Vietnam shrimp processors urged to diversify exports, as sales to U.S.drop by 23%

In January-April, the U.S. imported over 179,500 tons of shrimp worth US$1.7 billion, up 2.9% in volume and 8% in value compared to the same period last year. However, the U.S. purchased only 14,150 tons of Vietnamese shrimp worth US$155.6 million, declining 23.5% and 23.4% year-on-year, respectively.
As shrimp shipments to the U.S. have been in decline, Vietnamese exporters are advised to find ways to export their products to other countries.
The Vietnam Association of Seafood Exporters and Producers (VASEP) pointed out that Vietnam’s shrimp exports to the U.S. have been declining although U.S. shrimp purchases from elsewhere have surged.

VASEP attributed the decline to U.S. antidumping tariffs.

VASEP general secretary Truong Dinh Hoe said that Vietnam, India, Thailand, Indonesia and Ecuador were the U.S.’s main shrimp suppliers in the four-month period, and all of them are subject to its anti-dumping duties.

However, Vietnam’s shrimp processors are facing higher anti-dumping duty on shrimp exports to the U.S., which erodes the competitiveness of the Southeast Asian nation in the sector.

Except for Minh Phu Seafood Corporation, exempt from the duty in the tenth Period of Review on shrimp exports, the rate for 31 other Vietnamese shrimp exporters was 4.78%, a steep increase of nearly five times compared to the previous preliminary review results.

Hoe noted Vietnam’s raw shrimps are priced higher than those of competitors, and with the higher anti-dumping duty, Vietnamese firms find it hard to ship their products to the U.S.

Read more

http://english.thesaigontimes.vn/54722/-Local-shrimp-processors-told-to-diversify-export-markets.html 

About the author  ⁄ AmCham Vietnam

AmCham is an independent association of companies with the objective of promoting trade and investment between Vietnam and the U.S. With two chapters, one in Ho Chi Minh City and one in Hanoi, our membership of 700 companies and 1,500 representatives is unified by a commitment to promote trade and investment between Vietnam and the United States.

No Comments

Leave a Comment