Shrimp exports up 38 per cent as tide begins to turn

Shrimp exports up 38 per cent as tide begins to turn

Viet Nam earned nearly US$280 million from shrimp exports in August, a year-on-year increase of 38 per cent, bringing the total shrimp export value to $1.67 billion in the first eight months of this year.

The price of shrimp will continue to go up while its export turnover will grow considerably in the remaining months of this year, said General Secretary of the Viet Nam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe.

The positive outlook is attributed to the strong growth of white-leg shrimp which increased by 150 per cent in August and more than 65 per cent over the past eight months.

At present, this kind of shrimp makes up over 46 per cent of the nation's total shrimp exports.

With an average export turnover of about $250 million per month, the Vietnamese industry's exports are likely to hit $2.5-$2.6 billion, up 12-16 per cent on an annual basis.

The sharp increase in the export value was due to a rise in the shrimp export price, while the supply to the US decreased remarkably after the US Department of Commerce's (DOC) final decision on anti-subsidy duties on frozen shrimp imported from seven countries, including Viet Nam, Hoe said.

In contrast, there is a decline in the exports of tra fish, tuna and octopus, down 14 per cent, 25 per cent and 10.7 per cent, respectively.

Tra exports in January-August reached a mere $1.13 billion, a year-on-year decrease of 2.5 per cent, while tuna exports were estimated at $376 million, down 5 per cent..

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