Shrimp export scores high growth

Shrimp export in the January-July period increased strongly with $717 million, or a 22 percent growth rate year-on-year, and the strong growth is poised to continue over the rest of the year. According to the agriculture ministry’s report, shrimp accounts for over one-third of fishery export value in the first seven months.

The Vietnam Association of Seafood Exporters and Producers (Vasep) predicts shrimp export will continue to go strong until the end of the year owing to stable export markets. Exports to the US will continue increasing in the remaining months as supply from the Gulf of Mexico, which meets 8 percent of the market demand stateside, has yet to recover following the historic oil spill. The environmental calamity has provided a good opportunity for seafood suppliers, including Vietnam, sending prices of seafood, especially shrimp, soaring.

According to Vasep, shrimp demand from Japan, which is currently Vietnam’s biggest shrimp importer, will keep steady. However, demand from European countries, the third largest market for Vietnam’s shrimp, is forecast to run low due to the impact of financial crisis. Japan, the US and the EU are the three largest markets for Vietnam shrimps, accounting for 29.8 percent, 16 percent and 18 percent of the total revenue from shrimp exports respectively.

Several shrimp exporters have also reported high export revenues in the year to date, but showed concerns that a lack of materials is still looming large although the Mekong Delta has entered into the harvest season. Large-sized shrimp, which is most favoured in the US, is in short supply, due partly to the widespread disease that caused massive death on shrimp farms in Soc Trang Province, a major supplier for shrimp factories in the delta. -Saigon Times

Tags: Vietnam shrimp exports

Posted by VBN on Aug 26 2010. Filed under Sea food. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry