-30%, fluctuating the supply and demand of export markets.
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| Shrimp exports saw growth only in January and March while suffering continuous drops in the remaining months of 2018. (Photo: VOV) |
Another drawback was that the international shrimps prices came bottom in late 2018. The shrimp supply of India, Thailand, and Indonesia soared while shrimp inventories in the US went up, hence lagging Vietnam’s shrimp exports.
Vietnam’s shrimp exports to four major markets plummeted. China in particular saw the largest drop of 28%, followed by Japan (9.2%), the EU (2.8%), and the US (3.3%).
The EU remained as the largest importer of Vietnamese shrimp products in 2018, making up 23.6% of the country’s total shrimp exports.
According to VASEP, shrimp exports to the EU are expected to soar in the time to come as the EU-Vietnam Free Trade Agreement (EVFTA) is scheduled to come into effect this year. The US market could be seen as another engine of Vietnam’s shrimp sector in 2019.
The Comprehensive and Progressive Agreement for Trans - Pacific Partnership (CPTPP) is also expected to leverage shrimp exports as many tariff lines levied on aquatic products will be lifted when the trade pact is in effect.
Accordingly, aquatic exports to Australia are set to enjoy no tariffs right after the CPTPP takes effect, while Canada and Chile are projected to slash the tariff to 0%.
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(Source: VOV)
