Shrimp exports to US set to increase

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VASEP predicts exports to country will rise over remaining months of year.

The latest figures from the Vietnam Association of Seafood Exporters and Producers (VASEP) show that shrimp export turnover to the US is rising while tra fish products continue to decline.

Total shrimp export turnover in the first seven months of the year reached $344.7 million, down 5.5 per cent year-on-year, with the eight-month figure reaching $416 million, down 4.4 per cent year-on-year. 

The EU surpassed Japan to become Vietnam’s largest shrimp export market. China followed, with the US again fourth.

VASEP forecasts that demand for shrimp imports in the US will continue to improve in the closing months of this year, contributing to higher export turnover, albeit not significantly.

While shrimp exports to the US have improved, the export of tra fish to the country continues to decline. According to VASEP’s figures, tra fish export turnover to the US in the first seven months reached $223 million, down 1 per cent over year-on-year. The eight-month figure fell 6 per cent year-on-year, to $241 million.

“From now until the end of the year, the export of tra fish to the US market will continue to decline,” VASEP forecast, adding that a catfish inspection program and antidumping tariff barriers are behind the decline.

China therefore became Vietnam’s largest tra fish export market in the first eight months, with turnover of $247.4 million, up 43.9 per cent over the same period last year.

Vietnamese seafood businesses will continue facing obstacles over the remainder of the year, including in quantity and quality of input materials and barriers in import markets, General Secretary of VASEP, Mr. Truong Dinh Hoe, told a recent conference in Ho Chi Minh City. 

VASEP forecasts that total seafood shipments are likely to hit $8 billion for the whole year, up 14 per cent against last year’s figure, thanks to key exports like shrimp, tra fish, tuna, and squid.

Experts, however, said that major challenges, such as high anti-dumping duties and the US inspection program, require domestic exporters devise appropriate export plans, in particular adapting to market fluctuations.