Shrimp exports to fall by $1 billion
Shrimp exports to fall by $1 billion
Viet Nam's shrimp exports in the first nine months were worth US$2.13 billion, a year-on-year decrease of nearly 27.4 per cent, according to the Viet Nam Association of Seafood Exporters and Producers.
In major importing markets like Japan, the EU, and South Korea, the economic downturn contributed to dropping demand while sharp currency devaluations meant Vietnamese exporters got less for their products.
Besides, the currencies of large shrimp exporters such as India, Indonesia, Ecuador and China too depreciated while shrimp supply rose in Southeast Asian countries, both of which hit Viet Nam's exports.
The country's exports to the US saw a year-on-year fall of 45 per cent, and to Japan and the EU declines of 19.7 per cent and 18.7 per cent.
Viet Nam's 10 largest markets are the US, Japan, the EU, mainland China, South Korea, Canada, Australia, Taiwan, ASEAN and Switzerland, which together accounted for 94.5 per cent of its shrimp exports.
VASEP has lowered this year's shrimp export target to $2.9 billion, a reduction of more than $ 1 billion from last year's $4 billion. At the beginning of this year VASEP had set a target of $3.2 billion.
Third quarter
In the third quarter exports were worth $840.8 million, a 26.6 per cent fall from the same period last year, but higher than in the first quarter ($573.9 million) and second ($716.2 million).
From $263.5 million in July it rose to nearly $305 million in September.
In the fourth quarter exports are expected to reach $800 million, a year-on-year decrease of 20-25 per cent, according to VASEP.
Vietnamese shrimp is exported to 92 markets around the world, an increase of six markets compared to last year.
