Shrimp exports on the road to recovery
Shrimp exports on the road to recovery
The Vietnam Association of Seafood Exporters and Producers (VASEP) anticipate shrimp exports to the US will grow following a final decision by the US Department of Commerce (DOC) to lower the anti-dumping duty on frozen shrimp imports.
“The ninth anti-dumping duty administrative review by the DOC covered the period February 1, 2013 to January 31, 2014 and the final decision reduced the average anti-dumping duty to 0.91%,” VASEP said.
The average rate was down from the 0.93% rate announced in the preliminary results earlier this year according to VASEP and much lower than final result for the period of review (POR) 8, which was at 6.37%.
VASEP buoyantly reported that with the reduction of the antidumping tax in POR9, Vietnam’s shrimp exports to the US will rise in the final months of 2015, after a fall by over 50% in the first eight months of the year.
Shrimp exports to the US rose sharply in the first months of 2014. After the US DOC imposed a final tax rate of 6.37% (the highest so far) for POR8 from September 2014, shrimp exports to the US started declining.
In the first eight months of 2015, Vietnam shrimp exports to the US reached US$370 million, continuing the downward trend on the back of competition on prices and supply with India and Indonesia.
The US is Vietnam’s biggest shrimp importing market, accounting for over 20% of its exports. In 2014, shrimp exports to the US surpassed US$1 billion.
