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Japan overtakes US as largest market for Vietnamese shrimp

Japan accounted for 22% of shrimp exports out of Vietnam in the first quarter.

Japan overtook the United States as the largest market for Vietnamese shrimp, according to first quarter numbers by the Việt Nam Association of Seafood Exporters and Producers (VASEP), reports Vietnam News.

The EU held steady as No. 2 on top export markets for Vietnamese shrimp, while the United States fell to No. 3.

Vietnam exported $135.4 million (€121.7 million) worth of shrimp to Japan, up 30 percent, year-on-year, and Japan now accounts for 22 percent of Vietnamese shrimp exports, according to the news site.

Japanese businesses are importing more shrimp due to the rising yen and its lower price compared to other seafood, according to the news site. Also, the high-end market is demanding more giant tiger prawns and shrimps with head on.

The average Vietnamese shrimp price exported to Japan earlier this year was $12 (€10.79) per kilo, higher than rates out of Indonesia and Thailand, yet Vietnamese exports to Japan grew more than those two countries, according to the news site.

Vietnam's top 10 markets for shrimp in the first quarter are: Japan, EU, US, China, South Korea, Canada, Australia, ASEAN, Taiwan and Switzerland, according to the news site. These countries account for 95 percent of Vietnam's shrimp exports.

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