Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’sshrimp exports continued to shrink over the last 11 months in the face offierce competition from other major exporters. But it is expected to make itsway back next year with the EU-Vietnam trade deal coming into force.
The country exported about3.1 billion USD worth of shrimp products in the firsth 11 months of this year,a year-on-year decrease of 8.2 percent, according to the Vietnam Association ofSeafood Exporters and Producers (VASEP) .
The VASEP said the shrimpexports are likely to total just 3.4 billion USD this year, down 4.4 percentfrom a year earlier and much lower than the yearly goal of 4 – 4.2 billion USD.
In 2019, Vietnamese shrimphas been under great pressure due to stiff competition from India and Indonesiawhich enjoyed bumper shrimp harvest.
Vietnam’s shrimp exports tofour main markets – the US, China, the EU and Japan – saw opposite trends withthose to the first two on the rise while the latters weakening.
Shrimp shipments to China continued to rebound after a drop at thebeginning of the year, growing 9.2 percent to 438.6 million USD in the first 10months.
The US, the second largest consumer ofVietnamese shrimp, imported 548.2 million USDworth of shrimp products from Vietnam between January and October, a slight increase of 1.4 percent.
Exports to the EU, thecountry’s largest buyer, valued at 580.8 million USD in the 10-monthperiod, down 19.9 percent year on year. The EU accountsfor about 31 percent of the world’s shrimp imports and 21 percent of those from Vietnam.
The value of shrimp shipments to Japan slightlydeclined 1.6 percent to 508.7 million USD.
It has been challenging toboost exports to the US because of the country’s trade barriers, such as anti-dumping duty imposed on Vietnamese shrimp, coupled with relatively lower prices of shrimp set by rivals like India,said VASEP Secretary General Truong DinhHoe.
Regarding the EU, he saidVietnamese producers must strictly comply with the EU’s origin and traceabilityrules in order to recover the export.
When the EU-Vietnam FreeTrade Agreement (EVFTA) takes effect in 2020, Vietnamese shrimp will enjoy abrighter future in the EU market, Hoe said.
Vietnam’s shrimp industry only achieved export value of 3.6billion USD last year, a year-on-year reduction of 7.8 percent./.
The country exported about3.1 billion USD worth of shrimp products in the firsth 11 months of this year,a year-on-year decrease of 8.2 percent, according to the Vietnam Association ofSeafood Exporters and Producers (VASEP) .
The VASEP said the shrimpexports are likely to total just 3.4 billion USD this year, down 4.4 percentfrom a year earlier and much lower than the yearly goal of 4 – 4.2 billion USD.
In 2019, Vietnamese shrimphas been under great pressure due to stiff competition from India and Indonesiawhich enjoyed bumper shrimp harvest.
Vietnam’s shrimp exports tofour main markets – the US, China, the EU and Japan – saw opposite trends withthose to the first two on the rise while the latters weakening.
Shrimp shipments to China continued to rebound after a drop at thebeginning of the year, growing 9.2 percent to 438.6 million USD in the first 10months.
The US, the second largest consumer ofVietnamese shrimp, imported 548.2 million USDworth of shrimp products from Vietnam between January and October, a slight increase of 1.4 percent.
Exports to the EU, thecountry’s largest buyer, valued at 580.8 million USD in the 10-monthperiod, down 19.9 percent year on year. The EU accountsfor about 31 percent of the world’s shrimp imports and 21 percent of those from Vietnam.
The value of shrimp shipments to Japan slightlydeclined 1.6 percent to 508.7 million USD.
It has been challenging toboost exports to the US because of the country’s trade barriers, such as anti-dumping duty imposed on Vietnamese shrimp, coupled with relatively lower prices of shrimp set by rivals like India,said VASEP Secretary General Truong DinhHoe.
Regarding the EU, he saidVietnamese producers must strictly comply with the EU’s origin and traceabilityrules in order to recover the export.
When the EU-Vietnam FreeTrade Agreement (EVFTA) takes effect in 2020, Vietnamese shrimp will enjoy abrighter future in the EU market, Hoe said.
Vietnam’s shrimp industry only achieved export value of 3.6billion USD last year, a year-on-year reduction of 7.8 percent./.
VNA
