Shrimp exports to Asia are increasing.

Entering 2013, Vietnam's shrimp exports faced a series of new technical barriers after encountering numerous difficulties in key shrimp importing markets last year.

Asia is becoming an attractive market for Vietnamese shrimp exports.

To maintain production and exports, Vietnamese shrimp exporting businesses have shifted their focus to other markets, with many Asian countries becoming top choices.

According to the Vietnam Association of Seafood Processing and Export (VASEP), in 2013, Vietnamese shrimp faced an anti-subsidy lawsuit in the US market, shrimp exports to the EU had not recovered due to the prolonged economic recession, and then Japan and South Korea applied stricter Ethoxyquin residue testing standards, causing Vietnamese shrimp exports to struggle.

In response to this situation, businesses have reoriented their markets, with China being a focus due to its high shrimp consumption demand and the geographical advantages of Vietnamese businesses. Consequently, shrimp exports to this market increased sharply from the early months of 2013.

In the first quarter of 2013, China surpassed the EU to become Vietnam's third largest shrimp import market, after the US and Japan, with monthly growth rates ranging from 7.3% to 97%. By the end of May, Vietnam's shrimp exports to China (including Hong Kong) reached US$108.5 million, an increase of 17.9% compared to the same period last year, and continued to hold the third position in terms of Vietnamese shrimp imports.

Numerous market assessments indicate that China is not only the world's leading exporter of seafood but is also becoming a potential consumer market for seafood. It is projected that within the next 10 years, the value of China's seafood imports could reach $20 billion.

According to a market report by Globefish, Southeast Asian countries are increasing their demand for shrimp imports to meet domestic consumption and export processing needs. In 2012, shrimp imports by Singapore and Taiwan grew by 2.1% and 1.1%, respectively.

In the first five months of 2013, ASEAN became an attractive market for Vietnamese shrimp exports, with a growth rate of 15.5% compared to the same period last year. This included an 88.5% increase in the Philippines, a 16.8% increase in Malaysia, and a 3.7% increase in Singapore.

In terms of value, Singapore is the largest market for Vietnamese shrimp imports, with a value of US$10.78 million in the first five months of the year. In May alone, shrimp exports to Singapore saw a growth rate of 76%. According to statistics from the International Trade Centre (ITC), in 2012 Vietnam led in supplying frozen shrimp to Singapore with a market share of 31.7%.

In the coming period, Malaysia is also predicted to be an attractive market for Vietnamese shrimp exports because its shrimp supply in the first quarter of 2013 decreased by over 30%, from 90,000 tons to only 60 tons due to disease outbreaks. To compensate for the large shortage of raw materials for domestic processing, Malaysia has to increase shrimp imports, and this will be a good opportunity for Vietnamese shrimp businesses.

According to (baocongthuong) - PH