Shrimp exports swim beyond $2.4b mark after strong show

Tuesday, Nov 05, 2013 09:11

Workers process shrimp at Minh Phu Seafood Corp in southermost Ca Mau Province. Shrimp export value surged 30 per cent year-on-year to $2.4 billion in the first 10 months of the year. — VNA/VNS Photo Tran Viet

HA NOI (Biz Hub)— Shrimp exports increased rapidly in the first 10 months of this year, significantly contributing to the growth of the nation's total seafood exports, the Viet Nam Association of Seafood Exporters and Producers (VASEP) said.

Shrimp export value surged 30 per cent year-on-year in the period to US$2.4 billion, including $1.18 billion from white-leg shrimp exports, thanks to high export prices and a reduction in global supply.

The association said the global market expected total shrimp output to decrease 15 per cent against the past two years due to disease outbreaks in Mexico and Asia – particularly hitting major shrimp producers China and Thailand.

The situation created a great opportunity for rival shrimp producers, including India, Ecuador and Viet Nam, while pushing shrimp export prices up by between $2-4 per kilo on the world market.

VASEP said shrimp exports were expected to increase across Viet Nam's major markets, including the US, EU, Japan and China, by the end of this year.

The fisheries industry estimated total export value of Vietnamese shrimp for 2013 to achieve a year-on-year increase of 27 per cent to reach $2.8 billion – higher than its initial target of $2.4-2.5 billion.

Meanwhile, other fisheries products saw a slide in export values over the first 10 months, according to the association.

Tra fish exports saw a year-on-year drop of 2 per cent to $1.45 billion.

In the first nine months, export values decreased 17.2 per cent for cuttle fish and octopus, 12.3 per cent for crab, 4.5 per cent for tuna, and 5.7 per cent for other kinds of seafood against the same period last year.

VASEP said with the strong growth of shrimp exports, total seafood export revenues for 2013 were expected to show a year-on-year increase of 5 per cent to $6.5 billion. — VNS

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