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Price Plunges Cause Sharp Fall in Viet Nam Shrimp Exports

Crustaceans Sustainability Economics +5 more

VIET NAM - Shrimp exports from Viet Nam fell during the first quarter of 2015 as global prices tumbled.

Shrimp import demand from major markets and shrimp prices fell. Volatility in the Vietnamese currency's exchange rate against the US dollar significantly impacted shrimp export, reports VASEP.

In quarter one of 2015, Viet Nam shrimp exports reached $798 million, down 28.1 per cent year on year. Exports to most major markets fell sharply.

In particular, exports to the US fell by 55.8 per cent, and those to Japan decreased by 27.6 per cent.

Shrimp prices in the US market, especially for vannamei (whiteleg shrimp) reduced sharply. Statistics showed that US shrimp imports in January and February increased by only 5 per cent by volume but decreased by 11 per cent by value.

Average US import price of shrimp fell in two consecutive months in this year.

From $12/kg in the last quarter of 2014, it fell to $11/kg in January 2015 and then down to $10/kg in February 2015.

Furthermore, the US dollars rose sharply against other currencies that America become "destination" of so many shrimp suppliers.

By the end of March, Viet Nam shrimp exports to the US declined to $116.3 million, from $263.3 million in the same period last year.

Peeled frozen shrimp is the most imported in the US, accounting for over 50 per cent of US shrimp imports. Viet Nam is now the third largest supplier, after Indonesia and India.