11-month shrimp exports bring in US$3.6 billion
VOV.VN - Vietnam raked in nearly US$3.6 billion from shrimp exports over the past 11 months, representing a year-on-year rise of 22%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
All major consumer markets achieved double-digit growth during the reviewed period, signaling a strong recovery in demand, said VASEP.
Most notably, shrimp exports to mainland China and Hong Kong (China) soared 34% year on year to US$761 million in value.
The demand for shrimp consumption for the Lunar New Year festival increased, resulting in the fact that this market surpassed the United States to become the largest export market of Vietnamese shrimp.
The second largest market for local shrimp was the United States that spent US$702 million on imports, witnessing an annual 10% increase.
Shrimp export prices, especially for white-leg shrimp, have been on an upward trajectory, thereby significantly improving profit margins for businesses.
In late October, the Ministry of Industry and Trade said that the US Department of Commerce (DOC) has issued the final conclusion in the countervailing duty investigation on frozen warm-water shrimp imported from Ecuador, India, Indonesia, and Vietnam. With a tax rate of 2.84%, Vietnam was able to maintain a competitive advantage compared to other suppliers, while the projects from India and Ecuador were subject to rates of 5.77% and 3.78%, respectively.
Data from the past 11 months indicates a positive outlook across major markets. Demand from the US remains stable, while China, with its consumption-supporting policies, continues to be a promising destination for Vietnamese shrimp.
With this growing trajectory, shrimp exports for this year are likely to reach approximately US$4 billion.
