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Shrimp exports expected to pick up in second half

Shrimp exports are expected to be strong during the rest of this year because countries tend to import more in the latter months of the year.
Shrimp exports expected to pick up in second half ảnh 1At a shrimp processing plant in Hau Giang. Vietnam's shrimp exports are expected to be strong in the rest months of the year. (Photo: VNA)

HCM City (VNA) - Shrimp exportsare expected to be strong during the rest of this year because countries tendto import more in the latter months of the year, with the free trade agreementsVietnam has signed boosting its exports.

According to the VietnamAssociation of Seafood Exporters and Producers (VASEP), shrimp exportswere worth 1.4 billion USD in the first half of the year, a year-on-yeardecline of 12 percent.

This was mainly dueto a fall in imports by Vietnam’s key markets such as the US, EU and China, itsaid.

Exports to the EU,the largest buyer of Vietnamese shrimp, fell 25.9 percent to 300.5 million USD.

The UK, Germany andthe Netherlands are the three main markets in the bloc, and exports to themfell by 9.5 percent, 12.5 percent and 50.2 percent.

Shrimp exports toChina were down 4.9 percent to 233.5 million USD since the neighbouring countrytightened its border trade policy and there was fierce competition from Indiaand Ecuador.

China has increasedits imports from India and Ecuador, who offer more competitive prices than Vietnam.

Vietnamese shrimpexports to China showed signs of increasing in May and June. India’s shrimpharvest season has ended, and Vietnam’s export to that country is expected toincrease during the rest of the year, it said.  

Exports to the US,the third largest importer of Vietnamese shrimp, dropped 2 percent to 250.4million USD.

In the US market, Vietnamhas encountered strong competition from India, Ecuador and China.

After declining forthe first four months of the year, Vietnam’s shrimp exports to the US edged upagain in May and June. The association said exports in May and June were stilldown from the same period last year, but the fall was less steep than in thefirst four months.

Exports are nowexpected to gradually recover since many markets usually have high demand inthe latter part of the year.

The US has imposed a25 percent tax on seafood imported from China, including shrimp. This will bean opportunity for other countries, including Vietnam, to boost exports to themarket.

Vietnam’s free tradeagreements, including the EU-Vietnam FTA, are expected to boost seafood exportsin the coming months.-VNA 

VNA
#Shrimp exports #free trade agreements #Vietnam Association of Seafood Exporters and Producers (VASEP) #Vietnam’s key markets #Vietnamese shrimp #Vietnam #Vietnam news #Vietnam News Agency
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