Vietnam's shrimp exports to US reach over US$176 million

Vietnam’s shrimp exports to the United States in 2016 are recovering, hitting US$176.8 million as of April 15 - an increase of 25% over the same period last year.

That was a marked improvement compared with last year when revenues fell by 38.3%.

The export growth was attributed to the average anti-dumping tax of 0.91% from the ninth period of review, which is significantly lower than the 6.37% tariff of the previous review.

In addition, the US demand for shrimp edged up as a result of falling prices.

The US remained the biggest importer of Vietnamese shrimp, contributing to nearly one fourth of the country’s total revenues from shrimp shipments.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s frozen giant tiger prawns are increasingly competitive in terms of price in comparison with those from India, Thailand, Indonesia and Malaysia.

VASEP predicted that Vietnamese shrimp exports to the US would continue to grow in the second quarter because of the falling US dollar and goods prospects from the signing of the Trans-Pacific Partnership.

Shrimp exports in the first quarter brought in a total of US$619.2 million, up 7.9% over the same period in 2015.

Revenues in the second quarter are expected to increase by 10% year on year to US$788 million.

(Source: NDO)